ZPAY.TO vs. PFMN.TO

Last updated Apr 2, 2026

Compare and contrast key facts about BMO Premium Yield ETF (ZPAY.TO) and Picton Mahoney Fortified Market Neutral Alternative Fund (PFMN.TO).

ZPAY.TO and PFMN.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZPAY.TO is an actively managed fund by BMO. It was launched on Jan 15, 2020.

Performance

ZPAY.TO vs. PFMN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Premium Yield ETF (ZPAY.TO) and Picton Mahoney Fortified Market Neutral Alternative Fund (PFMN.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZPAY.TO BMO Premium Yield ETF	-1.58%	2.61%	16.94%	16.87%	-6.33%	9.54%	116.48%
PFMN.TO Picton Mahoney Fortified Market Neutral Alternative Fund	-0.43%	4.86%	15.06%	3.13%	5.43%	6.10%	16.24%

Returns By Period

In the year-to-date period, ZPAY.TO achieves a -1.58% return, which is significantly lower than PFMN.TO's -0.43% return.

ZPAY.TO

• 1D: 0.10%
• 1M: -1.52%
• YTD: -1.58%
• 6M: -3.39%
• 1Y: 2.16%
• 3Y*: 8.17%
• 5Y*: 6.86%
• 10Y*: —

PFMN.TO

• 1D: -0.03%
• 1M: -0.74%
• YTD: -0.43%
• 6M: 1.05%
• 1Y: 5.26%
• 3Y*: 6.68%
• 5Y*: 6.40%
• 10Y*: —

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

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

ZPAY.TO

BMO Premium Yield ETF

Return for Risk

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

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

ZPAY.TO

ZPAY.TO Risk / Return Rank: 15
ZPAY.TO Sharpe Ratio Rank: 15
ZPAY.TO Sortino Ratio Rank: 14
ZPAY.TO Omega Ratio Rank: 15
ZPAY.TO Calmar Ratio Rank: 15
ZPAY.TO Martin Ratio Rank: 15

PFMN.TO

PFMN.TO Risk / Return Rank: 50
PFMN.TO Sharpe Ratio Rank: 48
PFMN.TO Sortino Ratio Rank: 50
PFMN.TO Omega Ratio Rank: 44
PFMN.TO Calmar Ratio Rank: 60
PFMN.TO Martin Ratio Rank: 45

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Premium Yield ETF (ZPAY.TO) and Picton Mahoney Fortified Market Neutral 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.

	ZPAY.TO	PFMN.TO	Difference
Sharpe ratio Return per unit of total volatility	0.17	0.92	-0.75
Sortino ratio Return per unit of downside risk	0.33	1.40	-1.07
Omega ratio Gain probability vs. loss probability	1.05	1.18	-0.13
Calmar ratio Return relative to maximum drawdown	0.18	1.62	-1.45
Martin ratio Return relative to average drawdown	0.48	4.57	-4.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZPAY.TO Sharpe Ratio is 0.17, which is lower than the PFMN.TO Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of ZPAY.TO and PFMN.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZPAY.TO	PFMN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	0.92	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.80	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.77	-0.32

Correlation

The correlation between ZPAY.TO and PFMN.TO is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZPAY.TO vs. PFMN.TO - Dividend Comparison

ZPAY.TO's dividend yield for the trailing twelve months is around 7.81%, more than PFMN.TO's 0.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
ZPAY.TO BMO Premium Yield ETF	7.81%	7.46%	5.81%	6.40%	7.00%	6.10%	5.42%	0.00%
PFMN.TO Picton Mahoney Fortified Market Neutral Alternative Fund	0.80%	0.80%	0.00%	1.28%	0.00%	0.00%	0.00%	0.09%

Drawdowns

ZPAY.TO vs. PFMN.TO - Drawdown Comparison

The maximum ZPAY.TO drawdown since its inception was -14.89%, 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 ZPAY.TO and PFMN.TO.

Drawdown Indicators

	ZPAY.TO	PFMN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.89%	-13.04%	-1.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-3.49%	-5.39%
Max Drawdown (5Y) Largest decline over 5 years	-14.76%	-4.24%	-10.52%
Current Drawdown Current decline from peak	-5.71%	-1.72%	-3.99%
Average Drawdown Average peak-to-trough decline	-2.66%	-1.19%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	1.24%	+2.04%

Volatility

ZPAY.TO vs. PFMN.TO - Volatility Comparison

BMO Premium Yield ETF (ZPAY.TO) has a higher volatility of 3.11% compared to Picton Mahoney Fortified Market Neutral Alternative Fund (PFMN.TO) at 1.95%. This indicates that ZPAY.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.

Volatility by Period

	ZPAY.TO	PFMN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	1.95%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	6.70%	3.24%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	5.74%	+6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	8.01%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.80%	9.86%	+33.94%