PFLS.TO vs. XEF-U.TO

Last updated Jul 25, 2026

PFLS.TO (PICTON Long Short Equity Alternative Fund) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - PFLS.TO is a Long-Short fund actively managed by PICTON Investments, while XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index. PFLS.TO is actively managed, while XEF-U.TO is passively managed. Over the past 5 years, PFLS.TO returned 10.28%/yr vs 11.04%/yr for XEF-U.TO. At a 0.23 correlation, their price movements are largely independent. PFLS.TO charges 6.48%/yr vs 0.21%/yr for XEF-U.TO.

Performance

PFLS.TO vs. XEF-U.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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFLS.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-U.TO 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 lower than XEF-U.TO's 12.61% 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%

XEF-U.TO

• 1D: 0.82%
• 1M: 0.32%
• 6M: 7.12%
• YTD: 12.61%
• 1Y: 21.73%
• 3Y*: 17.94%
• 5Y*: 11.04%
• 10Y*: 6.67%
• ALL TIME*: 9.41%

*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
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	CA$316.42K	CA$331.50K	CA$319.99K

PFLS.TO vs. XEF-U.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%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	12.61%	25.69%	11.75%	13.94%	-9.57%	11.30%	10.79%

Correlation

The correlation between PFLS.TO and XEF-U.TO is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020	0.23

Over the past year, PFLS.TO and XEF-U.TO have become more correlated (0.50) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

PFLS.TO vs. XEF-U.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

XEF-U.TO

XEF-U.TO Risk / Return Rank: 48
XEF-U.TO Sharpe Ratio Rank: 48
XEF-U.TO Sortino Ratio Rank: 48
XEF-U.TO Omega Ratio Rank: 48
XEF-U.TO Calmar Ratio Rank: 45
XEF-U.TO Martin Ratio Rank: 51

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. XEF-U.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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.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	XEF-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.41	+0.37
Sortino ratio: Return per unit of downside risk	2.52	2.04	+0.48
Omega ratio: Gain probability vs. loss probability	1.33	1.25	+0.08
Calmar ratio: Return relative to maximum drawdown	2.35	1.94	+0.40
Martin ratio: Return relative to average drawdown	9.80	7.42	+2.38

PFLS.TO vs. XEF-U.TO - Sharpe Ratio Comparison

The current PFLS.TO Sharpe Ratio is 1.78, which is comparable to the XEF-U.TO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of PFLS.TO and XEF-U.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. XEF-U.TO - Drawdown Comparison

The maximum PFLS.TO drawdown since its inception was -11.82%, smaller than the maximum XEF-U.TO drawdown of -42.21%. Use the drawdown chart below to compare losses from any high point for PFLS.TO and XEF-U.TO.

Drawdown Indicators

	PFLS.TO	XEF-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-11.82%	-42.21%	+30.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-11.34%	+4.36%
Max Drawdown (3Y) Largest decline over 3 years	-9.40%	-14.64%	+5.24%
Max Drawdown (5Y) Largest decline over 5 years	-11.10%	-25.28%	+14.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.21%	—
Current Drawdown Current decline from peak	-0.78%	-2.72%	+1.94%
Average Drawdown Average peak-to-trough decline	-2.36%	-8.97%	+6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	2.96%	-1.29%

Volatility

PFLS.TO vs. XEF-U.TO - Volatility Comparison

The current volatility for PICTON Long Short Equity Alternative Fund (PFLS.TO) is 1.98%, while iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a volatility of 4.00%. This indicates that PFLS.TO experiences smaller price fluctuations and is considered to be less risky than XEF-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLS.TO	XEF-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	4.00%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	13.48%	-6.28%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	15.60%	-6.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	17.64%	-5.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	18.13%	-4.73%

PFLS.TO vs. XEF-U.TO - Expense Ratio Comparison

PFLS.TO has a 6.48% expense ratio, which is higher than XEF-U.TO's 0.21% expense ratio.

Dividends

PFLS.TO vs. XEF-U.TO - Dividend Comparison

PFLS.TO has not paid dividends to shareholders, while XEF-U.TO's dividend yield for the trailing twelve months is around 2.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFLS.TO PICTON Long Short Equity Alternative Fund	0.00%	0.00%	0.00%	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	2.36%	2.44%	2.85%	2.76%	2.98%	2.43%	1.86%	2.72%	2.07%	1.62%	1.84%	1.86%

Frequently Asked Questions

Can I hold both PFLS.TO and XEF-U.TO in my portfolio?

PFLS.TO and XEF-U.TO have a correlation of 0.50, 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 XEF-U.TO?

On fees, XEF-U.TO is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFLS.TO or XEF-U.TO?

XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 6.48% for PFLS.TO.

What is the main difference between PFLS.TO and XEF-U.TO?

PFLS.TO is categorized as Long-Short, while XEF-U.TO is Global Equities. They also come from different issuers: PICTON Investments and iShares. Their fees differ too: 6.48% for PFLS.TO and 0.21% for XEF-U.TO.