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PFIA.TO vs. ZST.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFIA.TO vs. ZST.TO

Last updated Jun 5, 2026

PFIA.TO (Picton Mahoney Fortified Income Alternative Fund) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - PFIA.TO is a fund fund, while ZST.TO is a Canadian Government Bonds fund actively managed by BMO. Over the past 5 years, PFIA.TO returned 3.36%/yr vs 2.96%/yr for ZST.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

PFIA.TO vs. ZST.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) and BMO Ultra Short-Term Bond ETF (ZST.TO). The values are adjusted to include any dividend payments, if applicable.

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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 ZST.TO's 1.10% return.

PFIA.TO

1D
0.00%
1M
0.82%
YTD
0.42%
6M
0.62%
1Y
3.81%
3Y*
6.11%
5Y*
3.36%
10Y*
—

ZST.TO

1D
0.02%
1M
0.29%
YTD
1.10%
6M
0.26%
1Y
1.68%
3Y*
3.86%
5Y*
2.96%
10Y*
2.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PFIA.TO vs. ZST.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
PFIA.TO
Picton Mahoney Fortified Income Alternative Fund		0.42%5.46%7.72%7.27%-3.42%3.17%9.28%3.68%
ZST.TO
BMO Ultra Short-Term Bond ETF		1.10%2.03%5.16%5.33%1.19%0.22%1.74%0.83%

Correlation

The correlation between PFIA.TO and ZST.TO is 0.06, 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

0.06

Correlation (3Y)
Calculated over the trailing 3-year period

0.02

Correlation (5Y)
Calculated over the trailing 5-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Jul 19, 2019

0.03

Compare stocks, funds, or ETFs

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Picton Mahoney Fortified Income Alternative Fund

BMO Ultra Short-Term Bond ETF

Often compared with PFIA.TO:
PFIA.TO vs. PMIF.TOPFIA.TO vs. PFMN.TOPFIA.TO vs. CASH.TOPFIA.TO vs. VSBIXPFIA.TO vs. XBAL.TOPFIA.TO vs. VDY.TOPFIA.TO vs. BSV
Often compared with ZST.TO:
ZST.TO vs. ZAG.TOZST.TO vs. CASH.TOZST.TO vs. CBIL.TOZST.TO vs. VXC.TOZST.TO vs. DXV.TOZST.TO vs. ZMMK.TOZST.TO vs. VDY.TO

Return for Risk

PFIA.TO vs. ZST.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PFIA.TO
PFIA.TO Risk / Return Rank: 4949
Overall Rank
PFIA.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
PFIA.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
PFIA.TO Omega Ratio Rank: 5050
Omega Ratio Rank
PFIA.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
PFIA.TO Martin Ratio Rank: 4848
Martin Ratio Rank
ZST.TO
ZST.TO Risk / Return Rank: 4848
Overall Rank
ZST.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 3131
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 3131
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFIA.TO vs. ZST.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 BMO Ultra Short-Term Bond ETF (ZST.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.TOZST.TODifference
Sharpe ratioReturn per unit of total volatility
1.54
1.56

-0.02

Sortino ratioReturn per unit of downside risk
2.30
1.64

+0.66

Omega ratioGain probability vs. loss probability

1.30

1.83

-0.52

Calmar ratioReturn relative to maximum drawdown

2.82

1.68

+1.15

Martin ratioReturn relative to average drawdown

7.93

4.51

+3.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIA.TO vs. ZST.TO - Sharpe Ratio Comparison

The current PFIA.TO Sharpe Ratio is 1.54, which is comparable to the ZST.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of PFIA.TO and ZST.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PFIA.TOZST.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

1.56

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

4.12

-3.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

3.30

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.75

1.81

-1.05

Drawdowns

PFIA.TO vs. ZST.TO - Drawdown Comparison

The maximum PFIA.TO drawdown since its inception was -17.12%, which is greater than ZST.TO's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for PFIA.TO and ZST.TO.

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Drawdown Indicators

PFIA.TOZST.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.12%

-1.06%

-16.06%

Max Drawdown (1Y)

Largest decline over 1 year

-1.36%

-1.01%

-0.35%

Max Drawdown (3Y)

Largest decline over 3 years

-1.47%

-1.01%

-0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-6.46%

-1.01%

-5.45%

Max Drawdown (10Y)

Largest decline over 10 years

—

-1.06%

—

Current Drawdown

Current decline from peak

-0.50%

0.00%

-0.50%

Average Drawdown

Average peak-to-trough decline

-1.13%

-0.13%

-1.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.48%

0.37%

+0.11%

Volatility

PFIA.TO vs. ZST.TO - Volatility Comparison

Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) has a higher volatility of 1.14% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.07%. This indicates that PFIA.TO's price experiences larger fluctuations and is considered to be riskier than ZST.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.TOZST.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.14%

0.07%

+1.07%

Volatility (6M)

Calculated over the trailing 6-month period

1.88%

1.05%

+0.83%

Volatility (1Y)

Calculated over the trailing 1-year period

2.49%

1.08%

+1.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.16%

0.72%

+3.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.40%

0.71%

+5.69%

Dividends

PFIA.TO vs. ZST.TO - Dividend Comparison

PFIA.TO's dividend yield for the trailing twelve months is around 4.49%, more than ZST.TO's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZST.TO
BMO Ultra Short-Term Bond ETF		2.55%2.82%4.65%4.79%2.75%2.29%2.65%2.82%3.43%4.05%3.92%3.90%

Frequently Asked Questions

PFIA.TO and ZST.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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