PHE.TO vs. PAYF.TO
PHE.TO (Purpose Tactical Hedged Equity Fund) and PAYF.TO (Purpose Enhanced Premium Yield Fund) are both exchange-traded funds - PHE.TO is a Equity Hedged fund actively managed by Purpose Investments Inc., while PAYF.TO is a Derivative Income fund actively managed by Purpose Investments Inc.. Both are actively managed. Over the past 5 years, PHE.TO returned 6.27%/yr vs 7.55%/yr for PAYF.TO. At a 0.28 correlation, their price movements are largely independent. PHE.TO charges 0.98%/yr vs 0.94%/yr for PAYF.TO.
Performance
PHE.TO vs. PAYF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PHE.TO achieves a 1.54% return, which is significantly lower than PAYF.TO's 3.05% return.
PHE.TO
- 1D
- -0.37%
- 1M
- 0.99%
- 6M
- 1.69%
- YTD
- 1.54%
- 1Y
- 7.28%
- 3Y*
- 9.65%
- 5Y*
- 6.27%
- 10Y*
- 6.87%
- ALL TIME*
- 5.80%
PAYF.TO
- 1D
- 0.27%
- 1M
- 1.03%
- 6M
- 3.10%
- YTD
- 3.05%
- 1Y
- 4.97%
- 3Y*
- 9.76%
- 5Y*
- 7.55%
- 10Y*
- —
- ALL TIME*
- 7.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$14.58K | CA$14.42K | CA$25.69K | |
| CA$420.41 | CA$976.01 | CA$1.79K |
PHE.TO vs. PAYF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PHE.TO Purpose Tactical Hedged Equity Fund | 1.54% | 12.04% | 12.63% | 10.64% | -9.81% | 20.76% | 2.62% | 5.09% |
PAYF.TO Purpose Enhanced Premium Yield Fund | 3.05% | 9.96% | 11.58% | 13.46% | -3.26% | 8.85% | 2.97% | 5.92% |
Correlation
The correlation between PHE.TO and PAYF.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since May 24, 2019 | 0.28 |
The correlation between PHE.TO and PAYF.TO shifts across timeframes, from 0.16 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PHE.TO vs. PAYF.TO — Risk / Return Rank
PHE.TO
PAYF.TO
PHE.TO vs. PAYF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Tactical Hedged Equity Fund (PHE.TO) and Purpose Enhanced Premium Yield Fund (PAYF.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.
| PHE.TO | PAYF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.14 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 0.87 | +0.25 |
| Martin ratioReturn relative to average drawdown | 4.50 | 3.13 | +1.37 |
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Drawdowns
PHE.TO vs. PAYF.TO - Drawdown Comparison
The maximum PHE.TO drawdown since its inception was -22.37%, which is greater than PAYF.TO's maximum drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for PHE.TO and PAYF.TO.
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Drawdown Indicators
| PHE.TO | PAYF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.37% | -17.09% | -5.28% |
Max Drawdown (1Y)Largest decline over 1 year | -6.54% | -5.73% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -11.34% | -11.66% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -17.48% | -11.66% | -5.82% |
Max Drawdown (10Y)Largest decline over 10 years | -21.38% | — | — |
Current DrawdownCurrent decline from peak | -0.97% | -0.91% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -5.22% | -1.85% | -3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 1.59% | +0.03% |
Volatility
PHE.TO vs. PAYF.TO - Volatility Comparison
The current volatility for Purpose Tactical Hedged Equity Fund (PHE.TO) is 1.77%, while Purpose Enhanced Premium Yield Fund (PAYF.TO) has a volatility of 2.31%. This indicates that PHE.TO experiences smaller price fluctuations and is considered to be less risky than PAYF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHE.TO | PAYF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 2.31% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.81% | 6.35% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.47% | 7.02% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.63% | 9.66% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.14% | 9.51% | +0.63% |
PHE.TO vs. PAYF.TO - Expense Ratio Comparison
PHE.TO has a 0.98% expense ratio, which is higher than PAYF.TO's 0.94% expense ratio.
Dividends
PHE.TO vs. PAYF.TO - Dividend Comparison
PHE.TO has not paid dividends to shareholders, while PAYF.TO's dividend yield for the trailing twelve months is around 8.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 8.88% | 8.75% | 8.82% | 8.91% | 8.02% | 7.17% | 7.27% | 4.05% |
PHE.TO Purpose Tactical Hedged Equity Fund | 0.00% | 0.20% | 0.00% | 0.00% | 0.76% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHE.TO and PAYF.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PAYF.TO is cheaper at 0.94% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PAYF.TO is cheaper with a 0.94% expense ratio, compared with 0.98% for PHE.TO.
PHE.TO is categorized as Equity Hedged, while PAYF.TO is Derivative Income. Their fees differ too: 0.98% for PHE.TO and 0.94% for PAYF.TO.
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