PFLS.TO vs. CNAO.TO

Last updated Jul 25, 2026

PFLS.TO (PICTON Long Short Equity Alternative Fund) and CNAO.TO (CI Alternative North American Opportunities Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFLS.TO returned 10.28%/yr vs 11.88%/yr for CNAO.TO. At a 0.15 correlation, their price movements are largely independent. PFLS.TO charges 6.48%/yr vs 1.21%/yr for CNAO.TO.

Performance

PFLS.TO vs. CNAO.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 CI Alternative North American Opportunities Fund (CNAO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFLS.TO achieves a 8.20% return, which is significantly higher than CNAO.TO's 5.63% 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%

CNAO.TO

• 1D: -1.36%
• 1M: 1.26%
• 6M: 5.41%
• YTD: 5.63%
• 1Y: 12.19%
• 3Y*: 17.49%
• 5Y*: 11.88%
• 10Y*: —
• ALL TIME*: 11.92%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNAO.TO CI Alternative North American Opportunities Fund	CA$0.00	CA$0.00	CA$4.36K
PFLS.TO PICTON Long Short Equity Alternative Fund	CA$110.34K	CA$123.83K	CA$187.96K

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

	2026 (YTD)	2025	2024	2023	2022	2021
PFLS.TO PICTON Long Short Equity Alternative Fund	8.20%	13.69%	19.22%	6.68%	0.48%	3.90%
CNAO.TO CI Alternative North American Opportunities Fund	5.63%	7.57%	31.71%	35.16%	-18.93%	7.41%

Correlation

The correlation between PFLS.TO and CNAO.TO is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021	0.15

Return for Risk

PFLS.TO vs. CNAO.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: 75
PFLS.TO Sharpe Ratio Rank: 77
PFLS.TO Sortino Ratio Rank: 78
PFLS.TO Omega Ratio Rank: 78
PFLS.TO Calmar Ratio Rank: 67
PFLS.TO Martin Ratio Rank: 77

CNAO.TO

CNAO.TO Risk / Return Rank: 26
CNAO.TO Sharpe Ratio Rank: 28
CNAO.TO Sortino Ratio Rank: 27
CNAO.TO Omega Ratio Rank: 28
CNAO.TO Calmar Ratio Rank: 24
CNAO.TO Martin Ratio Rank: 25

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. CNAO.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 Alternative North American Opportunities Fund (CNAO.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	CNAO.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.78	0.66	+1.12
Sortino ratio: Return per unit of downside risk	2.52	1.01	+1.51
Omega ratio: Gain probability vs. loss probability	1.33	1.13	+0.20
Calmar ratio: Return relative to maximum drawdown	2.35	0.70	+1.64
Martin ratio: Return relative to average drawdown	9.80	2.01	+7.78

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

The current PFLS.TO Sharpe Ratio is 1.78, which is higher than the CNAO.TO Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of PFLS.TO and CNAO.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.

Drawdowns

PFLS.TO vs. CNAO.TO - Drawdown Comparison

The maximum PFLS.TO drawdown since its inception was -11.82%, smaller than the maximum CNAO.TO drawdown of -27.39%. Use the drawdown chart below to compare losses from any high point for PFLS.TO and CNAO.TO.

Drawdown Indicators

	PFLS.TO	CNAO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-11.82%	-27.39%	+15.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-19.73%	+12.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.40%	-22.55%	+13.15%
Max Drawdown (5Y) Largest decline over 5 years	-11.10%	-27.39%	+16.29%
Current Drawdown Current decline from peak	-0.78%	-4.45%	+3.67%
Average Drawdown Average peak-to-trough decline	-2.36%	-7.02%	+4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	6.89%	-5.22%

Volatility

PFLS.TO vs. CNAO.TO - Volatility Comparison

The current volatility for PICTON Long Short Equity Alternative Fund (PFLS.TO) is 1.98%, while CI Alternative North American Opportunities Fund (CNAO.TO) has a volatility of 6.73%. This indicates that PFLS.TO experiences smaller price fluctuations and is considered to be less risky than CNAO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLS.TO	CNAO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	6.73%	-4.75%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	17.03%	-9.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	20.95%	-11.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	18.78%	-6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	18.72%	-5.32%

PFLS.TO vs. CNAO.TO - Expense Ratio Comparison

PFLS.TO has a 6.48% expense ratio, which is higher than CNAO.TO's 1.21% expense ratio.

Dividends

PFLS.TO vs. CNAO.TO - Dividend Comparison

Neither PFLS.TO nor CNAO.TO has paid dividends to shareholders.

Position	TTM	2025	2024	2023
CNAO.TO CI Alternative North American Opportunities Fund	0.00%	0.00%	0.00%	0.00%
PFLS.TO PICTON Long Short Equity Alternative Fund	0.00%	0.00%	0.00%	0.98%

Frequently Asked Questions

Can I hold both PFLS.TO and CNAO.TO in my portfolio?

PFLS.TO and CNAO.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFLS.TO or CNAO.TO?

On fees, CNAO.TO is cheaper at 1.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFLS.TO or CNAO.TO?

CNAO.TO is cheaper with a 1.21% expense ratio, compared with 6.48% for PFLS.TO.

What is the main difference between PFLS.TO and CNAO.TO?

They also come from different issuers: PICTON Investments and CI Global Asset Management. Their fees differ too: 6.48% for PFLS.TO and 1.21% for CNAO.TO.