PFMN.TO vs. MSTR
PFMN.TO (PICTON Market Neutral Equity Alternative Fund) is Long-Short fund actively managed by Picton Mahoney, while MSTR (Strategy Inc) is a stock. Over the past 5 years, PFMN.TO returned 6.52%/yr vs 22.63%/yr for MSTR. At a 0.15 correlation, their price movements are largely independent.
Performance
PFMN.TO vs. MSTR - Performance Comparison
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Different Trading Currencies
PFMN.TO is traded in CAD, while MSTR is traded in USD. To make them comparable, the MSTR 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 MSTR's -16.76% 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*
- —
MSTR
- 1D
- 3.37%
- 1M
- -28.86%
- YTD
- -16.76%
- 6M
- -28.74%
- 1Y
- -66.73%
- 3Y*
- 65.91%
- 5Y*
- 22.63%
- 10Y*
- 21.96%
PFMN.TO vs. MSTR - 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% |
MSTR Strategy Inc | -16.76% | -49.93% | 397.36% | 335.54% | -72.35% | 40.06% | 165.95% | 15.62% |
Correlation
The correlation between PFMN.TO and MSTR is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019 | 0.15 |
The correlation between PFMN.TO and MSTR shifts across timeframes, from 0.03 (3 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFMN.TO vs. MSTR — Risk / Return Rank
PFMN.TO
MSTR
PFMN.TO vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and Strategy Inc (MSTR). 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 | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.40 | ||
| Sortino ratioReturn per unit of downside risk | +3.86 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.82 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | -0.87 | +2.82 |
| Martin ratioReturn relative to average drawdown | 6.75 | -1.26 | +8.01 |
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Drawdowns
PFMN.TO vs. MSTR - Drawdown Comparison
The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum MSTR drawdown of -88.54%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and MSTR.
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Drawdown Indicators
| PFMN.TO | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.04% | -88.54% | +75.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -76.61% | +73.12% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -77.88% | +74.03% |
Max Drawdown (5Y)Largest decline over 5 years | -4.24% | -82.65% | +78.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.54% | — |
Current DrawdownCurrent decline from peak | 0.00% | -73.80% | +73.80% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -34.28% | +33.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 52.76% | -51.75% |
Volatility
PFMN.TO vs. MSTR - Volatility Comparison
The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.62%, while Strategy Inc (MSTR) has a volatility of 21.41%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than MSTR 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 | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 21.41% | -19.79% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 57.34% | -53.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 71.35% | -66.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.76% | 90.88% | -83.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 73.98% | -64.22% |
Dividends
PFMN.TO vs. MSTR - Dividend Comparison
PFMN.TO's dividend yield for the trailing twelve months is around 0.77%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
MSTR Strategy Inc | 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
PFMN.TO and MSTR have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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