PIC.AX vs. TEC.TO

Last updated Jun 5, 2026

PIC.AX (Perpetual Equity Investment Company Limited) is a stock, while TEC.TO (TD Global Technology Leaders Index ETF) is Technology Equities fund tracking the Solactive Global Technology Leaders Index (CA NTR). Over the past 5 years, PIC.AX returned 3.82%/yr vs 18.97%/yr for TEC.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

PIC.AX vs. TEC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Perpetual Equity Investment Company Limited (PIC.AX) and TD Global Technology Leaders Index ETF (TEC.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PIC.AX is traded in AUD, while TEC.TO is traded in CAD. To make them comparable, the TEC.TO values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PIC.AX achieves a -3.67% return, which is significantly lower than TEC.TO's 8.76% return.

PIC.AX

• 1D: -1.27%
• 1M: 1.30%
• YTD: -3.67%
• 6M: -2.89%
• 1Y: 2.66%
• 3Y*: 6.13%
• 5Y*: 3.82%
• 10Y*: 8.08%

TEC.TO

• 1D: -0.30%
• 1M: 7.97%
• YTD: 8.76%
• 6M: 6.62%
• 1Y: 26.61%
• 3Y*: 26.43%
• 5Y*: 18.97%
• 10Y*: —

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

PIC.AX vs. TEC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PIC.AX Perpetual Equity Investment Company Limited	-3.67%	12.53%	12.44%	2.59%	-5.96%	16.12%	17.73%	11.09%
TEC.TO TD Global Technology Leaders Index ETF	8.76%	12.20%	47.60%	56.89%	-32.55%	33.80%	37.28%	16.30%

Correlation

The correlation between PIC.AX and TEC.TO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 10, 2019	0.03

The correlation between PIC.AX and TEC.TO shifts across timeframes, from -0.15 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIC.AX vs. TEC.TO — Risk / Return Rank

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

PIC.AX

PIC.AX Risk / Return Rank: 46
PIC.AX Sharpe Ratio Rank: 49
PIC.AX Sortino Ratio Rank: 41
PIC.AX Omega Ratio Rank: 40
PIC.AX Calmar Ratio Rank: 49
PIC.AX Martin Ratio Rank: 52

TEC.TO

TEC.TO Risk / Return Rank: 60
TEC.TO Sharpe Ratio Rank: 75
TEC.TO Sortino Ratio Rank: 69
TEC.TO Omega Ratio Rank: 69
TEC.TO Calmar Ratio Rank: 47
TEC.TO Martin Ratio Rank: 43

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.

PIC.AX vs. TEC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Perpetual Equity Investment Company Limited (PIC.AX) and TD Global Technology Leaders Index ETF (TEC.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.

	PIC.AX	TEC.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.22	1.71	-1.48
Sortino ratio: Return per unit of downside risk	0.44	2.32	-1.88
Omega ratio: Gain probability vs. loss probability	1.05	1.30	-0.25
Calmar ratio: Return relative to maximum drawdown	0.36	1.23	-0.88
Martin ratio: Return relative to average drawdown	0.96	3.18	-2.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIC.AX vs. TEC.TO - Sharpe Ratio Comparison

The current PIC.AX Sharpe Ratio is 0.22, which is lower than the TEC.TO Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of PIC.AX and TEC.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.

Sharpe Ratios by Period

	PIC.AX	TEC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	1.71	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.90	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.96	-0.60

Drawdowns

PIC.AX vs. TEC.TO - Drawdown Comparison

The maximum PIC.AX drawdown since its inception was -44.79%, which is greater than TEC.TO's maximum drawdown of -35.40%. Use the drawdown chart below to compare losses from any high point for PIC.AX and TEC.TO.

Drawdown Indicators

	PIC.AX	TEC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.79%	-35.40%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-20.59%	+9.64%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	-23.34%	+11.19%
Max Drawdown (5Y) Largest decline over 5 years	-17.04%	-35.40%	+18.36%
Max Drawdown (10Y) Largest decline over 10 years	-44.79%	—	—
Current Drawdown Current decline from peak	-7.37%	-0.74%	-6.63%
Average Drawdown Average peak-to-trough decline	-5.17%	-7.75%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	7.97%	-3.87%

Volatility

PIC.AX vs. TEC.TO - Volatility Comparison

Perpetual Equity Investment Company Limited (PIC.AX) has a higher volatility of 6.96% compared to TD Global Technology Leaders Index ETF (TEC.TO) at 3.47%. This indicates that PIC.AX's price experiences larger fluctuations and is considered to be riskier than TEC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIC.AX	TEC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	3.47%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	13.28%	11.18%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	14.88%	+2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	21.21%	-2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.02%	23.11%	-3.09%

Dividends

PIC.AX vs. TEC.TO - Dividend Comparison

PIC.AX's dividend yield for the trailing twelve months is around 6.87%, more than TEC.TO's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIC.AX Perpetual Equity Investment Company Limited	6.87%	6.40%	6.75%	6.49%	5.24%	4.31%	5.13%	6.10%	6.01%	4.00%	2.83%	0.51%
TEC.TO TD Global Technology Leaders Index ETF	0.10%	0.13%	0.12%	0.21%	0.31%	0.22%	0.33%	0.28%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIC.AX and TEC.TO in my portfolio?

PIC.AX and TEC.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.