PFIA.TO vs. XCB.TO
PFIA.TO (Picton Mahoney Fortified Income Alternative Fund) and XCB.TO (iShares Core Canadian Corporate Bond Index ETF) are both exchange-traded funds - PFIA.TO is a fund fund, while XCB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD. Over the past 5 years, PFIA.TO returned 3.36%/yr vs 2.30%/yr for XCB.TO. At a 0.10 correlation, their price movements are largely independent.
Performance
PFIA.TO vs. XCB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PFIA.TO achieves a 0.42% return, which is significantly lower than XCB.TO's 1.75% return.
PFIA.TO
- 1D
- -0.20%
- 1M
- 0.72%
- YTD
- 0.42%
- 6M
- 0.81%
- 1Y
- 3.71%
- 3Y*
- 6.11%
- 5Y*
- 3.36%
- 10Y*
- —
XCB.TO
- 1D
- -0.10%
- 1M
- 1.66%
- YTD
- 1.75%
- 6M
- 1.49%
- 1Y
- 4.27%
- 3Y*
- 6.23%
- 5Y*
- 2.30%
- 10Y*
- 2.77%
PFIA.TO vs. XCB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 0.42% | 5.46% | 7.72% | 7.27% | -3.42% | 3.17% | 9.28% | 3.68% |
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 1.75% | 4.45% | 6.72% | 8.30% | -9.79% | -1.81% | 8.36% | 0.59% |
Correlation
The correlation between PFIA.TO and XCB.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2019 | 0.10 |
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Return for Risk
PFIA.TO vs. XCB.TO — Risk / Return Rank
PFIA.TO
XCB.TO
PFIA.TO vs. XCB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) and iShares Core Canadian Corporate Bond Index ETF (XCB.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| PFIA.TO | XCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.20 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 1.72 | +1.03 |
| Martin ratioReturn relative to average drawdown | 7.73 | 5.08 | +2.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFIA.TO | XCB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.15 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 0.41 | +0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.63 | +0.12 |
Drawdowns
PFIA.TO vs. XCB.TO - Drawdown Comparison
The maximum PFIA.TO drawdown since its inception was -17.12%, smaller than the maximum XCB.TO drawdown of -22.59%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and XCB.TO.
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Drawdown Indicators
| PFIA.TO | XCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.12% | -22.59% | +5.47% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -2.49% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -3.56% | +2.09% |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | -14.17% | +7.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.59% | — |
Current DrawdownCurrent decline from peak | -0.50% | -0.10% | -0.40% |
Average DrawdownAverage peak-to-trough decline | -1.13% | -2.12% | +0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.84% | -0.36% |
Volatility
PFIA.TO vs. XCB.TO - Volatility Comparison
The current volatility for Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) is 1.15%, while iShares Core Canadian Corporate Bond Index ETF (XCB.TO) has a volatility of 1.45%. This indicates that PFIA.TO experiences smaller price fluctuations and is considered to be less risky than XCB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFIA.TO | XCB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.45% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 2.92% | -1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 3.74% | -1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 5.67% | -1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.41% | 7.23% | -0.82% |
Dividends
PFIA.TO vs. XCB.TO - Dividend Comparison
PFIA.TO's dividend yield for the trailing twelve months is around 4.49%, more than XCB.TO's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 4.49% | 3.96% | 3.68% | 5.64% | 4.69% | 4.25% | 6.03% | 1.93% | 0.00% | 0.00% | 0.00% | 0.00% |
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 4.13% | 4.10% | 4.00% | 3.69% | 3.55% | 3.01% | 2.75% | 2.95% | 3.10% | 3.07% | 3.19% | 3.31% |
Frequently Asked Questions
PFIA.TO and XCB.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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