PFSS.TO vs. SPY

Last updated Jul 25, 2026

PFSS.TO (PICTON Credit Opportunities Alternative Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PFSS.TO is a Event Driven fund actively managed by Picton Mahoney Asset Management, while SPY is a S&P 500 fund tracking the S&P 500 Index. PFSS.TO is actively managed, while SPY is passively managed. Over the past 5 years, PFSS.TO returned 4.69%/yr vs 15.05%/yr for SPY. At a correlation of -0.01, they often move in opposite directions. PFSS.TO charges 4.38%/yr vs 0.09%/yr for SPY.

Performance

PFSS.TO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PICTON Credit Opportunities Alternative Fund (PFSS.TO) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PFSS.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PFSS.TO achieves a 0.30% return, which is significantly lower than SPY's 12.10% return.

PFSS.TO

• 1D: 0.00%
• 1M: 0.11%
• 6M: -0.44%
• YTD: 0.30%
• 1Y: 2.32%
• 3Y*: 7.22%
• 5Y*: 4.69%
• 10Y*: —
• ALL TIME*: 4.67%

SPY

• 1D: 0.15%
• 1M: -0.06%
• 6M: 10.19%
• YTD: 12.10%
• 1Y: 22.01%
• 3Y*: 21.67%
• 5Y*: 15.05%
• 10Y*: 15.61%
• ALL TIME*: 11.16%

*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)
PFSS.TO PICTON Credit Opportunities Alternative Fund	CA$17.78K	CA$11.66K	CA$12.05K
SPY State Street SPDR S&P 500 ETF	CA$47.15B	CA$50.88B	CA$53.60B

PFSS.TO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PFSS.TO PICTON Credit Opportunities Alternative Fund	0.30%	6.10%	13.25%	5.71%	-0.70%	-0.58%
SPY State Street SPDR S&P 500 ETF	12.10%	12.34%	35.46%	23.17%	-12.99%	12.32%

Correlation

The correlation between PFSS.TO and SPY is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	-0.01

Return for Risk

PFSS.TO vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFSS.TO

PFSS.TO Risk / Return Rank: 32
PFSS.TO Sharpe Ratio Rank: 31
PFSS.TO Sortino Ratio Rank: 29
PFSS.TO Omega Ratio Rank: 37
PFSS.TO Calmar Ratio Rank: 33
PFSS.TO Martin Ratio Rank: 28

SPY

SPY Risk / Return Rank: 61
SPY Sharpe Ratio Rank: 60
SPY Sortino Ratio Rank: 58
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 70

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.

PFSS.TO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PICTON Credit Opportunities Alternative Fund (PFSS.TO) and State Street SPDR S&P 500 ETF (SPY). 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.

	PFSS.TO	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.69	-0.95
Sortino ratio: Return per unit of downside risk	1.09	2.38	-1.29
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.12
Calmar ratio: Return relative to maximum drawdown	1.11	2.47	-1.36
Martin ratio: Return relative to average drawdown	2.34	9.13	-6.78

PFSS.TO vs. SPY - Sharpe Ratio Comparison

The current PFSS.TO Sharpe Ratio is 0.74, which is lower than the SPY Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PFSS.TO and SPY, 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

PFSS.TO vs. SPY - Drawdown Comparison

The maximum PFSS.TO drawdown since its inception was -6.77%, smaller than the maximum SPY drawdown of -46.39%. Use the drawdown chart below to compare losses from any high point for PFSS.TO and SPY.

Drawdown Indicators

	PFSS.TO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.77%	-46.39%	+39.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-8.94%	+6.81%
Max Drawdown (3Y) Largest decline over 3 years	-2.97%	-19.41%	+16.44%
Max Drawdown (5Y) Largest decline over 5 years	-6.77%	-22.61%	+15.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.69%	—
Current Drawdown Current decline from peak	-0.86%	-2.61%	+1.75%
Average Drawdown Average peak-to-trough decline	-1.38%	-7.94%	+6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	2.42%	-1.42%

Volatility

PFSS.TO vs. SPY - Volatility Comparison

The current volatility for PICTON Credit Opportunities Alternative Fund (PFSS.TO) is 1.06%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.46%. This indicates that PFSS.TO experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFSS.TO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	3.46%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	10.31%	-7.88%
Volatility (1Y) Calculated over the trailing 1-year period	3.18%	13.07%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	18.14%	-11.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.79%	19.02%	-12.23%

PFSS.TO vs. SPY - Expense Ratio Comparison

PFSS.TO has a 4.38% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PFSS.TO vs. SPY - Dividend Comparison

PFSS.TO's dividend yield for the trailing twelve months is around 6.10%, more than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFSS.TO PICTON Credit Opportunities Alternative Fund	6.10%	5.41%	5.81%	5.71%	7.96%	2.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PFSS.TO and SPY in my portfolio?

PFSS.TO and SPY have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFSS.TO or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFSS.TO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 4.38% for PFSS.TO.

What is the main difference between PFSS.TO and SPY?

PFSS.TO is categorized as Event Driven, while SPY is S&P 500. They also come from different issuers: Picton Mahoney Asset Management and State Street. Their fees differ too: 4.38% for PFSS.TO and 0.09% for SPY.