PFMN.TO vs. ARB.TO
PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and ARB.TO (Accelerate Arbitrage Fund) are both Long-Short funds. PFMN.TO is actively managed, while ARB.TO is passively managed. Over the past 5 years, PFMN.TO returned 6.55%/yr vs 3.77%/yr for ARB.TO. At a 0.04 correlation, their price movements are largely independent. PFMN.TO charges 4.27%/yr vs 1.38%/yr for ARB.TO.
Performance
PFMN.TO vs. ARB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PFMN.TO achieves a 2.36% return, which is significantly higher than ARB.TO's 0.64% return.
PFMN.TO
- 1D
- 0.00%
- 1M
- -0.90%
- 6M
- 1.04%
- YTD
- 2.36%
- 1Y
- 4.73%
- 3Y*
- 7.62%
- 5Y*
- 6.55%
- 10Y*
- —
ARB.TO
- 1D
- -0.51%
- 1M
- -0.73%
- 6M
- -1.00%
- YTD
- 0.64%
- 1Y
- 1.80%
- 3Y*
- 6.44%
- 5Y*
- 3.77%
- 10Y*
- —
PFMN.TO vs. ARB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 2.36% | 4.83% | 15.09% | 3.13% | 5.43% | 6.10% | 22.64% |
ARB.TO Accelerate Arbitrage Fund | 0.64% | 10.14% | 5.29% | 3.48% | -1.10% | 6.94% | 31.16% |
Correlation
The correlation between PFMN.TO and ARB.TO is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2020 | 0.04 |
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Return for Risk
PFMN.TO vs. ARB.TO — Risk / Return Rank
PFMN.TO
ARB.TO
PFMN.TO vs. ARB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and Accelerate Arbitrage Fund (ARB.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.
| PFMN.TO | ARB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.05 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 0.72 | +0.64 |
| Martin ratioReturn relative to average drawdown | 4.63 | 1.49 | +3.14 |
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Drawdowns
PFMN.TO vs. ARB.TO - Drawdown Comparison
The maximum PFMN.TO drawdown since its inception was -13.04%, roughly equal to the maximum ARB.TO drawdown of -13.46%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and ARB.TO.
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Drawdown Indicators
| PFMN.TO | ARB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.04% | -13.46% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -2.50% | -0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -2.50% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -4.24% | -5.18% | +0.94% |
Current DrawdownCurrent decline from peak | -1.61% | -1.51% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -1.17% | -5.68% | +4.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.21% | -0.19% |
Volatility
PFMN.TO vs. ARB.TO - Volatility Comparison
The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.11%, while Accelerate Arbitrage Fund (ARB.TO) has a volatility of 1.92%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than ARB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFMN.TO | ARB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 1.92% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 5.34% | -1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 8.33% | -3.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.72% | 7.18% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.71% | 8.34% | +1.37% |
PFMN.TO vs. ARB.TO - Expense Ratio Comparison
PFMN.TO has a 4.27% expense ratio, which is higher than ARB.TO's 1.38% expense ratio.
Dividends
PFMN.TO vs. ARB.TO - Dividend Comparison
PFMN.TO's dividend yield for the trailing twelve months is around 0.78%, less than ARB.TO's 3.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ARB.TO Accelerate Arbitrage Fund | 3.80% | 3.75% | 3.98% | 3.56% | 3.09% | 2.63% | 1.24% | 0.00% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 0.78% | 0.80% | 0.00% | 1.28% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
PFMN.TO and ARB.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ARB.TO is cheaper at 1.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ARB.TO is cheaper with a 1.38% expense ratio, compared with 4.27% for PFMN.TO.
Their fees differ too: 4.27% for PFMN.TO and 1.38% for ARB.TO.
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