PFMN.TO vs. COST

Last updated Jun 14, 2026

PFMN.TO (PICTON Market Neutral Equity Alternative Fund) is Long-Short fund actively managed by Picton Mahoney, while COST (Costco Wholesale Corporation) is a stock. Over the past 5 years, PFMN.TO returned 6.52%/yr vs 25.70%/yr for COST. At a 0.13 correlation, their price movements are largely independent.

Performance

PFMN.TO vs. COST - 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 Costco Wholesale Corporation (COST). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFMN.TO is traded in CAD, while COST is traded in USD. To make them comparable, the COST 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 2.80% return, which is significantly lower than COST's 16.55% return.

PFMN.TO

• 1D: 0.06%
• 1M: 1.91%
• YTD: 2.80%
• 6M: 3.23%
• 1Y: 6.52%
• 3Y*: 7.90%
• 5Y*: 6.52%
• 10Y*: —

COST

• 1D: 0.87%
• 1M: -4.65%
• YTD: 16.55%
• 6M: 12.97%
• 1Y: 2.52%
• 3Y*: 26.99%
• 5Y*: 25.70%
• 10Y*: 23.32%

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

PFMN.TO vs. COST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFMN.TO PICTON Market Neutral Equity Alternative Fund	2.80%	4.83%	15.09%	3.13%	5.43%	6.10%	16.70%	0.99%
COST Costco Wholesale Corporation	16.55%	-9.71%	51.45%	45.46%	-13.92%	51.75%	29.52%	5.44%

Correlation

The correlation between PFMN.TO and COST is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.13

The correlation between PFMN.TO and COST shifts across timeframes, from -0.01 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PFMN.TO vs. COST — 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: 47
PFMN.TO Sharpe Ratio Rank: 48
PFMN.TO Sortino Ratio Rank: 50
PFMN.TO Omega Ratio Rank: 46
PFMN.TO Calmar Ratio Rank: 44
PFMN.TO Martin Ratio Rank: 46

COST

COST Risk / Return Rank: 37
COST Sharpe Ratio Rank: 40
COST Sortino Ratio Rank: 32
COST Omega Ratio Rank: 32
COST Calmar Ratio Rank: 40
COST Martin Ratio Rank: 39

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. COST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and Costco Wholesale Corporation (COST). 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	COST	Difference
Sharpe ratio: Return per unit of total volatility	1.47	0.04	+1.43
Sortino ratio: Return per unit of downside risk	2.19	0.19	+1.99
Omega ratio: Gain probability vs. loss probability	1.26	1.02	+0.24
Calmar ratio: Return relative to maximum drawdown	1.95	0.05	+1.90
Martin ratio: Return relative to average drawdown	6.75	0.12	+6.63

PFMN.TO vs. COST - Sharpe Ratio Comparison

The current PFMN.TO Sharpe Ratio is 1.47, which is higher than the COST Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of PFMN.TO and COST, 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

PFMN.TO vs. COST - Drawdown Comparison

The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum COST drawdown of -33.74%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and COST.

Drawdown Indicators

	PFMN.TO	COST	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-33.74%	+20.70%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-14.89%	+11.40%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-23.58%	+19.73%
Max Drawdown (5Y) Largest decline over 5 years	-4.24%	-30.01%	+25.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.01%	—
Current Drawdown Current decline from peak	0.00%	-10.25%	+10.25%
Average Drawdown Average peak-to-trough decline	-1.18%	-7.21%	+6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	6.20%	-5.19%

Volatility

PFMN.TO vs. COST - Volatility Comparison

The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.62%, while Costco Wholesale Corporation (COST) has a volatility of 7.80%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than COST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMN.TO	COST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	7.80%	-6.18%
Volatility (6M) Calculated over the trailing 6-month period	3.59%	15.65%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	20.08%	-15.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.76%	23.87%	-16.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.76%	23.14%	-13.38%

Dividends

PFMN.TO vs. COST - Dividend Comparison

PFMN.TO's dividend yield for the trailing twelve months is around 0.77%, more than COST's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COST Costco Wholesale Corporation	0.55%	0.59%	0.49%	2.87%	0.76%	0.54%	3.38%	0.86%	1.08%	4.81%	1.09%	4.06%
PFMN.TO PICTON Market Neutral Equity Alternative Fund	0.77%	0.80%	0.00%	1.28%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

PFMN.TO and COST have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.