XCNS.TO vs. PFIA.TO

Last updated Jun 5, 2026

XCNS.TO (iShares Core Conservative Balanced ETF Portfolio) and PFIA.TO (Picton Mahoney Fortified Income Alternative Fund) are both exchange-traded funds - XCNS.TO is a Diversified Portfolio fund actively managed by iShares, while PFIA.TO is a fund fund. Over the past 5 years, XCNS.TO returned 5.78%/yr vs 3.36%/yr for PFIA.TO. At a 0.07 correlation, their price movements are largely independent.

Performance

XCNS.TO vs. PFIA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Conservative Balanced ETF Portfolio (XCNS.TO) and Picton Mahoney Fortified Income Alternative Fund (PFIA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCNS.TO achieves a 5.93% return, which is significantly higher than PFIA.TO's 0.42% return.

XCNS.TO

• 1D: 0.34%
• 1M: 3.18%
• YTD: 5.93%
• 6M: 4.54%
• 1Y: 12.96%
• 3Y*: 11.09%
• 5Y*: 5.78%
• 10Y*: —

PFIA.TO

• 1D: 0.00%
• 1M: 0.82%
• YTD: 0.42%
• 6M: 0.62%
• 1Y: 3.81%
• 3Y*: 6.11%
• 5Y*: 3.36%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XCNS.TO vs. PFIA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XCNS.TO iShares Core Conservative Balanced ETF Portfolio	5.93%	9.44%	11.73%	10.66%	-11.25%	5.93%	10.28%	3.45%
PFIA.TO Picton Mahoney Fortified Income Alternative Fund	0.42%	5.46%	7.72%	7.27%	-3.42%	3.17%	9.28%	2.37%

Correlation

The correlation between XCNS.TO and PFIA.TO is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 26, 2019	0.07

The correlation between XCNS.TO and PFIA.TO shifts across timeframes, from -0.03 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XCNS.TO vs. PFIA.TO — Risk / Return Rank

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

XCNS.TO

XCNS.TO Risk / Return Rank: 60
XCNS.TO Sharpe Ratio Rank: 59
XCNS.TO Sortino Ratio Rank: 60
XCNS.TO Omega Ratio Rank: 64
XCNS.TO Calmar Ratio Rank: 55
XCNS.TO Martin Ratio Rank: 60

PFIA.TO

PFIA.TO Risk / Return Rank: 49
PFIA.TO Sharpe Ratio Rank: 44
PFIA.TO Sortino Ratio Rank: 47
PFIA.TO Omega Ratio Rank: 50
PFIA.TO Calmar Ratio Rank: 58
PFIA.TO Martin Ratio Rank: 48

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.

XCNS.TO vs. PFIA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Conservative Balanced ETF Portfolio (XCNS.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.

	XCNS.TO	PFIA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.54	+0.41
Sortino ratio: Return per unit of downside risk	2.80	2.30	+0.50
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	2.68	2.82	-0.15
Martin ratio: Return relative to average drawdown	10.44	7.93	+2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNS.TO vs. PFIA.TO - Sharpe Ratio Comparison

The current XCNS.TO Sharpe Ratio is 1.95, which is comparable to the PFIA.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of XCNS.TO and PFIA.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.

Sharpe Ratios by Period

	XCNS.TO	PFIA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.54	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.81	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.75	+0.11

Drawdowns

XCNS.TO vs. PFIA.TO - Drawdown Comparison

The maximum XCNS.TO drawdown since its inception was -16.96%, roughly equal to the maximum PFIA.TO drawdown of -17.12%. Use the drawdown chart below to compare losses from any high point for XCNS.TO and PFIA.TO.

Drawdown Indicators

	XCNS.TO	PFIA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.96%	-17.12%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-1.36%	-3.50%
Max Drawdown (3Y) Largest decline over 3 years	-6.40%	-1.47%	-4.93%
Max Drawdown (5Y) Largest decline over 5 years	-16.09%	-6.46%	-9.63%
Current Drawdown Current decline from peak	-0.45%	-0.50%	+0.05%
Average Drawdown Average peak-to-trough decline	-3.49%	-1.13%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.48%	+0.76%

Volatility

XCNS.TO vs. PFIA.TO - Volatility Comparison

iShares Core Conservative Balanced ETF Portfolio (XCNS.TO) has a higher volatility of 3.14% compared to Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) at 1.14%. This indicates that XCNS.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.

Volatility by Period

	XCNS.TO	PFIA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	1.14%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	1.88%	+3.84%
Volatility (1Y) Calculated over the trailing 1-year period	6.67%	2.49%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.86%	4.16%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.61%	6.40%	+1.21%

Dividends

XCNS.TO vs. PFIA.TO - Dividend Comparison

XCNS.TO's dividend yield for the trailing twelve months is around 2.49%, less than PFIA.TO's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PFIA.TO Picton Mahoney Fortified Income Alternative Fund	4.49%	3.96%	3.68%	5.64%	4.69%	4.25%	6.03%	1.93%
XCNS.TO iShares Core Conservative Balanced ETF Portfolio	2.49%	2.55%	2.58%	2.49%	2.26%	1.81%	2.15%	0.92%

Frequently Asked Questions

Can I hold both XCNS.TO and PFIA.TO in my portfolio?

XCNS.TO and PFIA.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.