XCB.TO vs. PFIA.TO
XCB.TO (iShares Core Canadian Corporate Bond Index ETF) and PFIA.TO (Picton Mahoney Fortified Income Alternative Fund) are both exchange-traded funds - XCB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD, while PFIA.TO is a fund fund. Over the past 5 years, XCB.TO returned 2.30%/yr vs 3.36%/yr for PFIA.TO. At a 0.10 correlation, their price movements are largely independent.
Performance
XCB.TO vs. PFIA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCB.TO achieves a 1.75% return, which is significantly higher than PFIA.TO's 0.42% return.
XCB.TO
- 1D
- -0.10%
- 1M
- 1.66%
- YTD
- 1.75%
- 6M
- 1.49%
- 1Y
- 4.27%
- 3Y*
- 6.23%
- 5Y*
- 2.30%
- 10Y*
- 2.77%
PFIA.TO
- 1D
- -0.20%
- 1M
- 0.72%
- YTD
- 0.42%
- 6M
- 0.81%
- 1Y
- 3.71%
- 3Y*
- 6.11%
- 5Y*
- 3.36%
- 10Y*
- —
XCB.TO vs. PFIA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 1.75% | 4.45% | 6.72% | 8.30% | -9.79% | -1.81% | 8.36% | 0.59% |
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 0.42% | 5.46% | 7.72% | 7.27% | -3.42% | 3.17% | 9.28% | 3.68% |
Correlation
The correlation between XCB.TO and PFIA.TO is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2019 | 0.10 |
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Return for Risk
XCB.TO vs. PFIA.TO — Risk / Return Rank
XCB.TO
PFIA.TO
XCB.TO vs. PFIA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Corporate Bond Index ETF (XCB.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.
| XCB.TO | PFIA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.29 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.75 | -1.03 |
| Martin ratioReturn relative to average drawdown | 5.08 | 7.73 | -2.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCB.TO | PFIA.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.49 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.81 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.76 | -0.12 |
Drawdowns
XCB.TO vs. PFIA.TO - Drawdown Comparison
The maximum XCB.TO drawdown since its inception was -22.59%, 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 XCB.TO and PFIA.TO.
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Drawdown Indicators
| XCB.TO | PFIA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.59% | -17.12% | -5.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -1.36% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -3.56% | -1.47% | -2.09% |
Max Drawdown (5Y)Largest decline over 5 years | -14.17% | -6.46% | -7.71% |
Max Drawdown (10Y)Largest decline over 10 years | -22.59% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.50% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -1.13% | -0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.48% | +0.36% |
Volatility
XCB.TO vs. PFIA.TO - Volatility Comparison
iShares Core Canadian Corporate Bond Index ETF (XCB.TO) has a higher volatility of 1.45% compared to Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) at 1.15%. This indicates that XCB.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
| XCB.TO | PFIA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.15% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 1.89% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 2.50% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 4.16% | +1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 6.41% | +0.82% |
Dividends
XCB.TO vs. PFIA.TO - Dividend Comparison
XCB.TO's dividend yield for the trailing twelve months is around 4.13%, less than PFIA.TO's 4.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 4.49% | 3.96% | 3.68% | 5.64% | 4.69% | 4.25% | 6.03% | 1.93% | 0.00% | 0.00% | 0.00% | 0.00% |
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 4.13% | 4.10% | 4.00% | 3.69% | 3.55% | 3.01% | 2.75% | 2.95% | 3.10% | 3.07% | 3.19% | 3.31% |
Frequently Asked Questions
XCB.TO and PFIA.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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