PMIF-U.TO vs. HFND

Last updated Jul 18, 2026

PMIF-U.TO (PIMCO Monthly Income Fund (Canada)) and HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) are both exchange-traded funds - PMIF-U.TO is a Multisector Bonds fund actively managed by PIMCO, while HFND is a Multistrategy fund actively managed by Tidal ETFs. Both are actively managed. Over the past year, PMIF-U.TO returned 7.33% vs 13.70% for HFND. At a 0.21 correlation, their price movements are largely independent. PMIF-U.TO charges 0.84%/yr vs 1.22%/yr for HFND.

Performance

PMIF-U.TO vs. HFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) and Unlimited HFND Multi-Strategy Return Tracker ETF (HFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMIF-U.TO achieves a 1.37% return, which is significantly lower than HFND's 7.43% return.

PMIF-U.TO

• 1D: 0.00%
• 1M: -0.03%
• 6M: 0.76%
• YTD: 1.37%
• 1Y: 7.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFND

• 1D: -0.04%
• 1M: -1.06%
• 6M: 4.62%
• YTD: 7.43%
• 1Y: 13.70%
• 3Y*: 8.53%
• 5Y*: —
• 10Y*: —

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

PMIF-U.TO vs. HFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	1.37%	10.75%	5.77%	0.26%
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	7.43%	8.93%	8.34%	-0.15%

Correlation

The correlation between PMIF-U.TO and HFND is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023	0.22

Return for Risk

PMIF-U.TO vs. HFND — Risk / Return Rank

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

PMIF-U.TO

PMIF-U.TO Risk / Return Rank: 78
PMIF-U.TO Sharpe Ratio Rank: 86
PMIF-U.TO Sortino Ratio Rank: 88
PMIF-U.TO Omega Ratio Rank: 86
PMIF-U.TO Calmar Ratio Rank: 62
PMIF-U.TO Martin Ratio Rank: 69

HFND

HFND Risk / Return Rank: 58
HFND Sharpe Ratio Rank: 50
HFND Sortino Ratio Rank: 51
HFND Omega Ratio Rank: 50
HFND Calmar Ratio Rank: 71
HFND 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.

PMIF-U.TO vs. HFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) and Unlimited HFND Multi-Strategy Return Tracker ETF (HFND). 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.

	PMIF-U.TO	HFND	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.39	+0.77
Sortino ratio: Return per unit of downside risk	3.19	2.00	+1.19
Omega ratio: Gain probability vs. loss probability	1.40	1.26	+0.15
Calmar ratio: Return relative to maximum drawdown	2.37	2.78	-0.41
Martin ratio: Return relative to average drawdown	9.43	9.88	-0.45

PMIF-U.TO vs. HFND - Sharpe Ratio Comparison

The current PMIF-U.TO Sharpe Ratio is 2.16, which is higher than the HFND Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PMIF-U.TO and HFND, 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

PMIF-U.TO vs. HFND - Drawdown Comparison

The maximum PMIF-U.TO drawdown since its inception was -3.11%, smaller than the maximum HFND drawdown of -13.31%. Use the drawdown chart below to compare losses from any high point for PMIF-U.TO and HFND.

Drawdown Indicators

	PMIF-U.TO	HFND	Difference
Max Drawdown Largest peak-to-trough decline	-3.11%	-13.31%	+10.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-4.94%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.31%	—
Current Drawdown Current decline from peak	-0.75%	-1.96%	+1.21%
Average Drawdown Average peak-to-trough decline	-0.54%	-2.06%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.39%	-0.61%

Volatility

PMIF-U.TO vs. HFND - Volatility Comparison

The current volatility for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) is 0.89%, while Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) has a volatility of 2.46%. This indicates that PMIF-U.TO experiences smaller price fluctuations and is considered to be less risky than HFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMIF-U.TO	HFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	2.46%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	7.77%	-5.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	9.89%	-6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	9.49%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	9.49%	-5.63%

PMIF-U.TO vs. HFND - Expense Ratio Comparison

PMIF-U.TO has a 0.84% expense ratio, which is lower than HFND's 1.22% expense ratio.

Dividends

PMIF-U.TO vs. HFND - Dividend Comparison

PMIF-U.TO's dividend yield for the trailing twelve months is around 5.53%, more than HFND's 4.73% yield.

Position	TTM	2025	2024	2023	2022
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.73%	5.08%	3.70%	1.41%	0.43%
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	5.53%	5.50%	6.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIF-U.TO and HFND in my portfolio?

PMIF-U.TO and HFND have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMIF-U.TO or HFND?

On fees, PMIF-U.TO is cheaper at 0.84% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMIF-U.TO or HFND?

PMIF-U.TO is cheaper with a 0.84% expense ratio, compared with 1.22% for HFND.

What is the main difference between PMIF-U.TO and HFND?

PMIF-U.TO is categorized as Multisector Bonds, while HFND is Multistrategy. They also come from different issuers: PIMCO and Tidal ETFs. Their fees differ too: 0.84% for PMIF-U.TO and 1.22% for HFND.