VVO.TO vs. PFLS.TO

Last updated Jul 25, 2026

VVO.TO (Vanguard Global Minimum Volatility ETF) and PFLS.TO (PICTON Long Short Equity Alternative Fund) are both exchange-traded funds - VVO.TO is a Global Equities fund tracking the FTSE Global All Cap Index, while PFLS.TO is a Long-Short fund actively managed by PICTON Investments. VVO.TO is passively managed, while PFLS.TO is actively managed. Over the past 5 years, VVO.TO returned 6.40%/yr vs 10.28%/yr for PFLS.TO. At a 0.28 correlation, their price movements are largely independent. VVO.TO charges 0.39%/yr vs 6.48%/yr for PFLS.TO.

Performance

VVO.TO vs. PFLS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Minimum Volatility ETF (VVO.TO) and PICTON Long Short Equity Alternative Fund (PFLS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVO.TO achieves a 7.65% return, which is significantly lower than PFLS.TO's 8.20% return.

VVO.TO

• 1D: 0.57%
• 1M: 0.81%
• 6M: 5.82%
• YTD: 7.65%
• 1Y: 10.56%
• 3Y*: 11.24%
• 5Y*: 6.40%
• 10Y*: 6.86%
• ALL TIME*: 7.18%

PFLS.TO

• 1D: 0.00%
• 1M: 0.40%
• 6M: 6.14%
• YTD: 8.20%
• 1Y: 16.31%
• 3Y*: 14.01%
• 5Y*: 10.28%
• 10Y*: —
• ALL TIME*: 13.84%

*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)
PFLS.TO PICTON Long Short Equity Alternative Fund	CA$110.34K	CA$123.83K	CA$187.96K
VVO.TO Vanguard Global Minimum Volatility ETF	CA$45.76K	CA$64.42K	CA$64.63K

VVO.TO vs. PFLS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VVO.TO Vanguard Global Minimum Volatility ETF	7.65%	9.74%	13.56%	4.87%	-5.18%	10.43%	5.41%
PFLS.TO PICTON Long Short Equity Alternative Fund	8.20%	13.69%	19.22%	6.68%	0.48%	18.51%	16.26%

Correlation

The correlation between VVO.TO and PFLS.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020	0.28

Return for Risk

VVO.TO vs. PFLS.TO — Risk / Return Rank

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

VVO.TO

VVO.TO Risk / Return Rank: 55
VVO.TO Sharpe Ratio Rank: 58
VVO.TO Sortino Ratio Rank: 59
VVO.TO Omega Ratio Rank: 59
VVO.TO Calmar Ratio Rank: 46
VVO.TO Martin Ratio Rank: 52

PFLS.TO

PFLS.TO Risk / Return Rank: 75
PFLS.TO Sharpe Ratio Rank: 77
PFLS.TO Sortino Ratio Rank: 78
PFLS.TO Omega Ratio Rank: 78
PFLS.TO Calmar Ratio Rank: 67
PFLS.TO Martin Ratio Rank: 77

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.

VVO.TO vs. PFLS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility ETF (VVO.TO) and PICTON Long Short Equity Alternative Fund (PFLS.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.

	VVO.TO	PFLS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.78	-0.42
Sortino ratio: Return per unit of downside risk	1.98	2.52	-0.54
Omega ratio: Gain probability vs. loss probability	1.25	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	1.64	2.35	-0.71
Martin ratio: Return relative to average drawdown	5.99	9.80	-3.80

VVO.TO vs. PFLS.TO - Sharpe Ratio Comparison

The current VVO.TO Sharpe Ratio is 1.37, which is comparable to the PFLS.TO Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of VVO.TO and PFLS.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

VVO.TO vs. PFLS.TO - Drawdown Comparison

The maximum VVO.TO drawdown since its inception was -33.20%, which is greater than PFLS.TO's maximum drawdown of -11.82%. Use the drawdown chart below to compare losses from any high point for VVO.TO and PFLS.TO.

Drawdown Indicators

	VVO.TO	PFLS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	-11.82%	-21.38%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.98%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-6.98%	-9.40%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	-14.37%	-11.10%	-3.27%
Max Drawdown (10Y) Largest decline over 10 years	-33.20%	—	—
Current Drawdown Current decline from peak	-0.84%	-0.78%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.42%	-2.36%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.67%	+0.10%

Volatility

VVO.TO vs. PFLS.TO - Volatility Comparison

The current volatility for Vanguard Global Minimum Volatility ETF (VVO.TO) is 1.73%, while PICTON Long Short Equity Alternative Fund (PFLS.TO) has a volatility of 1.98%. This indicates that VVO.TO experiences smaller price fluctuations and is considered to be less risky than PFLS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVO.TO	PFLS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.98%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	6.05%	7.20%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	9.20%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.76%	12.54%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.00%	13.40%	-1.40%

VVO.TO vs. PFLS.TO - Expense Ratio Comparison

VVO.TO has a 0.39% expense ratio, which is lower than PFLS.TO's 6.48% expense ratio.

Dividends

VVO.TO vs. PFLS.TO - Dividend Comparison

VVO.TO's dividend yield for the trailing twelve months is around 1.98%, while PFLS.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PFLS.TO PICTON Long Short Equity Alternative Fund	0.00%	0.00%	0.00%	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VVO.TO Vanguard Global Minimum Volatility ETF	1.98%	2.13%	2.05%	2.68%	1.56%	2.30%	2.23%	2.22%	1.87%	2.07%	0.71%

Frequently Asked Questions

Can I hold both VVO.TO and PFLS.TO in my portfolio?

VVO.TO and PFLS.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VVO.TO or PFLS.TO?

On fees, VVO.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VVO.TO or PFLS.TO?

VVO.TO is cheaper with a 0.39% expense ratio, compared with 6.48% for PFLS.TO.

What is the main difference between VVO.TO and PFLS.TO?

VVO.TO is categorized as Global Equities, while PFLS.TO is Long-Short. They also come from different issuers: Vanguard and PICTON Investments. Their fees differ too: 0.39% for VVO.TO and 6.48% for PFLS.TO.