PFMN.TO vs. XYLD

Last updated Jun 14, 2026

PFMN.TO (PICTON Market Neutral Equity Alternative Fund) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - PFMN.TO is a Long-Short fund actively managed by Picton Mahoney, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. PFMN.TO is actively managed, while XYLD is passively managed. Over the past 5 years, PFMN.TO returned 6.52%/yr vs 10.77%/yr for XYLD. At a 0.20 correlation, their price movements are largely independent. PFMN.TO charges 4.27%/yr vs 0.60%/yr for XYLD.

Performance

PFMN.TO vs. XYLD - 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 Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFMN.TO is traded in CAD, while XYLD is traded in USD. To make them comparable, the XYLD 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 lower than XYLD's 6.95% 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*: —

XYLD

• 1D: 0.75%
• 1M: 3.24%
• YTD: 6.95%
• 6M: 7.52%
• 1Y: 20.24%
• 3Y*: 12.66%
• 5Y*: 10.77%
• 10Y*: 9.28%

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

PFMN.TO vs. XYLD - 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%
XYLD Global X S&P 500 Covered Call ETF	6.95%	3.08%	29.61%	8.46%	-6.48%	19.53%	-2.92%	4.24%

Correlation

The correlation between PFMN.TO and XYLD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.20

Return for Risk

PFMN.TO vs. XYLD — 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

XYLD

XYLD Risk / Return Rank: 85
XYLD Sharpe Ratio Rank: 87
XYLD Sortino Ratio Rank: 88
XYLD Omega Ratio Rank: 93
XYLD Calmar Ratio Rank: 72
XYLD Martin Ratio Rank: 88

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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.48	-1.02
Sortino ratio: Return per unit of downside risk	2.19	3.75	-1.56
Omega ratio: Gain probability vs. loss probability	1.26	1.48	-0.21
Calmar ratio: Return relative to maximum drawdown	1.95	4.53	-2.58
Martin ratio: Return relative to average drawdown	6.75	17.86	-11.11

PFMN.TO vs. XYLD - Sharpe Ratio Comparison

The current PFMN.TO Sharpe Ratio is 1.47, which is lower than the XYLD Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of PFMN.TO and XYLD, 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. XYLD - Drawdown Comparison

The maximum PFMN.TO drawdown since its inception was -13.04%, smaller than the maximum XYLD drawdown of -27.60%. Use the drawdown chart below to compare losses from any high point for PFMN.TO and XYLD.

Drawdown Indicators

	PFMN.TO	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-27.60%	+14.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-4.27%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-16.88%	+13.03%
Max Drawdown (5Y) Largest decline over 5 years	-4.24%	-16.88%	+12.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.60%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.18%	-3.64%	+2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	1.08%	-0.07%

Volatility

PFMN.TO vs. XYLD - Volatility Comparison

The current volatility for PICTON Market Neutral Equity Alternative Fund (PFMN.TO) is 1.62%, while Global X S&P 500 Covered Call ETF (XYLD) has a volatility of 2.38%. This indicates that PFMN.TO experiences smaller price fluctuations and is considered to be less risky than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMN.TO	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	2.38%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	3.59%	6.48%	-2.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	7.78%	-3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.76%	12.71%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.76%	15.52%	-5.76%

PFMN.TO vs. XYLD - Expense Ratio Comparison

PFMN.TO has a 4.27% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

PFMN.TO vs. XYLD - Dividend Comparison

PFMN.TO's dividend yield for the trailing twelve months is around 0.77%, less than XYLD's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XYLD Global X S&P 500 Covered Call ETF	10.53%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

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

PFMN.TO and XYLD have a correlation of 0.26, 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 XYLD?

On fees, XYLD is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFMN.TO or XYLD?

XYLD is cheaper with a 0.60% expense ratio, compared with 4.27% for PFMN.TO.

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

PFMN.TO is categorized as Long-Short, while XYLD is Derivative Income. They also come from different issuers: Picton Mahoney and Global X. Their fees differ too: 4.27% for PFMN.TO and 0.60% for XYLD.