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

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.

Looking to diversify beyond FGLS.NEO? The ETFs below have the lowest correlation with FGLS.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 FGLS.NEO.

Best Diversifiers for FGLS.NEO

3 ETFs have low correlation with FGLS.NEO (below 0.3), 3 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PFLS.TO
PICTON Long Short Equity Alternative Fund-0.38——
75
Long-Short, Canada Equities, Global Equities, Actively ManagedFGLS.NEO vs PFLS.TO
ATSX.TO
Accelerate Canadian Long Short Equity Fund-0.04——
94
Long-Short, Canada Equities, Multi-factor, Actively ManagedFGLS.NEO vs ATSX.TO
PMM.TO
Purpose Multi-Strategy Market Neutral Fund-0.03——
77
Equity Market Neutral, Multistrategy, Actively ManagedFGLS.NEO vs PMM.TO

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Diversification Analysis

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