PFLS.TO vs. CMAG.TO
PFLS.TO (PICTON Long Short Equity Alternative Fund) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFLS.TO returned 10.28%/yr vs 10.22%/yr for CMAG.TO. At a 0.39 correlation, their price movements are largely independent.
Performance
PFLS.TO vs. CMAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PFLS.TO achieves a 8.20% return, which is significantly lower than CMAG.TO's 9.85% 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%
CMAG.TO
- 1D
- 0.04%
- 1M
- -5.48%
- 6M
- 8.31%
- YTD
- 9.85%
- 1Y
- 14.04%
- 3Y*
- 22.44%
- 5Y*
- 10.22%
- 10Y*
- —
- ALL TIME*
- 14.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$107.01K | CA$247.67K | CA$200.38K | |
| CA$110.34K | CA$123.83K | CA$187.96K |
PFLS.TO vs. CMAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFLS.TO PICTON Long Short Equity Alternative Fund | 8.20% | 13.69% | 19.22% | 6.68% | 0.48% | 18.51% | 16.26% |
CMAG.TO CI Munro Alternative Global Growth Fund | 9.85% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 10.83% |
Correlation
The correlation between PFLS.TO and CMAG.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020 | 0.39 |
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Return for Risk
PFLS.TO vs. CMAG.TO — Risk / Return Rank
PFLS.TO
CMAG.TO
PFLS.TO vs. CMAG.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 CI Munro Alternative Global Growth Fund (CMAG.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.TO | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.13 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 1.22 | +1.12 |
| Martin ratioReturn relative to average drawdown | 9.80 | 3.13 | +6.66 |
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Drawdowns
PFLS.TO vs. CMAG.TO - Drawdown Comparison
The maximum PFLS.TO drawdown since its inception was -11.82%, smaller than the maximum CMAG.TO drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for PFLS.TO and CMAG.TO.
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Drawdown Indicators
| PFLS.TO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.82% | -23.94% | +12.12% |
Max Drawdown (1Y)Largest decline over 1 year | -6.98% | -11.54% | +4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -9.40% | -18.87% | +9.47% |
Max Drawdown (5Y)Largest decline over 5 years | -11.10% | -23.94% | +12.84% |
Current DrawdownCurrent decline from peak | -0.78% | -8.19% | +7.41% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -8.10% | +5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 4.49% | -2.82% |
Volatility
PFLS.TO vs. CMAG.TO - Volatility Comparison
The current volatility for PICTON Long Short Equity Alternative Fund (PFLS.TO) is 1.98%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 8.74%. This indicates that PFLS.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.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.TO | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 8.74% | -6.76% |
Volatility (6M)Calculated over the trailing 6-month period | 7.20% | 18.53% | -11.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 21.31% | -12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.54% | 17.32% | -4.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.40% | 17.25% | -3.85% |
Dividends
PFLS.TO vs. CMAG.TO - Dividend Comparison
Neither PFLS.TO nor CMAG.TO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 0.00% | 0.00% |
PFLS.TO PICTON Long Short Equity Alternative Fund | 0.00% | 0.00% | 0.00% | 0.98% |
Frequently Asked Questions
PFLS.TO and CMAG.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: PICTON Investments and CI.
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