PFMS.TO vs. PFLS.TO
PFMS.TO (Picton Multi-Strategy Alternative Fund ETF) and PFLS.TO (PICTON Long Short Equity Alternative Fund) are both exchange-traded funds - PFMS.TO is a Multistrategy fund actively managed by Picton, while PFLS.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 9.99%/yr for PFLS.TO. Their 0.11 correlation means their historical movements had little consistent relationship. PFMS.TO charges 4.83%/yr vs 6.48%/yr for PFLS.TO.
Performance
PFMS.TO vs. PFLS.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PFMS.TO having a 7.43% return and PFLS.TO slightly lower at 7.25%.
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%
PFLS.TO
- 1D
- -0.22%
- 1M
- -1.27%
- 6M
- 6.60%
- YTD
- 7.25%
- 1Y
- 15.35%
- 3Y*
- 13.73%
- 5Y*
- 9.99%
- 10Y*
- —
- ALL TIME*
- 13.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$134.18K | CA$132.25K | CA$192.89K | |
| CA$50.37K | CA$34.59K | CA$33.22K |
PFMS.TO vs. PFLS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFMS.TO Picton Multi-Strategy Alternative Fund ETF | 7.43% | 16.36% | 10.02% | 3.06% | -7.15% | 11.50% | 8.77% |
PFLS.TO PICTON Long Short Equity Alternative Fund | 7.25% | 13.69% | 19.22% | 6.68% | 0.48% | 18.51% | 16.26% |
Correlation
The correlation between PFMS.TO and PFLS.TO is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020 | 0.11 |
The correlation between PFMS.TO and PFLS.TO shifts across timeframes, from 0.11 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFMS.TO vs. PFLS.TO — Risk / Return Rank
PFMS.TO
PFLS.TO
PFMS.TO vs. PFLS.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 Alternative Fund (PFLS.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 | PFLS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.29 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 2.11 | +1.07 |
| Martin ratioReturn relative to average drawdown | 10.89 | 8.72 | +2.17 |
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Drawdowns
PFMS.TO vs. PFLS.TO - Drawdown Comparison
The maximum PFMS.TO drawdown since its inception was -23.00%, which is greater than PFLS.TO's maximum drawdown of -11.82%. Use the drawdown chart below to compare losses from any high point for PFMS.TO and PFLS.TO.
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Drawdown Indicators
| PFMS.TO | PFLS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.00% | -11.82% | -11.18% |
Max Drawdown (1Y)Largest decline over 1 year | -5.07% | -6.98% | +1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -9.40% | +4.04% |
Max Drawdown (5Y)Largest decline over 5 years | -13.11% | -11.10% | -2.01% |
Current DrawdownCurrent decline from peak | -1.16% | -1.65% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -2.35% | -1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.48% | 1.68% | -0.20% |
Volatility
PFMS.TO vs. PFLS.TO - Volatility Comparison
The current volatility for Picton Multi-Strategy Alternative Fund ETF (PFMS.TO) is 1.55%, while PICTON Long Short Equity Alternative Fund (PFLS.TO) has a volatility of 1.82%. This indicates that PFMS.TO experiences smaller price fluctuations and is considered to be less risky than PFLS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFMS.TO | PFLS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 1.82% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 6.94% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.30% | 9.24% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.67% | 12.54% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 13.38% | +0.31% |
PFMS.TO vs. PFLS.TO - Expense Ratio Comparison
PFMS.TO has a 4.83% expense ratio, which is lower than PFLS.TO's 6.48% expense ratio.
Dividends
PFMS.TO vs. PFLS.TO - Dividend Comparison
Neither PFMS.TO nor PFLS.TO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
PFLS.TO PICTON Long Short Equity Alternative Fund | 0.00% | 0.00% | 0.00% | 0.98% |
PFMS.TO Picton Multi-Strategy Alternative Fund ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFMS.TO and PFLS.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PFMS.TO is cheaper at 4.83% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PFMS.TO is cheaper with a 4.83% expense ratio, compared with 6.48% for PFLS.TO.
PFMS.TO is categorized as Multistrategy, while PFLS.TO is Long-Short. Their fees differ too: 4.83% for PFMS.TO and 6.48% for PFLS.TO.
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