PFMN.TO vs. CMAG.TO
PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PFMN.TO returned 6.55%/yr vs 10.70%/yr for CMAG.TO. At a 0.26 correlation, their price movements are largely independent.
Performance
PFMN.TO vs. CMAG.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 lower than CMAG.TO's 9.57% 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*
- —
CMAG.TO
- 1D
- -0.06%
- 1M
- -7.03%
- 6M
- 6.03%
- YTD
- 9.57%
- 1Y
- 13.88%
- 3Y*
- 21.54%
- 5Y*
- 10.70%
- 10Y*
- —
PFMN.TO vs. CMAG.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% | 15.78% |
CMAG.TO CI Munro Alternative Global Growth Fund | 9.57% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 34.62% |
Correlation
The correlation between PFMN.TO and CMAG.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2020 | 0.26 |
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Return for Risk
PFMN.TO vs. CMAG.TO — Risk / Return Rank
PFMN.TO
CMAG.TO
PFMN.TO vs. CMAG.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 CI Munro Alternative Global Growth Fund (CMAG.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 | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.21 | +0.15 |
| Martin ratioReturn relative to average drawdown | 4.63 | 3.20 | +1.43 |
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Drawdowns
PFMN.TO vs. CMAG.TO - Drawdown Comparison
The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum CMAG.TO drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and CMAG.TO.
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Drawdown Indicators
| PFMN.TO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.04% | -23.94% | +10.90% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -11.54% | +8.05% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -18.87% | +15.02% |
Max Drawdown (5Y)Largest decline over 5 years | -4.24% | -23.94% | +19.70% |
Current DrawdownCurrent decline from peak | -1.61% | -8.43% | +6.82% |
Average DrawdownAverage peak-to-trough decline | -1.17% | -8.10% | +6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 4.35% | -3.33% |
Volatility
PFMN.TO vs. CMAG.TO - Volatility Comparison
The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.11%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 8.73%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.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 | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 8.73% | -7.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 18.51% | -14.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 21.21% | -16.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.72% | 17.31% | -9.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.71% | 17.26% | -7.55% |
Dividends
PFMN.TO vs. CMAG.TO - Dividend Comparison
PFMN.TO's dividend yield for the trailing twelve months is around 0.78%, while CMAG.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 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
PFMN.TO and CMAG.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Picton Mahoney and CI.
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