PFMN.TO vs. FCLS.NEO
PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. Over the past year, PFMN.TO returned 4.73% vs 15.29% for FCLS.NEO. At a 0.16 correlation, their price movements are largely independent. PFMN.TO charges 4.27%/yr vs 1.27%/yr for FCLS.NEO.
Performance
PFMN.TO vs. FCLS.NEO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PFMN.TO achieves a 2.36% return, which is significantly lower than FCLS.NEO's 6.24% 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*
- —
FCLS.NEO
- 1D
- -0.54%
- 1M
- -3.04%
- 6M
- 1.17%
- YTD
- 6.24%
- 1Y
- 15.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFMN.TO vs. FCLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 2.36% | 4.83% | 12.50% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 6.24% | 18.33% | 17.30% |
Correlation
The correlation between PFMN.TO and FCLS.NEO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.16 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PFMN.TO vs. FCLS.NEO — Risk / Return Rank
PFMN.TO
FCLS.NEO
PFMN.TO vs. FCLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO). 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 | FCLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.25 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.29 | +0.07 |
| Martin ratioReturn relative to average drawdown | 4.63 | 5.24 | -0.61 |
Loading charts...
Drawdowns
PFMN.TO vs. FCLS.NEO - Drawdown Comparison
The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum FCLS.NEO drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and FCLS.NEO.
Loading charts...
Drawdown Indicators
| PFMN.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.04% | -14.39% | +1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -12.39% | +8.90% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -4.24% | — | — |
Current DrawdownCurrent decline from peak | -1.61% | -3.04% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -1.17% | -2.11% | +0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 3.05% | -2.03% |
Volatility
PFMN.TO vs. FCLS.NEO - Volatility Comparison
The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.11%, while Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a volatility of 3.93%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than FCLS.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PFMN.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 3.93% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 13.88% | -10.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 15.82% | -11.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.72% | 14.02% | -6.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.71% | 14.02% | -4.31% |
PFMN.TO vs. FCLS.NEO - Expense Ratio Comparison
PFMN.TO has a 4.27% expense ratio, which is higher than FCLS.NEO's 1.27% expense ratio.
Dividends
PFMN.TO vs. FCLS.NEO - Dividend Comparison
PFMN.TO's dividend yield for the trailing twelve months is around 0.78%, more than FCLS.NEO's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.62% | 0.65% | 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 FCLS.NEO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCLS.NEO is cheaper at 1.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCLS.NEO is cheaper with a 1.27% expense ratio, compared with 4.27% for PFMN.TO.
They also come from different issuers: Picton Mahoney and Fidelity. Their fees differ too: 4.27% for PFMN.TO and 1.27% for FCLS.NEO.
Find the right allocation for PFMN.TO and FCLS.NEO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer