PFMN.TO vs. BALT

Last updated Jun 4, 2026

PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - PFMN.TO is a Long-Short fund actively managed by Picton Mahoney, while BALT is a Defined Outcome fund tracking the S&P 500. PFMN.TO is actively managed, while BALT is passively managed. Over the past 3 years, PFMN.TO returned 7.28%/yr vs 8.51%/yr for BALT. At a correlation of -0.05, they often move in opposite directions. PFMN.TO charges 4.27%/yr vs 0.69%/yr for BALT.

Performance

PFMN.TO vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and Innovator Defined Wealth Shield ETF (BALT). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, PFMN.TO achieves a 1.49% return, which is significantly lower than BALT's 3.21% return.

PFMN.TO

• 1D: -0.18%
• 1M: 1.87%
• YTD: 1.49%
• 6M: 2.01%
• 1Y: 4.37%
• 3Y*: 7.28%
• 5Y*: 6.60%
• 10Y*: —

BALT

• 1D: 0.35%
• 1M: 2.54%
• YTD: 3.21%
• 6M: 2.42%
• 1Y: 8.33%
• 3Y*: 8.51%
• 5Y*: —
• 10Y*: —

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

PFMN.TO vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PFMN.TO PICTON Market Neutral Equity Alternative Fund	1.49%	4.86%	15.06%	3.13%	5.43%	1.29%
BALT Innovator Defined Wealth Shield ETF	3.21%	1.76%	19.42%	5.09%	9.84%	2.53%

Correlation

The correlation between PFMN.TO and BALT is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	-0.05

The correlation between PFMN.TO and BALT shifts across timeframes, from -0.05 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

PFMN.TO vs. BALT - Sectors Allocation Comparison

Sectors	PFMN.TO	BALT
Financial Services	23.0%	11.9%
Technology	16.5%	36.2%
Basic Materials	11.8%	1.8%
Industrials	11.0%	8.1%
Consumer Cyclical	8.4%	10.1%
Energy	8.1%	3.5%
Healthcare	5.4%	8.4%
Communication Services	5.0%	10.9%
Utilities	3.9%	2.3%
Consumer Defensive	3.5%	4.9%
Real Estate	3.3%	1.9%

Return for Risk

PFMN.TO vs. BALT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFMN.TO

PFMN.TO Risk / Return Rank: 26
PFMN.TO Sharpe Ratio Rank: 26
PFMN.TO Sortino Ratio Rank: 25
PFMN.TO Omega Ratio Rank: 24
PFMN.TO Calmar Ratio Rank: 26
PFMN.TO Martin Ratio Rank: 29

BALT

BALT Risk / Return Rank: 92
BALT Sharpe Ratio Rank: 90
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 93
BALT Calmar Ratio Rank: 91
BALT Martin Ratio Rank: 91

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.

PFMN.TO vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and Innovator Defined Wealth Shield ETF (BALT). 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.

	PFMN.TO	BALT	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.74	-0.80
Sortino ratio: Return per unit of downside risk	1.40	2.37	-0.97
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	1.26	2.90	-1.64
Martin ratio: Return relative to average drawdown	4.31	8.28	-3.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFMN.TO vs. BALT - Sharpe Ratio Comparison

The current PFMN.TO Sharpe Ratio is 0.94, which is lower than the BALT Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of PFMN.TO and BALT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFMN.TO	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	1.74	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.39	-0.60

Drawdowns

PFMN.TO vs. BALT - Drawdown Comparison

The maximum PFMN.TO drawdown since its inception was -13.04%, which is greater than BALT's maximum drawdown of -7.07%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and BALT.

Drawdown Indicators

	PFMN.TO	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-7.07%	-5.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-2.89%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-7.07%	+3.22%
Max Drawdown (5Y) Largest decline over 5 years	-4.24%	—	—
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-1.19%	-1.29%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.01%	+0.01%

Volatility

PFMN.TO vs. BALT - Volatility Comparison

PICTON Market Neutral Equity Alternative Fund (PFMN.TO) has a higher volatility of 1.73% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.80%. This indicates that PFMN.TO's price experiences larger fluctuations and is considered to be riskier than BALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMN.TO	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	0.80%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	3.60%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	4.82%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	6.02%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.78%	6.02%	+3.76%

PFMN.TO vs. BALT - Expense Ratio Comparison

PFMN.TO has a 4.27% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

PFMN.TO vs. BALT - Dividend Comparison

PFMN.TO's dividend yield for the trailing twelve months is around 0.78%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both PFMN.TO and BALT in my portfolio?

PFMN.TO and BALT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFMN.TO or BALT?

On fees, BALT is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFMN.TO or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 4.27% for PFMN.TO.

What is the main difference between PFMN.TO and BALT?

PFMN.TO is categorized as Long-Short, while BALT is Defined Outcome. They also come from different issuers: Picton Mahoney and Innovator. Their fees differ too: 4.27% for PFMN.TO and 0.69% for BALT.