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PFLS.TO vs. CGLO.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFLS.TO vs. CGLO.TO

Last updated Jul 25, 2026
Documentation

PFLS.TO (PICTON Long Short Equity Alternative Fund) and CGLO.TO (CIBC Global Growth ETF) are both exchange-traded funds - PFLS.TO is a Long-Short fund actively managed by PICTON Investments, while CGLO.TO is a Global Equities fund actively managed by CIBC. Both are actively managed. Over the past 5 years, PFLS.TO returned 10.28%/yr vs 6.44%/yr for CGLO.TO. At a 0.38 correlation, their price movements are largely independent.

Performance

PFLS.TO vs. CGLO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PICTON Long Short Equity Alternative Fund (PFLS.TO) and CIBC Global Growth ETF (CGLO.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, PFLS.TO achieves a 8.20% return, which is significantly higher than CGLO.TO's 3.58% return.

PFLS.TO

1D
0.00%
1M
0.40%
6M
6.14%
YTD
8.20%
1Y
16.31%
3Y*
14.01%
5Y*
10.28%
10Y*
—
ALL TIME*
13.84%

CGLO.TO

1D
-1.52%
1M
-0.12%
6M
1.31%
YTD
3.58%
1Y
6.06%
3Y*
9.79%
5Y*
6.44%
10Y*
—
ALL TIME*
8.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CGLO.TO

CIBC Global Growth ETF
CA$161.71KCA$153.00KCA$137.15K

PFLS.TO

PICTON Long Short Equity Alternative Fund
CA$110.34KCA$123.83KCA$187.96K

PFLS.TO vs. CGLO.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
PFLS.TO
PICTON Long Short Equity Alternative Fund		8.20%13.69%19.22%6.68%0.48%18.51%16.26%
CGLO.TO
CIBC Global Growth ETF		3.58%4.24%17.98%18.74%-14.90%17.27%10.31%

Correlation

The correlation between PFLS.TO and CGLO.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

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

0.38

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

0.41

Correlation (All Time)
Calculated using the full available price history since Aug 6, 2020

0.38

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PICTON Long Short Equity Alternative Fund

CIBC Global Growth ETF

Often compared with PFLS.TO:
PFLS.TO vs. PFAE.TOPFLS.TO vs. PFMN.TOPFLS.TO vs. ULTYPFLS.TO vs. HDGE.TOPFLS.TO vs. LSGRPFLS.TO vs. TTP.TOPFLS.TO vs. SPY
Often compared with CGLO.TO:
CGLO.TO vs. CFRN.TOCGLO.TO vs. CINT.TOCGLO.TO vs. CACB.TOCGLO.TO vs. CSBG.NEOCGLO.TO vs. CCAD.TOCGLO.TO vs. CYH.TOCGLO.TO vs. TINF.TO

Return for Risk

PFLS.TO vs. CGLO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PFLS.TO
PFLS.TO Risk / Return Rank: 7575
Overall Rank
PFLS.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PFLS.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
PFLS.TO Omega Ratio Rank: 7878
Omega Ratio Rank
PFLS.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
PFLS.TO Martin Ratio Rank: 7777
Martin Ratio Rank
CGLO.TO
CGLO.TO Risk / Return Rank: 2121
Overall Rank
CGLO.TO Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
CGLO.TO Sortino Ratio Rank: 2121
Sortino Ratio Rank
CGLO.TO Omega Ratio Rank: 2020
Omega Ratio Rank
CGLO.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
CGLO.TO Martin Ratio Rank: 2222
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.

PFLS.TO vs. CGLO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Long Short Equity Alternative Fund (PFLS.TO) and CIBC Global Growth ETF (CGLO.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

PFLS.TOCGLO.TODifference
Sharpe ratioReturn per unit of total volatility
1.78
0.46

+1.32

Sortino ratioReturn per unit of downside risk
2.52
0.75

+1.77

Omega ratioGain probability vs. loss probability

1.33

1.09

+0.24

Calmar ratioReturn relative to maximum drawdown

2.35

0.55

+1.79

Martin ratioReturn relative to average drawdown

9.80

1.61

+8.18

PFLS.TO vs. CGLO.TO - Sharpe Ratio Comparison

The current PFLS.TO Sharpe Ratio is 1.78, which is higher than the CGLO.TO Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of PFLS.TO and CGLO.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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Drawdowns

PFLS.TO vs. CGLO.TO - Drawdown Comparison

The maximum PFLS.TO drawdown since its inception was -11.82%, smaller than the maximum CGLO.TO drawdown of -25.07%. Use the drawdown chart below to compare losses from any high point for PFLS.TO and CGLO.TO.

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Drawdown Indicators

PFLS.TOCGLO.TODifference

Max Drawdown

Largest peak-to-trough decline

-11.82%

-25.07%

+13.25%

Max Drawdown (1Y)

Largest decline over 1 year

-6.98%

-11.46%

+4.48%

Max Drawdown (3Y)

Largest decline over 3 years

-9.40%

-17.51%

+8.11%

Max Drawdown (5Y)

Largest decline over 5 years

-11.10%

-25.07%

+13.97%

Current Drawdown

Current decline from peak

-0.78%

-4.90%

+4.12%

Average Drawdown

Average peak-to-trough decline

-2.36%

-5.37%

+3.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.67%

3.91%

-2.24%

Volatility

PFLS.TO vs. CGLO.TO - Volatility Comparison

The current volatility for PICTON Long Short Equity Alternative Fund (PFLS.TO) is 1.98%, while CIBC Global Growth ETF (CGLO.TO) has a volatility of 5.36%. This indicates that PFLS.TO experiences smaller price fluctuations and is considered to be less risky than CGLO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PFLS.TOCGLO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.98%

5.36%

-3.38%

Volatility (6M)

Calculated over the trailing 6-month period

7.20%

11.42%

-4.22%

Volatility (1Y)

Calculated over the trailing 1-year period

9.20%

13.84%

-4.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.54%

14.54%

-2.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.40%

14.24%

-0.84%

Dividends

PFLS.TO vs. CGLO.TO - Dividend Comparison

PFLS.TO has not paid dividends to shareholders, while CGLO.TO's dividend yield for the trailing twelve months is around 0.13%.

PositionTTM202520242023202220212020
CGLO.TO
CIBC Global Growth ETF		0.13%0.14%0.28%0.39%0.31%0.13%0.77%
PFLS.TO
PICTON Long Short Equity Alternative Fund		0.00%0.00%0.00%0.98%0.00%0.00%0.00%

Frequently Asked Questions

PFLS.TO and CGLO.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PFLS.TO is categorized as Long-Short, while CGLO.TO is Global Equities. They also come from different issuers: PICTON Investments and CIBC.

Portfolio Optimizer

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