XBB.TO vs. PFIA.TO
XBB.TO (iShares Core Canadian Universe Bond Index ETF) and PFIA.TO (Picton Mahoney Fortified Income Alternative Fund) are both exchange-traded funds - XBB.TO is a Intermediate Core Bond fund tracking the FTSE Canada Universe Bond Index, while PFIA.TO is a fund fund. Over the past 5 years, XBB.TO returned 0.28%/yr vs 3.46%/yr for PFIA.TO. At a 0.07 correlation, their price movements are largely independent.
Performance
XBB.TO vs. PFIA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XBB.TO achieves a 1.04% return, which is significantly lower than PFIA.TO's 1.26% return.
XBB.TO
- 1D
- 0.00%
- 1M
- -0.74%
- 6M
- 0.79%
- YTD
- 1.04%
- 1Y
- 3.73%
- 3Y*
- 4.23%
- 5Y*
- 0.28%
- 10Y*
- 1.48%
- ALL TIME*
- 3.23%
PFIA.TO
- 1D
- 0.10%
- 1M
- 0.43%
- 6M
- 0.96%
- YTD
- 1.26%
- 1Y
- 4.00%
- 3Y*
- 5.94%
- 5Y*
- 3.46%
- 10Y*
- —
- ALL TIME*
- 4.82%
XBB.TO vs. PFIA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XBB.TO iShares Core Canadian Universe Bond Index ETF | 1.04% | 2.59% | 4.00% | 6.64% | -11.66% | -2.81% | 8.58% | 1.04% |
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 1.26% | 5.42% | 7.76% | 7.26% | -3.42% | 3.17% | 9.26% | 3.58% |
Correlation
The correlation between XBB.TO and PFIA.TO is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019 | 0.07 |
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Return for Risk
XBB.TO vs. PFIA.TO — Risk / Return Rank
XBB.TO
PFIA.TO
XBB.TO vs. PFIA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Universe Bond Index ETF (XBB.TO) and Picton Mahoney Fortified Income Alternative Fund (PFIA.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.
| XBB.TO | PFIA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.32 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 2.96 | -1.59 |
| Martin ratioReturn relative to average drawdown | 3.37 | 8.30 | -4.93 |
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Drawdowns
XBB.TO vs. PFIA.TO - Drawdown Comparison
The maximum XBB.TO drawdown since its inception was -18.16%, which is greater than PFIA.TO's maximum drawdown of -17.12%. Use the drawdown chart below to compare losses from any high point for XBB.TO and PFIA.TO.
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Drawdown Indicators
| XBB.TO | PFIA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.16% | -17.12% | -1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -1.36% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -4.58% | -1.47% | -3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -6.46% | -9.44% |
Max Drawdown (10Y)Largest decline over 10 years | -18.16% | — | — |
Current DrawdownCurrent decline from peak | -1.84% | 0.00% | -1.84% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -1.11% | -1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 0.48% | +0.63% |
Volatility
XBB.TO vs. PFIA.TO - Volatility Comparison
iShares Core Canadian Universe Bond Index ETF (XBB.TO) has a higher volatility of 1.27% compared to Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) at 0.61%. This indicates that XBB.TO's price experiences larger fluctuations and is considered to be riskier than PFIA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XBB.TO | PFIA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 0.61% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.32% | 1.89% | +1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 2.44% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 4.18% | +2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.69% | 6.35% | +0.34% |
Dividends
XBB.TO vs. PFIA.TO - Dividend Comparison
XBB.TO's dividend yield for the trailing twelve months is around 3.44%, less than PFIA.TO's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 4.65% | 3.97% | 3.66% | 5.63% | 4.69% | 4.25% | 6.02% | 1.66% | 0.00% | 0.00% | 0.00% | 0.00% |
XBB.TO iShares Core Canadian Universe Bond Index ETF | 3.44% | 3.39% | 3.25% | 3.01% | 2.91% | 2.54% | 2.55% | 2.80% | 2.92% | 2.83% | 2.81% | 2.87% |
Frequently Asked Questions
XBB.TO and PFIA.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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