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XMU.TO vs. PFMN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMU.TO vs. PFMN.TO

Last updated Jun 14, 2026

XMU.TO (iShares MSCI Min Vol USA Index ETF) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both exchange-traded funds - XMU.TO is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while PFMN.TO is a Long-Short fund actively managed by Picton Mahoney. XMU.TO is passively managed, while PFMN.TO is actively managed. Over the past 5 years, XMU.TO returned 7.92%/yr vs 6.52%/yr for PFMN.TO. At a 0.09 correlation, their price movements are largely independent. XMU.TO charges 0.33%/yr vs 4.27%/yr for PFMN.TO.

Performance

XMU.TO vs. PFMN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol USA Index ETF (XMU.TO) and PICTON Market Neutral Equity Alternative Fund (PFMN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XMU.TO achieves a 3.97% return, which is significantly higher than PFMN.TO's 2.80% return.

XMU.TO

1D
0.63%
1M
2.85%
YTD
3.97%
6M
0.45%
1Y
3.60%
3Y*
10.38%
5Y*
7.92%
10Y*
9.36%

PFMN.TO

1D
0.06%
1M
1.91%
YTD
2.80%
6M
3.23%
1Y
6.52%
3Y*
7.90%
5Y*
6.52%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMU.TO vs. PFMN.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XMU.TO
iShares MSCI Min Vol USA Index ETF		3.97%-0.80%22.08%6.68%-3.58%17.10%3.13%3.54%
PFMN.TO
PICTON Market Neutral Equity Alternative Fund		2.80%4.83%15.09%3.13%5.43%6.10%16.70%0.99%

Correlation

The correlation between XMU.TO and PFMN.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

0.09

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Jul 16, 2019

0.09

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Min Vol USA Index ETF

PICTON Market Neutral Equity Alternative Fund

Often compared with XMU.TO:
XMU.TO vs. ZLU.TOXMU.TO vs. XMV.TOXMU.TO vs. XMS.TOXMU.TO vs. VFV.TOXMU.TO vs. XIT.TOXMU.TO vs. SMMVXMU.TO vs. XST.TO
Often compared with PFMN.TO:
PFMN.TO vs. PFLS.TOPFMN.TO vs. ZPAY.TOPFMN.TO vs. PFIA.TOPFMN.TO vs. PFAE.TOPFMN.TO vs. BNPFMN.TO vs. CAOSPFMN.TO vs. PPA

Return for Risk

XMU.TO vs. PFMN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMU.TO
XMU.TO Risk / Return Rank: 1414
Overall Rank
XMU.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
XMU.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
XMU.TO Omega Ratio Rank: 1313
Omega Ratio Rank
XMU.TO Calmar Ratio Rank: 1414
Calmar Ratio Rank
XMU.TO Martin Ratio Rank: 1313
Martin Ratio Rank
PFMN.TO
PFMN.TO Risk / Return Rank: 4747
Overall Rank
PFMN.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
PFMN.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
PFMN.TO Omega Ratio Rank: 4646
Omega Ratio Rank
PFMN.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
PFMN.TO Martin Ratio Rank: 4646
Martin Ratio Rank
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.

XMU.TO vs. PFMN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol USA Index ETF (XMU.TO) and PICTON Market Neutral Equity Alternative Fund (PFMN.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.

XMU.TOPFMN.TODifference
Sharpe ratioReturn per unit of total volatility
0.30
1.47

-1.17

Sortino ratioReturn per unit of downside risk
0.48
2.19

-1.71

Omega ratioGain probability vs. loss probability

1.06

1.26

-0.20

Calmar ratioReturn relative to maximum drawdown

0.36

1.95

-1.59

Martin ratioReturn relative to average drawdown

0.75

6.75

-6.00

XMU.TO vs. PFMN.TO - Sharpe Ratio Comparison

The current XMU.TO Sharpe Ratio is 0.30, which is lower than the PFMN.TO Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of XMU.TO and PFMN.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.

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Drawdowns

XMU.TO vs. PFMN.TO - Drawdown Comparison

The maximum XMU.TO drawdown since its inception was -27.31%, which is greater than PFMN.TO's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for XMU.TO and PFMN.TO.

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Drawdown Indicators

XMU.TOPFMN.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.31%

-13.04%

-14.27%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-3.49%

-4.96%

Max Drawdown (3Y)

Largest decline over 3 years

-10.97%

-3.85%

-7.12%

Max Drawdown (5Y)

Largest decline over 5 years

-20.59%

-4.24%

-16.35%

Max Drawdown (10Y)

Largest decline over 10 years

-27.31%

—

—

Current Drawdown

Current decline from peak

-3.80%

0.00%

-3.80%

Average Drawdown

Average peak-to-trough decline

-4.55%

-1.18%

-3.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.07%

1.01%

+3.06%

Volatility

XMU.TO vs. PFMN.TO - Volatility Comparison

iShares MSCI Min Vol USA Index ETF (XMU.TO) has a higher volatility of 2.36% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.62%. This indicates that XMU.TO's price experiences larger fluctuations and is considered to be riskier than PFMN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMU.TOPFMN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.36%

1.62%

+0.74%

Volatility (6M)

Calculated over the trailing 6-month period

8.10%

3.59%

+4.51%

Volatility (1Y)

Calculated over the trailing 1-year period

10.14%

4.67%

+5.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.66%

7.76%

+6.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

9.76%

+7.32%

XMU.TO vs. PFMN.TO - Expense Ratio Comparison

XMU.TO has a 0.33% expense ratio, which is lower than PFMN.TO's 4.27% expense ratio.

Dividends

XMU.TO vs. PFMN.TO - Dividend Comparison

XMU.TO's dividend yield for the trailing twelve months is around 1.14%, more than PFMN.TO's 0.77% yield.

PositionTTM20252024202320222021202020192018201720162015
PFMN.TO
PICTON Market Neutral Equity Alternative Fund		0.77%0.80%0.00%1.28%0.00%0.00%0.00%0.09%0.00%0.00%0.00%0.00%
XMU.TO
iShares MSCI Min Vol USA Index ETF		1.14%1.13%1.19%1.41%1.17%1.09%1.72%1.47%1.51%1.63%1.87%1.46%

Frequently Asked Questions

XMU.TO and PFMN.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, XMU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMU.TO is cheaper with a 0.33% expense ratio, compared with 4.27% for PFMN.TO.

XMU.TO is categorized as Large Cap Blend Equities, while PFMN.TO is Long-Short. They also come from different issuers: iShares and Picton Mahoney. Their fees differ too: 0.33% for XMU.TO and 4.27% for PFMN.TO.

Portfolio Optimizer

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