PRA.TO vs. PAYF.TO
PRA.TO (Purpose Diversified Real Asset Fund) and PAYF.TO (Purpose Enhanced Premium Yield Fund) are both exchange-traded funds - PRA.TO is a Diversified Portfolio 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, PRA.TO returned 15.86%/yr vs 7.55%/yr for PAYF.TO. At a 0.25 correlation, their price movements are largely independent. PRA.TO charges 0.73%/yr vs 0.94%/yr for PAYF.TO.
Performance
PRA.TO vs. PAYF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PRA.TO achieves a 26.15% return, which is significantly higher than PAYF.TO's 3.05% return.
PRA.TO
- 1D
- 0.42%
- 1M
- 5.87%
- 6M
- 15.04%
- YTD
- 26.15%
- 1Y
- 38.59%
- 3Y*
- 17.58%
- 5Y*
- 15.86%
- 10Y*
- 10.51%
- ALL TIME*
- 7.94%
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$227.74K | CA$395.74K | CA$474.14K |
PRA.TO vs. PAYF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PRA.TO Purpose Diversified Real Asset Fund | 26.15% | 18.21% | 8.78% | 2.07% | 15.88% | 23.55% | 5.06% | 4.48% |
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 PRA.TO and PAYF.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 24, 2019 | 0.25 |
The correlation between PRA.TO and PAYF.TO shifts across timeframes, from 0.13 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRA.TO vs. PAYF.TO — Risk / Return Rank
PRA.TO
PAYF.TO
PRA.TO vs. PAYF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Diversified Real Asset Fund (PRA.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.
| PRA.TO | PAYF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.14 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 6.32 | 0.87 | +5.45 |
| Martin ratioReturn relative to average drawdown | 20.55 | 3.13 | +17.42 |
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Drawdowns
PRA.TO vs. PAYF.TO - Drawdown Comparison
The maximum PRA.TO drawdown since its inception was -34.17%, 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 PRA.TO and PAYF.TO.
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Drawdown Indicators
| PRA.TO | PAYF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.17% | -17.09% | -17.08% |
Max Drawdown (1Y)Largest decline over 1 year | -6.13% | -5.73% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.47% | -11.66% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -19.37% | -11.66% | -7.71% |
Max Drawdown (10Y)Largest decline over 10 years | -32.26% | — | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.91% | +0.57% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -1.85% | -5.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 1.59% | +0.29% |
Volatility
PRA.TO vs. PAYF.TO - Volatility Comparison
Purpose Diversified Real Asset Fund (PRA.TO) has a higher volatility of 2.76% compared to Purpose Enhanced Premium Yield Fund (PAYF.TO) at 2.31%. This indicates that PRA.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.
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Volatility by Period
| PRA.TO | PAYF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 2.31% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 9.46% | 6.35% | +3.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.60% | 7.02% | +5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.59% | 9.66% | +3.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.45% | 9.51% | +4.94% |
PRA.TO vs. PAYF.TO - Expense Ratio Comparison
PRA.TO has a 0.73% expense ratio, which is lower than PAYF.TO's 0.94% expense ratio.
Dividends
PRA.TO vs. PAYF.TO - Dividend Comparison
PRA.TO's dividend yield for the trailing twelve months is around 2.07%, 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% |
PRA.TO Purpose Diversified Real Asset Fund | 2.07% | 3.23% | 2.95% | 3.12% | 1.93% | 1.25% | 1.52% | 1.57% | 1.77% | 1.93% | 1.64% | 2.09% |
Frequently Asked Questions
PRA.TO and PAYF.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PRA.TO is cheaper at 0.73% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PRA.TO is cheaper with a 0.73% expense ratio, compared with 0.94% for PAYF.TO.
PRA.TO is categorized as Diversified Portfolio, while PAYF.TO is Derivative Income. Their fees differ too: 0.73% for PRA.TO and 0.94% for PAYF.TO.
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