- Issuer
- Fidelity
- Inception Date
- Feb 1, 2024
- Category
- Long-Short
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- Canada
- Distribution Policy
- Accumulating
- Asset Class
- Alternatives
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
- Assets Under Management
- CA$1B
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
FGLS.NEO Performance Chart
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) is up 0.5% since the beginning of the year. FGLS.NEO is currently trading at CA$9 per share.
Loading charts...
Returns By Period
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has returned 0.47% so far this year and 3.00% over the past 12 months.
Fidelity Global Value Long/Short Alternative ETF
- 1D
- 5.54%
- 1M
- 11.00%
- 6M
- 0.47%
- YTD
- 0.47%
- 1Y
- 3.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.09%
- 1M
- 1.02%
- 6M
- 13.49%
- YTD
- 13.49%
- 1Y
- 25.21%
- 3Y*
- 21.69%
- 5Y*
- 14.46%
- 10Y*
- 14.59%
FGLS.NEO Monthly Returns History
Based on dividend-adjusted daily data since Feb 1, 2024, FGLS.NEO's average daily return is -0.01%, while the average monthly return is -0.28%.
Historically, 60% of months were positive and 40% were negative. The best month was Nov 2025 with a return of +12.2%, while the worst month was Feb 2024 at -14.4%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 2 months.
On a daily basis, FGLS.NEO closed higher 40% of trading days. The best single day was Jul 2, 2026 with a return of +5.5%, while the worst single day was May 26, 2026 at -5.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.93% | 7.74% | 1.37% | -11.56% | -8.36% | 4.50% | 5.54% | 0.47% | |||||
| 2025 | -1.27% | 9.64% | 7.27% | 1.09% | -8.86% | -2.85% | 0.37% | 5.11% | -7.64% | -6.14% | 12.15% | 1.67% | 8.38% |
| 2024 | -14.40% | -1.87% | 2.98% | 3.70% | -4.24% | 6.05% | 0.66% | 1.31% | -4.95% | -12.80% | 2.34% | -21.20% |
Benchmark Metrics
Fidelity Global Value Long/Short Alternative ETF has an annualized alpha of 5.64%, beta of -0.51, and R2 of 0.13 versus S&P 500 Index. Calculated based on daily prices since February 01, 2024.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -173.71%), but participation in market rallies was also limited (-46.94%) - a profile typical of counter-cyclical assets.
- Beta of -0.51 may look defensive, but with R2 of 0.13 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 0.13 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
- 5.64%
- Beta
- -0.51
- R²
- 0.13
- Upside Capture
- -46.94%
- Downside Capture
- -173.71%
Expense Ratio
FGLS.NEO has a high expense ratio of 1.51%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FGLS.NEO ranks 10 for risk / return — in the bottom 10% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Fidelity Global Value Long/Short Alternative ETF (FGLS.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.
| FGLS.NEO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.35 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 2.76 | -2.62 |
| Martin ratioReturn relative to average drawdown | 0.30 | 10.23 | -9.93 |
Dividends
Dividend History
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.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity Global Value 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 Global Value Long/Short Alternative ETF was 25.89%, occurring on Feb 7, 2025. The portfolio has not yet recovered.
The current Fidelity Global Value Long/Short Alternative ETF drawdown is 14.30%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -25.89%Feb 2025 | 1y 2d | — | 2y 4moFeb 2024 - now |
2024 pullback2024 | -0.71%Feb 2024 | 0s | 3d | 3dFeb 2024 - Feb 2024 |
Drawdown Indicators
| FGLS.NEO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -48.87% | +22.98% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -9.17% | -11.95% |
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 | -14.30% | -0.16% | -14.14% |
Average DrawdownAverage peak-to-trough decline | -14.47% | -9.64% | -4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 2.47% | +7.60% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with FGLS.NEO
Add Fidelity Global Value Long/Short Alternative ETF to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with FGLS.NEO