PFMS.TO vs. PFAE.TO

Last updated Aug 4, 2026

PFMS.TO (Picton Multi-Strategy Alternative Fund ETF) and PFAE.TO (PICTON Long Short Equity (130/30) Alternative Fund) are both exchange-traded funds - PFMS.TO is a Multistrategy fund actively managed by Picton, while PFAE.TO is a Long-Short fund actively managed by Picton. Both are actively managed. Over the past 5 years, PFMS.TO returned 6.24%/yr vs 14.68%/yr for PFAE.TO. Their 0.12 correlation means their historical movements had little consistent relationship. PFMS.TO charges 4.83%/yr vs 1.45%/yr for PFAE.TO.

Performance

PFMS.TO vs. PFAE.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 PICTON Long Short Equity (130/30) Alternative Fund (PFAE.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 PFAE.TO's 11.76% 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%

PFAE.TO

• 1D: -0.34%
• 1M: -1.72%
• 6M: 10.53%
• YTD: 11.76%
• 1Y: 27.52%
• 3Y*: 22.66%
• 5Y*: 14.68%
• 10Y*: —
• ALL TIME*: 16.82%

*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)
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	CA$160.58K	CA$201.61K	CA$237.15K
PFMS.TO Picton Multi-Strategy Alternative Fund ETF	CA$50.37K	CA$34.59K	CA$33.22K

PFMS.TO vs. PFAE.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%
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	11.76%	25.47%	28.53%	12.08%	-7.08%	24.90%	21.52%	5.00%

Correlation

The correlation between PFMS.TO and PFAE.TO is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.12

The correlation between PFMS.TO and PFAE.TO shifts across timeframes, from 0.12 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFMS.TO vs. PFAE.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

PFAE.TO

PFAE.TO Risk / Return Rank: 76
PFAE.TO Sharpe Ratio Rank: 74
PFAE.TO Sortino Ratio Rank: 75
PFAE.TO Omega Ratio Rank: 74
PFAE.TO Calmar Ratio Rank: 71
PFAE.TO Martin Ratio Rank: 83

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. PFAE.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 PICTON Long Short Equity (130/30) Alternative Fund (PFAE.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	PFAE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.79	-0.06
Sortino ratio: Return per unit of downside risk	2.75	2.53	+0.22
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.18	2.61	+0.57
Martin ratio: Return relative to average drawdown	10.89	12.00	-1.11

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

The current PFMS.TO Sharpe Ratio is 1.73, which is comparable to the PFAE.TO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of PFMS.TO and PFAE.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. PFAE.TO - Drawdown Comparison

The maximum PFMS.TO drawdown since its inception was -23.00%, smaller than the maximum PFAE.TO drawdown of -31.50%. Use the drawdown chart below to compare losses from any high point for PFMS.TO and PFAE.TO.

Drawdown Indicators

	PFMS.TO	PFAE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.00%	-31.50%	+8.50%
Max Drawdown (1Y) Largest decline over 1 year	-5.07%	-10.08%	+5.01%
Max Drawdown (3Y) Largest decline over 3 years	-5.36%	-14.92%	+9.56%
Max Drawdown (5Y) Largest decline over 5 years	-13.11%	-17.79%	+4.68%
Current Drawdown Current decline from peak	-1.16%	-1.72%	+0.56%
Average Drawdown Average peak-to-trough decline	-3.79%	-3.73%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	2.19%	-0.71%

Volatility

PFMS.TO vs. PFAE.TO - Volatility Comparison

The current volatility for Picton Multi-Strategy Alternative Fund ETF (PFMS.TO) is 1.55%, while PICTON Long Short Equity (130/30) Alternative Fund (PFAE.TO) has a volatility of 2.63%. This indicates that PFMS.TO experiences smaller price fluctuations and is considered to be less risky than PFAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMS.TO	PFAE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	2.63%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	10.63%	-4.78%
Volatility (1Y) Calculated over the trailing 1-year period	9.30%	14.71%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.67%	16.40%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	18.12%	-4.43%

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

PFMS.TO has a 4.83% expense ratio, which is higher than PFAE.TO's 1.45% expense ratio.

Dividends

PFMS.TO vs. PFAE.TO - Dividend Comparison

PFMS.TO has not paid dividends to shareholders, while PFAE.TO's dividend yield for the trailing twelve months is around 0.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PFAE.TO PICTON Long Short Equity (130/30) Alternative Fund	0.30%	0.34%	0.03%	0.69%	0.55%	0.00%	0.00%	0.95%
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 PFAE.TO in my portfolio?

PFMS.TO and PFAE.TO have a correlation of 0.30, 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 PFAE.TO?

On fees, PFAE.TO is cheaper at 1.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PFAE.TO is cheaper with a 1.45% expense ratio, compared with 4.83% for PFMS.TO.

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

PFMS.TO is categorized as Multistrategy, while PFAE.TO is Long-Short. Their fees differ too: 4.83% for PFMS.TO and 1.45% for PFAE.TO.