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PFMN.TO vs. XMU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFMN.TO vs. XMU.TO

Last updated Jun 14, 2026

PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and XMU.TO (iShares MSCI Min Vol USA Index ETF) are both exchange-traded funds - PFMN.TO is a Long-Short fund actively managed by Picton Mahoney, while XMU.TO is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. PFMN.TO is actively managed, while XMU.TO is passively managed. Over the past 5 years, PFMN.TO returned 6.52%/yr vs 7.92%/yr for XMU.TO. At a 0.09 correlation, their price movements are largely independent. PFMN.TO charges 4.27%/yr vs 0.33%/yr for XMU.TO.

Performance

PFMN.TO vs. XMU.TO - 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 iShares MSCI Min Vol USA Index ETF (XMU.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PFMN.TO achieves a 2.80% return, which is significantly lower than XMU.TO's 3.97% 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*
—

XMU.TO

1D
0.63%
1M
2.85%
YTD
3.97%
6M
0.45%
1Y
3.60%
3Y*
10.38%
5Y*
7.92%
10Y*
9.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PFMN.TO vs. XMU.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
PFMN.TO
PICTON Market Neutral Equity Alternative Fund		2.80%4.83%15.09%3.13%5.43%6.10%16.70%0.99%
XMU.TO
iShares MSCI Min Vol USA Index ETF		3.97%-0.80%22.08%6.68%-3.58%17.10%3.13%3.54%

Correlation

The correlation between PFMN.TO and XMU.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.09

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

0.09

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PICTON Market Neutral Equity Alternative Fund

iShares MSCI Min Vol USA Index ETF

Often compared with PFMN.TO:
PFMN.TO vs. PFLS.TOPFMN.TO vs. ZPAY.TOPFMN.TO vs. PFIA.TOPFMN.TO vs. PFAE.TOPFMN.TO vs. BNPFMN.TO vs. CAOSPFMN.TO vs. PPA
Often compared with XMU.TO:
XMU.TO vs. ZLU.TOXMU.TO vs. XMV.TOXMU.TO vs. XMS.TOXMU.TO vs. VFV.TOXMU.TO vs. XIT.TOXMU.TO vs. SMMVXMU.TO vs. XST.TO

Return for Risk

PFMN.TO vs. XMU.TO — 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: 4747
Overall Rank
PFMN.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
PFMN.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
PFMN.TO Omega Ratio Rank: 4646
Omega Ratio Rank
PFMN.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
PFMN.TO Martin Ratio Rank: 4646
Martin Ratio Rank
XMU.TO
XMU.TO Risk / Return Rank: 1414
Overall Rank
XMU.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
XMU.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
XMU.TO Omega Ratio Rank: 1313
Omega Ratio Rank
XMU.TO Calmar Ratio Rank: 1414
Calmar Ratio Rank
XMU.TO Martin Ratio Rank: 1313
Martin Ratio Rank
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. XMU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and iShares MSCI Min Vol USA Index ETF (XMU.TO). 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.TOXMU.TODifference
Sharpe ratioReturn per unit of total volatility
1.47
0.30

+1.17

Sortino ratioReturn per unit of downside risk
2.19
0.48

+1.71

Omega ratioGain probability vs. loss probability

1.26

1.06

+0.20

Calmar ratioReturn relative to maximum drawdown

1.95

0.36

+1.59

Martin ratioReturn relative to average drawdown

6.75

0.75

+6.00

PFMN.TO vs. XMU.TO - Sharpe Ratio Comparison

The current PFMN.TO Sharpe Ratio is 1.47, which is higher than the XMU.TO Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of PFMN.TO and XMU.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PFMN.TO vs. XMU.TO - Drawdown Comparison

The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum XMU.TO drawdown of -27.31%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and XMU.TO.

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Drawdown Indicators

PFMN.TOXMU.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.04%

-27.31%

+14.27%

Max Drawdown (1Y)

Largest decline over 1 year

-3.49%

-8.45%

+4.96%

Max Drawdown (3Y)

Largest decline over 3 years

-3.85%

-10.97%

+7.12%

Max Drawdown (5Y)

Largest decline over 5 years

-4.24%

-20.59%

+16.35%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.31%

—

Current Drawdown

Current decline from peak

0.00%

-3.80%

+3.80%

Average Drawdown

Average peak-to-trough decline

-1.18%

-4.55%

+3.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.01%

4.07%

-3.06%

Volatility

PFMN.TO vs. XMU.TO - Volatility Comparison

The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.62%, while iShares MSCI Min Vol USA Index ETF (XMU.TO) has a volatility of 2.36%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than XMU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PFMN.TOXMU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.62%

2.36%

-0.74%

Volatility (6M)

Calculated over the trailing 6-month period

3.59%

8.10%

-4.51%

Volatility (1Y)

Calculated over the trailing 1-year period

4.67%

10.14%

-5.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.76%

14.66%

-6.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.76%

17.08%

-7.32%

PFMN.TO vs. XMU.TO - Expense Ratio Comparison

PFMN.TO has a 4.27% expense ratio, which is higher than XMU.TO's 0.33% expense ratio.

Dividends

PFMN.TO vs. XMU.TO - Dividend Comparison

PFMN.TO's dividend yield for the trailing twelve months is around 0.77%, less than XMU.TO's 1.14% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XMU.TO
iShares MSCI Min Vol USA Index ETF		1.14%1.13%1.19%1.41%1.17%1.09%1.72%1.47%1.51%1.63%1.87%1.46%

Frequently Asked Questions

PFMN.TO and XMU.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMU.TO is cheaper with a 0.33% expense ratio, compared with 4.27% for PFMN.TO.

PFMN.TO is categorized as Long-Short, while XMU.TO is Large Cap Blend Equities. They also come from different issuers: Picton Mahoney and iShares. Their fees differ too: 4.27% for PFMN.TO and 0.33% for XMU.TO.

Portfolio Optimizer

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