PFMN.TO vs. DBMF

Last updated Jun 4, 2026

PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both exchange-traded funds - PFMN.TO is a Long-Short fund actively managed by Picton Mahoney, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. Both are actively managed. Over the past 5 years, PFMN.TO returned 6.60%/yr vs 11.46%/yr for DBMF. At a correlation of -0.00, they often move in opposite directions. PFMN.TO charges 4.27%/yr vs 0.85%/yr for DBMF.

Performance

PFMN.TO vs. DBMF - 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 iMGP DBi Managed Futures Strategy ETF (DBMF). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFMN.TO is traded in CAD, while DBMF is traded in USD. To make them comparable, the DBMF 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 DBMF's 13.35% 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*: —

DBMF

• 1D: 0.00%
• 1M: 3.93%
• YTD: 13.35%
• 6M: 13.26%
• 1Y: 32.52%
• 3Y*: 11.93%
• 5Y*: 11.46%
• 10Y*: —

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

PFMN.TO vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFMN.TO PICTON Market Neutral Equity Alternative Fund	1.49%	4.86%	15.06%	3.13%	5.43%	6.10%	16.70%	0.99%
DBMF iMGP DBi Managed Futures Strategy ETF	13.85%	8.62%	16.45%	-10.94%	30.27%	10.48%	0.08%	6.11%

Correlation

The correlation between PFMN.TO and DBMF is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	-0.00

The correlation between PFMN.TO and DBMF shifts across timeframes, from -0.05 (5 years) to 0.07 (1 year), reflecting how their relationship changes across market environments.

PFMN.TO vs. DBMF - Sectors Allocation Comparison

Sectors	PFMN.TO	DBMF
Financial Services	23.0%	12.5%
Technology	16.5%	29.8%
Basic Materials	11.8%	2.2%
Industrials	11.0%	8.4%
Consumer Cyclical	8.4%	11.0%
Energy	8.1%	3.9%
Healthcare	5.4%	12.7%
Communication Services	5.0%	8.6%
Utilities	3.9%	2.3%
Consumer Defensive	3.5%	6.1%
Real Estate	3.3%	2.5%

Return for Risk

PFMN.TO vs. DBMF — 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

DBMF

DBMF Risk / Return Rank: 83
DBMF Sharpe Ratio Rank: 78
DBMF Sortino Ratio Rank: 73
DBMF Omega Ratio Rank: 87
DBMF Calmar Ratio Rank: 88
DBMF Martin Ratio Rank: 87

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. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and iMGP DBi Managed Futures Strategy ETF (DBMF). 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	DBMF	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.74	-1.81
Sortino ratio: Return per unit of downside risk	1.40	3.55	-2.15
Omega ratio: Gain probability vs. loss probability	1.16	1.57	-0.41
Calmar ratio: Return relative to maximum drawdown	1.26	5.94	-4.68
Martin ratio: Return relative to average drawdown	4.31	23.12	-18.81
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. DBMF - Sharpe Ratio Comparison

The current PFMN.TO Sharpe Ratio is 0.94, which is lower than the DBMF Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of PFMN.TO and DBMF, 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	DBMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.74	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.81	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.74	+0.05

Drawdowns

PFMN.TO vs. DBMF - Drawdown Comparison

The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum DBMF drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and DBMF.

Drawdown Indicators

	PFMN.TO	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-21.86%	+8.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-5.50%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-13.56%	+9.71%
Max Drawdown (5Y) Largest decline over 5 years	-4.24%	-21.86%	+17.62%
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-1.19%	-7.45%	+6.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.41%	-0.39%

Volatility

PFMN.TO vs. DBMF - Volatility Comparison

The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.73%, while iMGP DBi Managed Futures Strategy ETF (DBMF) has a volatility of 2.28%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than DBMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMN.TO	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	2.28%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	9.30%	-5.74%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	11.91%	-7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	14.20%	-6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.78%	13.59%	-3.81%

PFMN.TO vs. DBMF - Expense Ratio Comparison

PFMN.TO has a 4.27% expense ratio, which is higher than DBMF's 0.85% expense ratio.

Dividends

PFMN.TO vs. DBMF - Dividend Comparison

PFMN.TO's dividend yield for the trailing twelve months is around 0.78%, less than DBMF's 5.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	5.09%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%
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 DBMF in my portfolio?

PFMN.TO and DBMF have a correlation of 0.07, 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 DBMF?

On fees, DBMF is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFMN.TO or DBMF?

DBMF is cheaper with a 0.85% expense ratio, compared with 4.27% for PFMN.TO.

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

PFMN.TO is categorized as Long-Short, while DBMF is Systematic Trend. They also come from different issuers: Picton Mahoney and iM Global Partners. Their fees differ too: 4.27% for PFMN.TO and 0.85% for DBMF.