XYLD vs. PFMN.TO

Last updated Jun 14, 2026

XYLD (Global X S&P 500 Covered Call ETF) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both exchange-traded funds - XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while PFMN.TO is a Long-Short fund actively managed by Picton Mahoney. XYLD is passively managed, while PFMN.TO is actively managed. Over the past 5 years, XYLD returned 7.61%/yr vs 3.49%/yr for PFMN.TO. At a 0.17 correlation, their price movements are largely independent. XYLD charges 0.60%/yr vs 4.27%/yr for PFMN.TO.

Performance

XYLD vs. PFMN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Covered Call ETF (XYLD) and PICTON Market Neutral Equity Alternative Fund (PFMN.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XYLD is traded in USD, while PFMN.TO is traded in CAD. To make them comparable, the PFMN.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XYLD achieves a 4.83% return, which is significantly higher than PFMN.TO's 0.75% return.

XYLD

• 1D: 0.57%
• 1M: 1.40%
• YTD: 4.83%
• 6M: 6.01%
• 1Y: 17.00%
• 3Y*: 11.00%
• 5Y*: 7.61%
• 10Y*: 8.35%

PFMN.TO

• 1D: -0.12%
• 1M: 0.09%
• YTD: 0.75%
• 6M: 1.77%
• 1Y: 3.66%
• 3Y*: 6.31%
• 5Y*: 3.49%
• 10Y*: —

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

XYLD vs. PFMN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XYLD Global X S&P 500 Covered Call ETF	4.83%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	4.02%
PFMN.TO PICTON Market Neutral Equity Alternative Fund	0.75%	9.85%	6.11%	5.65%	-0.86%	6.15%	19.54%	0.89%

Correlation

The correlation between XYLD and PFMN.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.17

Return for Risk

XYLD vs. PFMN.TO — Risk / Return Rank

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

XYLD

XYLD Risk / Return Rank: 85
XYLD Sharpe Ratio Rank: 87
XYLD Sortino Ratio Rank: 88
XYLD Omega Ratio Rank: 93
XYLD Calmar Ratio Rank: 72
XYLD Martin Ratio Rank: 88

PFMN.TO

PFMN.TO Risk / Return Rank: 47
PFMN.TO Sharpe Ratio Rank: 48
PFMN.TO Sortino Ratio Rank: 50
PFMN.TO Omega Ratio Rank: 46
PFMN.TO Calmar Ratio Rank: 44
PFMN.TO Martin Ratio Rank: 46

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call ETF (XYLD) 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.

	XYLD	PFMN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.46	0.73	+1.73
Sortino ratio: Return per unit of downside risk	3.49	1.12	+2.37
Omega ratio: Gain probability vs. loss probability	1.57	1.13	+0.43
Calmar ratio: Return relative to maximum drawdown	3.16	1.13	+2.02
Martin ratio: Return relative to average drawdown	16.57	3.03	+13.54

XYLD vs. PFMN.TO - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 2.46, which is higher than the PFMN.TO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of XYLD 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.

Drawdowns

XYLD vs. PFMN.TO - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, which is greater than PFMN.TO's maximum drawdown of -20.42%. Use the drawdown chart below to compare losses from any high point for XYLD and PFMN.TO.

Drawdown Indicators

	XYLD	PFMN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.46%	-20.42%	-13.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-3.94%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-5.44%	-10.09%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-9.34%	-9.32%
Max Drawdown (10Y) Largest decline over 10 years	-33.46%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.69%	+0.40%
Average Drawdown Average peak-to-trough decline	-3.71%	-2.47%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	1.47%	-0.46%

Volatility

XYLD vs. PFMN.TO - Volatility Comparison

Global X S&P 500 Covered Call ETF (XYLD) has a higher volatility of 2.17% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.98%. This indicates that XYLD'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.

Volatility by Period

	XYLD	PFMN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	1.98%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	5.71%	4.62%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	6.11%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	9.51%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	11.74%	+2.48%

XYLD vs. PFMN.TO - Expense Ratio Comparison

XYLD has a 0.60% expense ratio, which is lower than PFMN.TO's 4.27% expense ratio.

Dividends

XYLD vs. PFMN.TO - Dividend Comparison

XYLD's dividend yield for the trailing twelve months is around 10.53%, more than PFMN.TO's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XYLD Global X S&P 500 Covered Call ETF	10.53%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both XYLD and PFMN.TO in my portfolio?

XYLD and PFMN.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XYLD or PFMN.TO?

On fees, XYLD is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XYLD or PFMN.TO?

XYLD is cheaper with a 0.60% expense ratio, compared with 4.27% for PFMN.TO.

What is the main difference between XYLD and PFMN.TO?

XYLD is categorized as Derivative Income, while PFMN.TO is Long-Short. They also come from different issuers: Global X and Picton Mahoney. Their fees differ too: 0.60% for XYLD and 4.27% for PFMN.TO.