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Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) Alternatives

ETF · Currency in CAD · Last updated Jul 17, 2026

The Fidelity Canadian Long/Short Alternative ETF is an actively managed alternative fund that takes long and short positions in equity securities of Canadian companies. It combines Fidelity's proprietary research ratings with rules-based controls, typically holding 120%-150% long exposure and 30%-50% short exposure to seek returns with reduced correlation to the broad Canadian equity market. The fund may use leverage through short selling and is benchmarked against the S&P/TSX Capped Composite Index.

Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FCLS.NEO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Best Risk-Adjusted Alternatives to FCLS.NEO

FCLS.NEO has a PortfoliosLab risk / return rank of 38. There is 1 ETF in the Long-Short category with a higher risk-adjusted rank, going as high as 73.

SymbolNameRisk / Return RankAUMInception
PMM.TO
Purpose Multi-Strategy Market Neutral Fund
73
11.20MOct 2014FCLS.NEO vs PMM.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
35
240.67MSep 2018FCLS.NEO vs PFMN.TO
CMAG.TO
CI Munro Alternative Global Growth Fund
26
153.60MJan 2021FCLS.NEO vs CMAG.TO
ARB.TO
Accelerate Arbitrage Fund
18
40.70M—FCLS.NEO vs ARB.TO

Top Performing FCLS.NEO Alternatives (YTD)

FCLS.NEO is at 6.24% YTD. There are 2 ETFs in the Long-Short category with higher YTD returns, going as high as 9.64%.

SymbolNameYTD ReturnAUMInception
CMAG.TO
CI Munro Alternative Global Growth Fund
9.64%
153.60MJan 2021FCLS.NEO vs CMAG.TO
PMM.TO
Purpose Multi-Strategy Market Neutral Fund
6.44%
11.20MOct 2014FCLS.NEO vs PMM.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
2.36%
240.67MSep 2018FCLS.NEO vs PFMN.TO
ARB.TO
Accelerate Arbitrage Fund
0.86%
40.70M—FCLS.NEO vs ARB.TO

Lowest Volatility Alternatives to FCLS.NEO

FCLS.NEO has 15.82% 1-year volatility. There are 3 ETFs in the Long-Short category with lower 1-year volatility, going as low as 4.75%.

SymbolNameVolatility 1YAUMInception
PFMN.TO
PICTON Market Neutral Equity Alternative Fund4.75%240.67MSep 2018FCLS.NEO vs PFMN.TO
ARB.TO
Accelerate Arbitrage Fund8.37%40.70M—FCLS.NEO vs ARB.TO
PMM.TO
Purpose Multi-Strategy Market Neutral Fund9.49%11.20MOct 2014FCLS.NEO vs PMM.TO
CMAG.TO
CI Munro Alternative Global Growth Fund21.22%153.60MJan 2021FCLS.NEO vs CMAG.TO

Lowest Drawdown Alternatives to FCLS.NEO

FCLS.NEO has a 1-year max drawdown of -12.39%. There are 4 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as -2.50%.

SymbolNameMax Drawdown 1YAUMInception
ARB.TO
Accelerate Arbitrage Fund
-2.50%
40.70M—FCLS.NEO vs ARB.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
-3.49%
240.67MSep 2018FCLS.NEO vs PFMN.TO
PMM.TO
Purpose Multi-Strategy Market Neutral Fund
-3.50%
11.20MOct 2014FCLS.NEO vs PMM.TO
CMAG.TO
CI Munro Alternative Global Growth Fund
-11.54%
153.60MJan 2021FCLS.NEO vs CMAG.TO

Other ETFs from Fidelity

The 10 most viewed Fidelity ETFs shown here include FEQT.NEO, FINN.NEO, FCCM.NEO and span 9 categories. AUM among these funds goes as high as $9B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
FEQT.NEO
Fidelity All-in-One Equity ETF FundDiversified Portfolio
80
12.34%
—Jan 2022FCLS.NEO vs FEQT.NEO
FINN.NEO
Fidelity Global Innovators ETFGlobal Equities
85
38.14%
—May 2023FCLS.NEO vs FINN.NEO
FCCM.NEO
Fidelity Canadian Momentum Index ETFMomentum, Canada Equities
86
10.57%
—Jun 2020FCLS.NEO vs FCCM.NEO
FBTC.TO
Fidelity Advantage Bitcoin ETFCryptocurrency
2
-25.00%
1.20BNov 2021FCLS.NEO vs FBTC.TO
FCUV.TO
Fidelity U.S. Value ETFLarge Cap Value Equities
89
17.25%
3.82BJun 2020FCLS.NEO vs FCUV.TO
FBAL.NEO
Fidelity All-in-One Balanced ETFDiversified Portfolio
75
7.93%
9.45BJan 2021FCLS.NEO vs FBAL.NEO
FGRO.NEO
Fidelity All-in-One Growth ETFDiversified Portfolio
78
10.50%
4.95BJan 2021FCLS.NEO vs FGRO.NEO
FCIM.NEO
Fidelity International Momentum Index ETFMomentum, International Equity
70
17.67%
—Jun 2020FCLS.NEO vs FCIM.NEO
FCMO.NEO
Fidelity US Momentum ETFMomentum, Large Cap Growth Equities
53
17.89%
—Jun 2020FCLS.NEO vs FCMO.NEO
FCIV.TO
Fidelity International Value ETFForeign Large Cap Equities
87
17.66%
2.31BJun 2025FCLS.NEO vs FCIV.TO

Often Compared With FCLS.NEO

Investors most often compare FCLS.NEO with CLSE, FCCQ.TO, ZRE.TO. These 3 comparison targets span 5 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
CLSE
Convergence Long/Short Equity ETFLong-Short, Actively Managed
96
23.64%
447.61MDec 2009FCLS.NEO vs CLSE
FCCQ.TO
Fidelity Canadian High Quality ETFCanada Equities
72
6.58%
993.50MJan 2019FCLS.NEO vs FCCQ.TO
ZRE.TO
BMO Equal Weight REITs Index ETFREIT, Equal Weight
45
15.45%
652.08MMay 2010FCLS.NEO vs ZRE.TO

Compare FCLS.NEO with Any Fund or Stock

Compare FCLS.NEO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair FCLS.NEO with funds that move differently

Fidelity Canadian Long/Short Alternative ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FCLS.NEO.

Explore FCLS.NEO Diversifiers