PFMN.TO vs. GLD

Last updated Jun 14, 2026

PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and GLD (SPDR Gold Shares) are both exchange-traded funds - PFMN.TO is a Long-Short fund actively managed by Picton Mahoney, while GLD is a Gold fund tracking the LBMA Gold Price PM. PFMN.TO is actively managed, while GLD is passively managed. Over the past 5 years, PFMN.TO returned 6.52%/yr vs 20.51%/yr for GLD. At a 0.15 correlation, their price movements are largely independent. PFMN.TO charges 4.27%/yr vs 0.40%/yr for GLD.

Performance

PFMN.TO vs. GLD - 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 SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFMN.TO is traded in CAD, while GLD is traded in USD. To make them comparable, the GLD 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 higher than GLD's -0.49% 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*: —

GLD

• 1D: 0.24%
• 1M: -5.69%
• YTD: -0.49%
• 6M: -0.85%
• 1Y: 25.59%
• 3Y*: 30.82%
• 5Y*: 20.51%
• 10Y*: 13.12%

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

PFMN.TO vs. GLD - 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%
GLD SPDR Gold Shares	-0.49%	56.20%	37.38%	10.01%	5.52%	-4.20%	21.85%	7.24%

Correlation

The correlation between PFMN.TO and GLD is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.15

Return for Risk

PFMN.TO vs. GLD — 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

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and SPDR Gold Shares (GLD). 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	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.47	0.98	+0.49
Sortino ratio: Return per unit of downside risk	2.19	1.35	+0.84
Omega ratio: Gain probability vs. loss probability	1.26	1.20	+0.06
Calmar ratio: Return relative to maximum drawdown	1.95	1.20	+0.75
Martin ratio: Return relative to average drawdown	6.75	3.41	+3.34

PFMN.TO vs. GLD - Sharpe Ratio Comparison

The current PFMN.TO Sharpe Ratio is 1.47, which is higher than the GLD Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of PFMN.TO and GLD, 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. GLD - Drawdown Comparison

The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum GLD drawdown of -33.66%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and GLD.

Drawdown Indicators

	PFMN.TO	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-33.66%	+20.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-22.24%	+18.75%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-22.24%	+18.39%
Max Drawdown (5Y) Largest decline over 5 years	-4.24%	-22.24%	+18.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.86%	—
Current Drawdown Current decline from peak	0.00%	-19.65%	+19.65%
Average Drawdown Average peak-to-trough decline	-1.18%	-10.77%	+9.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	7.83%	-6.82%

Volatility

PFMN.TO vs. GLD - Volatility Comparison

The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.62%, while SPDR Gold Shares (GLD) has a volatility of 7.89%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMN.TO	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	7.89%	-6.27%
Volatility (6M) Calculated over the trailing 6-month period	3.59%	24.01%	-20.42%
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	27.34%	-22.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.76%	19.13%	-11.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.76%	17.28%	-7.52%

PFMN.TO vs. GLD - Expense Ratio Comparison

PFMN.TO has a 4.27% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

PFMN.TO vs. GLD - Dividend Comparison

PFMN.TO's dividend yield for the trailing twelve months is around 0.77%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFMN.TO PICTON Market Neutral Equity Alternative Fund	0.77%	0.80%	0.00%	1.28%	0.00%	0.00%	0.00%	0.09%

Frequently Asked Questions

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

PFMN.TO and GLD have a correlation of 0.21, 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 GLD?

On fees, GLD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFMN.TO or GLD?

GLD is cheaper with a 0.40% expense ratio, compared with 4.27% for PFMN.TO.

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

PFMN.TO is categorized as Long-Short, while GLD is Gold. They also come from different issuers: Picton Mahoney and State Street. Their fees differ too: 4.27% for PFMN.TO and 0.40% for GLD.