PFLS.TO vs. ULTY

Last updated Jul 25, 2026

PFLS.TO (PICTON Long Short Equity Alternative Fund) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - PFLS.TO is a Long-Short fund actively managed by PICTON Investments, while ULTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, PFLS.TO returned 16.31% vs -8.01% for ULTY. A 0.51 correlation means they provide meaningful diversification when combined. PFLS.TO charges 6.48%/yr vs 1.14%/yr for ULTY.

Performance

PFLS.TO vs. ULTY - 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 YieldMax Ultra Option Income Strategy ETF (ULTY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFLS.TO is traded in CAD, while ULTY is traded in USD. To make them comparable, the ULTY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PFLS.TO achieves a 8.20% return, which is significantly higher than ULTY's 6.39% 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%

ULTY

• 1D: -1.43%
• 1M: -5.04%
• 6M: 1.75%
• YTD: 6.39%
• 1Y: -8.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.57%

*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)
PFLS.TO PICTON Long Short Equity Alternative Fund	CA$110.34K	CA$123.83K	CA$187.96K
ULTY YieldMax Ultra Option Income Strategy ETF	CA$21.26M	CA$19.45M	CA$24.58M

PFLS.TO vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PFLS.TO PICTON Long Short Equity Alternative Fund	8.20%	13.69%	14.51%
ULTY YieldMax Ultra Option Income Strategy ETF	6.39%	-5.37%	0.69%

Correlation

The correlation between PFLS.TO and ULTY is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.51

The correlation between PFLS.TO and ULTY has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Return for Risk

PFLS.TO vs. ULTY — 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

ULTY

ULTY Risk / Return Rank: 6
ULTY Sharpe Ratio Rank: 6
ULTY Sortino Ratio Rank: 6
ULTY Omega Ratio Rank: 6
ULTY Calmar Ratio Rank: 7
ULTY Martin Ratio Rank: 7

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. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Long Short Equity Alternative Fund (PFLS.TO) and YieldMax Ultra Option Income Strategy ETF (ULTY). 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	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.78	-0.36	+2.14
Sortino ratio: Return per unit of downside risk	2.52	-0.35	+2.87
Omega ratio: Gain probability vs. loss probability	1.33	0.96	+0.37
Calmar ratio: Return relative to maximum drawdown	2.35	-0.33	+2.67
Martin ratio: Return relative to average drawdown	9.80	-0.58	+10.38

PFLS.TO vs. ULTY - Sharpe Ratio Comparison

The current PFLS.TO Sharpe Ratio is 1.78, which is higher than the ULTY Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of PFLS.TO and ULTY, 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. ULTY - Drawdown Comparison

The maximum PFLS.TO drawdown since its inception was -11.82%, smaller than the maximum ULTY drawdown of -27.30%. Use the drawdown chart below to compare losses from any high point for PFLS.TO and ULTY.

Drawdown Indicators

	PFLS.TO	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-11.82%	-27.30%	+15.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-24.55%	+17.57%
Max Drawdown (3Y) Largest decline over 3 years	-9.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.10%	—	—
Current Drawdown Current decline from peak	-0.78%	-14.50%	+13.72%
Average Drawdown Average peak-to-trough decline	-2.36%	-10.13%	+7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	13.79%	-12.12%

Volatility

PFLS.TO vs. ULTY - Volatility Comparison

The current volatility for PICTON Long Short Equity Alternative Fund (PFLS.TO) is 1.98%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 6.12%. This indicates that PFLS.TO experiences smaller price fluctuations and is considered to be less risky than ULTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLS.TO	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	6.12%	-4.14%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	17.19%	-9.99%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	22.18%	-12.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	27.73%	-15.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	27.73%	-14.33%

PFLS.TO vs. ULTY - Expense Ratio Comparison

PFLS.TO has a 6.48% expense ratio, which is higher than ULTY's 1.14% expense ratio.

Dividends

PFLS.TO vs. ULTY - Dividend Comparison

PFLS.TO has not paid dividends to shareholders, while ULTY's dividend yield for the trailing twelve months is around 114.48%.

Position	TTM	2025	2024	2023
PFLS.TO PICTON Long Short Equity Alternative Fund	0.00%	0.00%	0.00%	0.98%
ULTY YieldMax Ultra Option Income Strategy ETF	114.48%	142.99%	111.70%	0.00%

Frequently Asked Questions

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

PFLS.TO and ULTY have a correlation of 0.52, 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 ULTY?

On fees, ULTY is cheaper at 1.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFLS.TO or ULTY?

ULTY is cheaper with a 1.14% expense ratio, compared with 6.48% for PFLS.TO.

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

PFLS.TO is categorized as Long-Short, while ULTY is Derivative Income. They also come from different issuers: PICTON Investments and YieldMax. Their fees differ too: 6.48% for PFLS.TO and 1.14% for ULTY.