- Issuer
- Fidelity
- Inception Date
- Feb 1, 2024
- Region
- North America (Canada)
- Category
- Long-Short
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- Canada
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
FCLS.NEO Performance Chart
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) is up 8.0% since the beginning of the year. FCLS.NEO is currently trading at CA$15 per share.
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Returns By Period
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has returned 7.98% so far this year and 21.94% over the past 12 months.
Fidelity Canadian Long/Short Alternative ETF
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 1.84%
- 1M
- 4.68%
- YTD
- 12.81%
- 6M
- 13.25%
- 1Y
- 29.22%
- 3Y*
- 21.96%
- 5Y*
- 15.51%
- 10Y*
- 14.73%
FCLS.NEO Monthly Returns History
Based on dividend-adjusted daily data since Feb 1, 2024, FCLS.NEO's average daily return is +0.07%, while the average monthly return is +1.44%. At this rate, an investment would double in approximately 4.0 years.
Historically, 76% of months were positive and 24% were negative. The best month was Feb 2026 with a return of +6.4%, while the worst month was Mar 2026 at -6.1%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 2 months.
On a daily basis, FCLS.NEO closed higher 37% of trading days. The best single day was Apr 14, 2025 with a return of +5.1%, while the worst single day was Mar 19, 2026 at -4.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.38% | 6.37% | -6.05% | 2.15% | 3.99% | 0.34% | 7.98% | ||||||
| 2025 | 0.94% | -0.84% | -1.45% | 0.69% | 4.98% | 2.21% | 2.56% | 2.81% | 2.50% | -0.59% | 1.19% | 2.13% | 18.33% |
| 2024 | -1.00% | 3.23% | 0.10% | 2.54% | 2.19% | 4.76% | -1.42% | 3.25% | 1.57% | 5.00% | -3.77% | 17.30% |
Benchmark Metrics
Fidelity Canadian Long/Short Alternative ETF has an annualized alpha of 9.48%, beta of 0.34, and R2 of 0.15 versus S&P 500 Index. Calculated based on daily prices since February 01, 2024.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (52.22%) than losses (22.27%) - typical of diversified or defensive assets.
- Beta of 0.34 may look defensive, but with R2 of 0.15 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.15 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 9.48%
- Beta
- 0.34
- R²
- 0.15
- Upside Capture
- 52.22%
- Downside Capture
- 22.27%
Expense Ratio
FCLS.NEO has a high expense ratio of 1.27%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FCLS.NEO ranks 47 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) and compare them to S&P 500 Index.
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.
| FCLS.NEO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.40 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.20 | -1.42 |
| Martin ratioReturn relative to average drawdown | 7.49 | 11.88 | -4.40 |
Dividends
Dividend History
Fidelity Canadian Long/Short Alternative ETF provided a 0.61% dividend yield over the last twelve months, with an annual payout of CA$0.09 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | CA$0.09 | CA$0.09 |
Dividend yield | 0.61% | 0.65% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity Canadian Long/Short Alternative ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | CA$0.00 | CA$0.00 | CA$0.00 | CA$0.00 | CA$0.00 | CA$0.00 | CA$0.00 | ||||||
| 2025 | CA$0.09 | CA$0.09 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity Canadian Long/Short Alternative ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Fidelity Canadian Long/Short Alternative ETF was 14.39%, occurring on Apr 8, 2025. Recovery took 37 trading sessions.
The current Fidelity Canadian Long/Short Alternative ETF drawdown is 1.46%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -14.39%Apr 2025 | 4mo | 1mo 25d | 5mo 25dDec 2024 - Jun 2025 |
2026 correction2026 | -12.39%Mar 2026 | 21d | 2mo 27d | 3mo 18dFeb 2026 - Jun 2026 |
2025 pullback2025 | -5.83%Nov 2025 | 1mo 14d | 20d | 2mo 4dOct 2025 - Dec 2025 |
2024 pullback2024 | -5.61%Aug 2024 | 6d | 1mo 13d | 1mo 19dAug 2024 - Sep 2024 |
2026 pullback2026 | -4.44%Jan 2026 | 1d | 25d | 26dJan 2026 - Feb 2026 |
Drawdown Indicators
| FCLS.NEO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -48.87% | +34.48% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -9.17% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.97% | — |
Current DrawdownCurrent decline from peak | -1.46% | 0.00% | -1.46% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -9.66% | +7.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 2.47% | +0.47% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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