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Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) Sharpe Ratio: 0.12

ETF · Currency in CAD · Last updated Jul 3, 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.

FGLS.NEO's Sharpe Ratio of 0.12 indicates that for each unit of volatility, it generates 0.12 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jul 3, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets. For how to read this number and when it can mislead, see Sharpe Ratio Explained.

FGLS.NEO Sharpe Ratio Rank

FGLS.NEO Sharpe Ratio Rank: 10.410
Concerning

FGLS.NEO ranks above 10.4% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating weak returns relative to total risk taken. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Weak risk-adjusted returns relative to category peers
  • Evaluate whether this holding aligns with your risk-return objectives
  • Consider reducing exposure or re-evaluating position size
  • Review higher-ranked alternatives in the same category

FGLS.NEO Sharpe Ratio Market Positioning

The chart shows FGLS.NEO's Sharpe Ratio relative to all ETFs on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 0.81 or lower
  • Yellow zone (middle 50%): 0.81 to 1.97
  • Green zone (top 25%): 1.97 or higher
  • Top 1%: 6.61+
  • Median: 1.44 — half of all investments score higher

How it compares to other similar ETFs

The table compares Fidelity Global Value Long/Short Alternative ETF's Sharpe Ratio with other ETFs in the Long-Short category across multiple time periods, showing how FGLS.NEO's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jul 3, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
CLSEConvergence Long/Short Equity ETF3.21
QAIIQ Hedge Multi-Strategy Tracker ETF2.09
HDGProShares Hedge Replication1.97
HTUSHull Tactical US ETF1.90
FLSPFranklin Liberty Systematic Style Premia ETF1.87
ORRMilitia Long/Short Equity ETF1.81
CSMProshares Large Cap Core Plus1.79
IDUBAptus International Enhanced Yield ETF1.76
PMM.TOPurpose Multi-Strategy Market Neutral Fund1.72
LSEQHarbor Long-Short Equity ETF1.67
FGLS.NEOFidelity Global Value Long/Short Alternative ETF0.12

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows FGLS.NEO's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when FGLS.NEO consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Sharpe Ratio Calculator

How does FGLS.NEO fit in your portfolio?

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