PMM.TO vs. CMAG.TO
PMM.TO (Purpose Multi-Strategy Market Neutral Fund) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, PMM.TO returned 6.51%/yr vs 10.71%/yr for CMAG.TO. At a 0.26 correlation, their price movements are largely independent.
Performance
PMM.TO vs. CMAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PMM.TO achieves a 6.44% return, which is significantly lower than CMAG.TO's 9.64% return.
PMM.TO
- 1D
- -0.43%
- 1M
- 0.25%
- 6M
- 2.15%
- YTD
- 6.44%
- 1Y
- 15.65%
- 3Y*
- 11.85%
- 5Y*
- 6.51%
- 10Y*
- 3.27%
CMAG.TO
- 1D
- -1.87%
- 1M
- -4.89%
- 6M
- 6.29%
- YTD
- 9.64%
- 1Y
- 14.75%
- 3Y*
- 21.60%
- 5Y*
- 10.71%
- 10Y*
- —
PMM.TO vs. CMAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PMM.TO Purpose Multi-Strategy Market Neutral Fund | 6.44% | 6.07% | 20.49% | 5.85% | -3.80% | 6.01% | -13.68% |
CMAG.TO CI Munro Alternative Global Growth Fund | 9.64% | 13.08% | 37.11% | 16.07% | -19.04% | 9.21% | 34.62% |
Correlation
The correlation between PMM.TO and CMAG.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2020 | 0.26 |
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Return for Risk
PMM.TO vs. CMAG.TO — Risk / Return Rank
PMM.TO
CMAG.TO
PMM.TO vs. CMAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Multi-Strategy Market Neutral Fund (PMM.TO) and CI Munro Alternative Global Growth Fund (CMAG.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.
| PMM.TO | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.14 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | 1.28 | +3.30 |
| Martin ratioReturn relative to average drawdown | 12.78 | 3.42 | +9.36 |
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Drawdowns
PMM.TO vs. CMAG.TO - Drawdown Comparison
The maximum PMM.TO drawdown since its inception was -23.50%, roughly equal to the maximum CMAG.TO drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for PMM.TO and CMAG.TO.
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Drawdown Indicators
| PMM.TO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.50% | -23.94% | +0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.50% | -11.54% | +8.04% |
Max Drawdown (3Y)Largest decline over 3 years | -9.87% | -18.87% | +9.00% |
Max Drawdown (5Y)Largest decline over 5 years | -11.18% | -23.94% | +12.76% |
Max Drawdown (10Y)Largest decline over 10 years | -23.50% | — | — |
Current DrawdownCurrent decline from peak | -1.06% | -8.37% | +7.31% |
Average DrawdownAverage peak-to-trough decline | -7.88% | -8.10% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 4.32% | -3.07% |
Volatility
PMM.TO vs. CMAG.TO - Volatility Comparison
The current volatility for Purpose Multi-Strategy Market Neutral Fund (PMM.TO) is 3.34%, while CI Munro Alternative Global Growth Fund (CMAG.TO) has a volatility of 9.09%. This indicates that PMM.TO experiences smaller price fluctuations and is considered to be less risky than CMAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMM.TO | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.34% | 9.09% | -5.75% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 18.51% | -12.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.49% | 21.22% | -11.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.95% | 17.32% | -7.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.07% | 17.26% | -7.19% |
Dividends
PMM.TO vs. CMAG.TO - Dividend Comparison
Neither PMM.TO nor CMAG.TO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PMM.TO Purpose Multi-Strategy Market Neutral Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.92% | 2.44% |
Frequently Asked Questions
PMM.TO and CMAG.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Purpose Investments and CI.
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