PID.TO vs. PAYF.TO

Last updated Jul 25, 2026

PID.TO (Purpose International Dividend Fund) and PAYF.TO (Purpose Enhanced Premium Yield Fund) are both exchange-traded funds - PID.TO is a Foreign Large Cap Equities 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, PID.TO returned 14.46%/yr vs 7.55%/yr for PAYF.TO. At a 0.27 correlation, their price movements are largely independent. PID.TO charges 0.65%/yr vs 0.94%/yr for PAYF.TO.

Performance

PID.TO vs. PAYF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose International Dividend Fund (PID.TO) and Purpose Enhanced Premium Yield Fund (PAYF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PID.TO achieves a 14.90% return, which is significantly higher than PAYF.TO's 3.05% return.

PID.TO

• 1D: 0.77%
• 1M: 2.96%
• 6M: 12.68%
• YTD: 14.90%
• 1Y: 28.81%
• 3Y*: 21.82%
• 5Y*: 14.46%
• 10Y*: 10.45%
• ALL TIME*: 9.12%

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%

*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)
PAYF.TO Purpose Enhanced Premium Yield Fund	CA$14.58K	CA$14.42K	CA$25.69K
PID.TO Purpose International Dividend Fund	CA$137.95K	CA$141.14K	CA$191.06K

PID.TO vs. PAYF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PID.TO Purpose International Dividend Fund	14.90%	33.43%	13.85%	15.75%	-2.67%	7.76%	-3.24%	7.03%
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 PID.TO and PAYF.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.27

The correlation between PID.TO and PAYF.TO shifts across timeframes, from 0.27 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PID.TO vs. PAYF.TO — Risk / Return Rank

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

PID.TO

PID.TO Risk / Return Rank: 81
PID.TO Sharpe Ratio Rank: 86
PID.TO Sortino Ratio Rank: 85
PID.TO Omega Ratio Rank: 85
PID.TO Calmar Ratio Rank: 72
PID.TO Martin Ratio Rank: 78

PAYF.TO

PAYF.TO Risk / Return Rank: 30
PAYF.TO Sharpe Ratio Rank: 29
PAYF.TO Sortino Ratio Rank: 28
PAYF.TO Omega Ratio Rank: 30
PAYF.TO Calmar Ratio Rank: 28
PAYF.TO Martin Ratio Rank: 33

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.

PID.TO vs. PAYF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose International Dividend Fund (PID.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.

	PID.TO	PAYF.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.71	+1.31
Sortino ratio: Return per unit of downside risk	2.80	1.07	+1.73
Omega ratio: Gain probability vs. loss probability	1.37	1.14	+0.23
Calmar ratio: Return relative to maximum drawdown	2.61	0.87	+1.74
Martin ratio: Return relative to average drawdown	10.08	3.13	+6.95

PID.TO vs. PAYF.TO - Sharpe Ratio Comparison

The current PID.TO Sharpe Ratio is 2.02, which is higher than the PAYF.TO Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of PID.TO and PAYF.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

PID.TO vs. PAYF.TO - Drawdown Comparison

The maximum PID.TO drawdown since its inception was -27.27%, 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 PID.TO and PAYF.TO.

Drawdown Indicators

	PID.TO	PAYF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.27%	-17.09%	-10.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-5.73%	-5.36%
Max Drawdown (3Y) Largest decline over 3 years	-12.35%	-11.66%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-20.07%	-11.66%	-8.41%
Max Drawdown (10Y) Largest decline over 10 years	-27.27%	—	—
Current Drawdown Current decline from peak	-0.90%	-0.91%	+0.01%
Average Drawdown Average peak-to-trough decline	-4.12%	-1.85%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	1.59%	+1.28%

Volatility

PID.TO vs. PAYF.TO - Volatility Comparison

Purpose International Dividend Fund (PID.TO) has a higher volatility of 3.82% compared to Purpose Enhanced Premium Yield Fund (PAYF.TO) at 2.31%. This indicates that PID.TO's price experiences larger fluctuations and is considered to be riskier than PAYF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PID.TO	PAYF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	2.31%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	6.35%	+5.77%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	7.02%	+7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	9.66%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.79%	9.51%	+4.28%

PID.TO vs. PAYF.TO - Expense Ratio Comparison

PID.TO has a 0.65% expense ratio, which is lower than PAYF.TO's 0.94% expense ratio.

Dividends

PID.TO vs. PAYF.TO - Dividend Comparison

PID.TO's dividend yield for the trailing twelve months is around 2.75%, less than PAYF.TO's 8.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAYF.TO Purpose Enhanced Premium Yield Fund	8.88%	8.75%	8.82%	8.91%	8.02%	7.17%	7.27%	4.05%	0.00%	0.00%	0.00%	0.00%
PID.TO Purpose International Dividend Fund	2.75%	3.12%	4.02%	4.39%	4.86%	4.50%	4.64%	4.28%	4.67%	3.53%	3.49%	2.10%

Frequently Asked Questions

Can I hold both PID.TO and PAYF.TO in my portfolio?

PID.TO and PAYF.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PID.TO or PAYF.TO?

On fees, PID.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PID.TO or PAYF.TO?

PID.TO is cheaper with a 0.65% expense ratio, compared with 0.94% for PAYF.TO.

What is the main difference between PID.TO and PAYF.TO?

PID.TO is categorized as Foreign Large Cap Equities, while PAYF.TO is Derivative Income. Their fees differ too: 0.65% for PID.TO and 0.94% for PAYF.TO.