PFMS.TO vs. NALT.TO

Last updated Aug 4, 2026

PFMS.TO (Picton Multi-Strategy Alternative Fund ETF) and NALT.TO (NBI Liquid Alternatives ETF) are both Multistrategy funds. Both are actively managed. Over the past 5 years, PFMS.TO returned 6.24%/yr vs 2.43%/yr for NALT.TO. Their 0.05 correlation means their historical movements had little consistent relationship. PFMS.TO charges 4.83%/yr vs 0.67%/yr for NALT.TO.

Performance

PFMS.TO vs. NALT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Picton Multi-Strategy Alternative Fund ETF (PFMS.TO) and NBI Liquid Alternatives ETF (NALT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFMS.TO achieves a 7.43% return, which is significantly lower than NALT.TO's 8.57% return.

PFMS.TO

• 1D: 0.19%
• 1M: 1.57%
• 6M: 3.65%
• YTD: 7.43%
• 1Y: 16.05%
• 3Y*: 12.43%
• 5Y*: 6.24%
• 10Y*: —
• ALL TIME*: 7.09%

NALT.TO

• 1D: -0.52%
• 1M: 0.71%
• 6M: 7.31%
• YTD: 8.57%
• 1Y: 17.59%
• 3Y*: 1.93%
• 5Y*: 2.43%
• 10Y*: —
• ALL TIME*: 5.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NALT.TO NBI Liquid Alternatives ETF	CA$77.47K	CA$54.06K	CA$64.90K
PFMS.TO Picton Multi-Strategy Alternative Fund ETF	CA$50.37K	CA$34.59K	CA$33.22K

PFMS.TO vs. NALT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFMS.TO Picton Multi-Strategy Alternative Fund ETF	7.43%	16.36%	10.02%	3.06%	-7.15%	11.50%	8.34%	1.90%
NALT.TO NBI Liquid Alternatives ETF	8.57%	2.48%	-2.84%	-0.41%	8.72%	6.50%	10.45%	1.66%

Correlation

The correlation between PFMS.TO and NALT.TO is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.05

The correlation between PFMS.TO and NALT.TO shifts across timeframes, from 0.05 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFMS.TO vs. NALT.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFMS.TO

PFMS.TO Risk / Return Rank: 75
PFMS.TO Sharpe Ratio Rank: 66
PFMS.TO Sortino Ratio Rank: 77
PFMS.TO Omega Ratio Rank: 75
PFMS.TO Calmar Ratio Rank: 80
PFMS.TO Martin Ratio Rank: 77

NALT.TO

NALT.TO Risk / Return Rank: 53
NALT.TO Sharpe Ratio Rank: 51
NALT.TO Sortino Ratio Rank: 50
NALT.TO Omega Ratio Rank: 52
NALT.TO Calmar Ratio Rank: 65
NALT.TO Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFMS.TO vs. NALT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Picton Multi-Strategy Alternative Fund ETF (PFMS.TO) and NBI Liquid Alternatives ETF (NALT.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.

	PFMS.TO	NALT.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.41	+0.32
Sortino ratio: Return per unit of downside risk	2.75	2.00	+0.75
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	3.18	2.53	+0.65
Martin ratio: Return relative to average drawdown	10.89	6.29	+4.60

PFMS.TO vs. NALT.TO - Sharpe Ratio Comparison

The current PFMS.TO Sharpe Ratio is 1.73, which is comparable to the NALT.TO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of PFMS.TO and NALT.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.

Drawdowns

PFMS.TO vs. NALT.TO - Drawdown Comparison

The maximum PFMS.TO drawdown since its inception was -23.00%, which is greater than NALT.TO's maximum drawdown of -21.56%. Use the drawdown chart below to compare losses from any high point for PFMS.TO and NALT.TO.

Drawdown Indicators

	PFMS.TO	NALT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.00%	-21.56%	-1.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.07%	-5.76%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-5.36%	-13.39%	+8.03%
Max Drawdown (5Y) Largest decline over 5 years	-13.11%	-15.00%	+1.89%
Current Drawdown Current decline from peak	-1.16%	-3.91%	+2.75%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.91%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	2.44%	-0.96%

Volatility

PFMS.TO vs. NALT.TO - Volatility Comparison

The current volatility for Picton Multi-Strategy Alternative Fund ETF (PFMS.TO) is 1.55%, while NBI Liquid Alternatives ETF (NALT.TO) has a volatility of 1.94%. This indicates that PFMS.TO experiences smaller price fluctuations and is considered to be less risky than NALT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMS.TO	NALT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.94%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	6.27%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	9.30%	10.30%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.67%	8.92%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	12.64%	+1.05%

PFMS.TO vs. NALT.TO - Expense Ratio Comparison

PFMS.TO has a 4.83% expense ratio, which is higher than NALT.TO's 0.67% expense ratio.

Dividends

PFMS.TO vs. NALT.TO - Dividend Comparison

PFMS.TO has not paid dividends to shareholders, while NALT.TO's dividend yield for the trailing twelve months is around 5.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NALT.TO NBI Liquid Alternatives ETF	5.48%	2.03%	2.40%	1.59%	0.95%	5.85%	6.98%	0.50%
PFMS.TO Picton Multi-Strategy Alternative Fund ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFMS.TO and NALT.TO in my portfolio?

PFMS.TO and NALT.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFMS.TO or NALT.TO?

On fees, NALT.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFMS.TO or NALT.TO?

NALT.TO is cheaper with a 0.67% expense ratio, compared with 4.83% for PFMS.TO.

What is the main difference between PFMS.TO and NALT.TO?

They also come from different issuers: Picton and NBI. Their fees differ too: 4.83% for PFMS.TO and 0.67% for NALT.TO.