PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan

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

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.

Looking to diversify beyond FCLS.NEO? The ETFs below have the lowest correlation with FCLS.NEO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from FCLS.NEO.

Best Diversifiers for FCLS.NEO

2 ETFs have low correlation with FCLS.NEO (below 0.3), 0 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
FCIV.TO
Fidelity International Value ETF0.20——
87
Foreign Large Cap EquitiesFCLS.NEO vs FCIV.TO
PMM.TO
Purpose Multi-Strategy Market Neutral Fund0.23——
73
Long-ShortFCLS.NEO vs PMM.TO
FCUV.TO
Fidelity U.S. Value ETF0.31——
89
Large Cap Value EquitiesFCLS.NEO vs FCUV.TO
FINN.NEO
Fidelity Global Innovators ETF0.32——
85
Global EquitiesFCLS.NEO vs FINN.NEO
FCIM.NEO
Fidelity International Momentum Index ETF0.33——
70
Momentum, International EquityFCLS.NEO vs FCIM.NEO
See all 11 diversifiers for FCLS.NEO

To view more results, upgrade your current subscription plan.

Diversification Analysis

Build a portfolio that complements FCLS.NEO

Add FCLS.NEO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with FCLS.NEO