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Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) Alternatives

ETF · Currency in CAD · Last updated Jul 25, 2026

The Fidelity Global Value Long/Short Alternative ETF is an actively managed alternative fund that takes long and short equity positions in companies from around the world, seeking to exploit mispricing of value-oriented stocks. It combines Fidelity's proprietary research with a long/short approach, using leverage through short selling of up to 50% of net asset value, to pursue returns with lower correlation to traditional equity markets. The fund is benchmarked against the MSCI World Index.

Fidelity Global Value Long/Short Alternative ETF (FGLS.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 FGLS.NEO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to FGLS.NEO

FGLS.NEO charges 1.51% annually. There are 6 ETFs in the Long-Short category with lower expense ratios, going as low as 0.35%.

SymbolNameExpense RatioAUMInception
ATSX.TO
Accelerate Canadian Long Short Equity Fund0.35%4.94MMay 2019FGLS.NEO vs ATSX.TO
QBTL.TO
AGF US Market Neutral Anti-Beta CAD-Hedged ETF0.55%384.90MOct 2019FGLS.NEO vs QBTL.TO
CNAO.TO
CI Alternative North American Opportunities Fund1.21%—Jul 2021FGLS.NEO vs CNAO.TO
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF1.27%—Feb 2024FGLS.NEO vs FCLS.NEO
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund1.45%42.84MJul 2019FGLS.NEO vs PFAE.TO

Best Risk-Adjusted Alternatives to FGLS.NEO

FGLS.NEO has a PortfoliosLab risk / return rank of 18. There are 11 ETFs in the Long-Short category with higher risk-adjusted ranks, going as high as 94.

SymbolNameRisk / Return RankAUMInception
ATSX.TO
Accelerate Canadian Long Short Equity Fund
94
4.94MMay 2019FGLS.NEO vs ATSX.TO
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund
83
42.84MJul 2019FGLS.NEO vs PFAE.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund
75
133.94MJul 2020FGLS.NEO vs PFLS.TO
CRED.TO
CI Alternative Investment Grade Credit Fund
71
371.64MJan 2020FGLS.NEO vs CRED.TO
PFIA.TO
PICTON Long Short Income Alternative Fund
61
353.70MJul 2019FGLS.NEO vs PFIA.TO

Top Performing FGLS.NEO Alternatives (YTD)

FGLS.NEO is at 6.44% YTD. There are 5 ETFs in the Long-Short category with higher YTD returns, going as high as 18.75%.

SymbolNameYTD ReturnAUMInception
ATSX.TO
Accelerate Canadian Long Short Equity Fund
18.75%
4.94MMay 2019FGLS.NEO vs ATSX.TO
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund
12.75%
42.84MJul 2019FGLS.NEO vs PFAE.TO
CMAG.TO
CI Munro Alternative Global Growth Fund
9.85%
151.53MJan 2021FGLS.NEO vs CMAG.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund
8.20%
133.94MJul 2020FGLS.NEO vs PFLS.TO
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF
6.45%
—Feb 2024FGLS.NEO vs FCLS.NEO

Lowest Volatility Alternatives to FGLS.NEO

FGLS.NEO has 28.32% 1-year volatility. There are 12 ETFs in the Long-Short category with lower 1-year volatility, going as low as 1.86%.

SymbolNameVolatility 1YAUMInception
CRED.TO
CI Alternative Investment Grade Credit Fund1.86%371.64MJan 2020FGLS.NEO vs CRED.TO
PFIA.TO
PICTON Long Short Income Alternative Fund2.43%353.70MJul 2019FGLS.NEO vs PFIA.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund4.73%240.67MSep 2018FGLS.NEO vs PFMN.TO
ARB.TO
Accelerate Arbitrage Fund8.32%40.70MApr 2020FGLS.NEO vs ARB.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund9.20%133.94MJul 2020FGLS.NEO vs PFLS.TO

Lowest Drawdown Alternatives to FGLS.NEO

FGLS.NEO has a 1-year max drawdown of -21.12%. There are 11 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as -1.36%.

SymbolNameMax Drawdown 1YAUMInception
PFIA.TO
PICTON Long Short Income Alternative Fund
-1.36%
353.70MJul 2019FGLS.NEO vs PFIA.TO
CRED.TO
CI Alternative Investment Grade Credit Fund
-1.52%
371.64MJan 2020FGLS.NEO vs CRED.TO
ARB.TO
Accelerate Arbitrage Fund
-2.50%
40.70MApr 2020FGLS.NEO vs ARB.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
-3.49%
240.67MSep 2018FGLS.NEO vs PFMN.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund
-6.98%
133.94MJul 2020FGLS.NEO vs PFLS.TO

Other ETFs from Fidelity

The 10 most viewed Fidelity ETFs shown here include FEQT.NEO, FINN.NEO, FCCM.NEO and span 8 categories. AUM among these funds goes as high as $9B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
FEQT.NEO
Fidelity All-in-One Equity ETF FundDiversified Portfolio
83
12.69%
—Jan 2022FGLS.NEO vs FEQT.NEO
FINN.NEO
Fidelity Global Innovators ETFGlobal Equities
83
33.45%
—May 2023FGLS.NEO vs FINN.NEO
FCCM.NEO
Fidelity Canadian Momentum Index ETFMomentum, Canada Equities
90
12.08%
—Jun 2020FGLS.NEO vs FCCM.NEO
FBTC.TO
Fidelity Advantage Bitcoin ETFCryptocurrency
2
-24.80%
1.20BNov 2021FGLS.NEO vs FBTC.TO
FCUV.TO
Fidelity U.S. Value ETFLarge Cap Value Equities
91
18.19%
3.82BJun 2020FGLS.NEO vs FCUV.TO
FBAL.NEO
Fidelity All-in-One Balanced ETFDiversified Portfolio
78
7.93%
9.45BJan 2021FGLS.NEO vs FBAL.NEO
FGRO.NEO
Fidelity All-in-One Growth ETFDiversified Portfolio
81
10.74%
4.95BJan 2021FGLS.NEO vs FGRO.NEO
FCIM.NEO
Fidelity International Momentum Index ETFForeign Large Cap Equities, Momentum
71
17.96%
—Jun 2020FGLS.NEO vs FCIM.NEO
FCMO.NEO
Fidelity US Momentum ETFMomentum, Large Cap Growth Equities
63
19.72%
—Jun 2020FGLS.NEO vs FCMO.NEO
FCIV.TO
Fidelity International Value ETFForeign Large Cap Equities
87
18.56%
2.31BJun 2025FGLS.NEO vs FCIV.TO

Often Compared With FGLS.NEO

Investors most often compare FGLS.NEO with CBLS, BFLX, LSEQ. These 20 comparison targets span 10 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
CBLS
Changebridge Capital Long/Short Equity ETFLong-Short
29
14.77%
58.88MNov 2020FGLS.NEO vs CBLS
BFLX
iShares Flexible Equity Active ETFLong-Short——1.55BMay 2026FGLS.NEO vs BFLX
LSEQ
Harbor Long-Short Equity ETFLong-Short
81
27.65%
16.20MDec 2023FGLS.NEO vs LSEQ
FBTC
Fidelity Wise Origin Bitcoin FundCryptocurrency
2
-26.76%
10.22BJan 2024FGLS.NEO vs FBTC
HDG
ProShares Hedge ReplicationLong-Short
76
6.10%
21.96MJul 2011FGLS.NEO vs HDG
CLSE
Convergence Long/Short Equity ETFLong-Short, Actively Managed
97
24.22%
447.61MDec 2009FGLS.NEO vs CLSE
ATTR
Arin Tactical Tail Risk ETFLong-Short—
4.17%
—Oct 2025FGLS.NEO vs ATTR
IDUB
Aptus International Enhanced Yield ETFLong-Short
64
13.63%
490.37MJul 2021FGLS.NEO vs IDUB
WTIP
WisdomTree Inflation Plus FundLong-Short
44
8.80%
21.05MJun 2025FGLS.NEO vs WTIP
RSEE
Rareview Systematic Equity ETFLong-Short
47
10.63%
59.01MJan 2022FGLS.NEO vs RSEE
FDVV
Fidelity High Dividend ETFLarge Cap Blend Equities, Dividend
74
11.90%
9.74BSep 2016FGLS.NEO vs FDVV
ONEQ
Fidelity Nasdaq Composite Index ETFLarge Cap Growth Equities
45
8.30%
10.69BSep 2003FGLS.NEO vs ONEQ
FBND
Fidelity Total Bond ETFIntermediate Core-Plus Bond
36
-0.17%
26.62BOct 2014FGLS.NEO vs FBND
FETH
Fidelity Ethereum FundCryptocurrency
4
-37.35%
750.93MJul 2024FGLS.NEO vs FETH
PMM.TO
Purpose Multi-Strategy Market Neutral FundEquity Market Neutral, Multistrategy, Actively Managed
77
6.33%
11.00MOct 2014FGLS.NEO vs PMM.TO
QAI
NYLI Hedge Multi-Strategy Tracker ETFLong-Short
80
7.37%
1.02BMar 2009FGLS.NEO vs QAI
FUTY
Fidelity MSCI Utilities Index ETFUtilities Equities
34
9.25%
2.35BOct 2013FGLS.NEO vs FUTY
FBCG
Fidelity Blue Chip Growth ETFLarge Cap Growth Equities
38
7.88%
6.97BJun 2020FGLS.NEO vs FBCG
FLSP
Franklin Liberty Systematic Style Premia ETFLong-Short
85
3.79%
1.00BDec 2019FGLS.NEO vs FLSP
HTUS
Hull Tactical US ETFLong-Short
70
9.42%
137.43MJun 2015FGLS.NEO vs HTUS

Compare FGLS.NEO with Any Fund or Stock

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

 

Diversifiers

Pair FGLS.NEO with funds that move differently

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

Explore FGLS.NEO Diversifiers