ARB.TO vs. FCLS.NEO
ARB.TO (Accelerate Arbitrage Fund) and FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) are both Long-Short funds. ARB.TO is passively managed, while FCLS.NEO is actively managed. Over the past year, ARB.TO returned 3.74% vs 17.92% for FCLS.NEO. At a 0.07 correlation, their price movements are largely independent. ARB.TO charges 1.38%/yr vs 1.27%/yr for FCLS.NEO.
Performance
ARB.TO vs. FCLS.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ARB.TO achieves a 1.82% return, which is significantly lower than FCLS.NEO's 5.95% return.
ARB.TO
- 1D
- 0.47%
- 1M
- 0.91%
- 6M
- 1.82%
- YTD
- 1.82%
- 1Y
- 3.74%
- 3Y*
- 6.57%
- 5Y*
- 3.84%
- 10Y*
- —
FCLS.NEO
- 1D
- 0.00%
- 1M
- -2.14%
- 6M
- 5.95%
- YTD
- 5.95%
- 1Y
- 17.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ARB.TO vs. FCLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ARB.TO Accelerate Arbitrage Fund | 1.82% | 10.14% | 5.17% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 5.95% | 18.33% | 17.30% |
Correlation
The correlation between ARB.TO and FCLS.NEO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.07 |
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Return for Risk
ARB.TO vs. FCLS.NEO — Risk / Return Rank
ARB.TO
FCLS.NEO
ARB.TO vs. FCLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Accelerate Arbitrage Fund (ARB.TO) and Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| ARB.TO | FCLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.29 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 1.43 | +0.07 |
| Martin ratioReturn relative to average drawdown | 3.14 | 5.92 | -2.79 |
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Drawdowns
ARB.TO vs. FCLS.NEO - Drawdown Comparison
The maximum ARB.TO drawdown since its inception was -13.46%, smaller than the maximum FCLS.NEO drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for ARB.TO and FCLS.NEO.
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Drawdown Indicators
| ARB.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.46% | -14.39% | +0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -12.39% | +9.89% |
Max Drawdown (3Y)Largest decline over 3 years | -2.50% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.18% | — | — |
Current DrawdownCurrent decline from peak | -0.36% | -3.31% | +2.95% |
Average DrawdownAverage peak-to-trough decline | -5.71% | -2.10% | -3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 2.99% | -1.80% |
Volatility
ARB.TO vs. FCLS.NEO - Volatility Comparison
The current volatility for Accelerate Arbitrage Fund (ARB.TO) is 2.05%, while Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a volatility of 6.50%. This indicates that ARB.TO experiences smaller price fluctuations and is considered to be less risky than FCLS.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 6.50% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 5.25% | 13.87% | -8.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.43% | 15.66% | -7.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 14.00% | -6.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.35% | 14.00% | -5.65% |
ARB.TO vs. FCLS.NEO - Expense Ratio Comparison
ARB.TO has a 1.38% expense ratio, which is higher than FCLS.NEO's 1.27% expense ratio.
Dividends
ARB.TO vs. FCLS.NEO - Dividend Comparison
ARB.TO's dividend yield for the trailing twelve months is around 3.76%, more than FCLS.NEO's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ARB.TO Accelerate Arbitrage Fund | 3.76% | 3.75% | 3.98% | 3.56% | 3.09% | 2.63% | 1.24% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.62% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ARB.TO and FCLS.NEO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCLS.NEO is cheaper at 1.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCLS.NEO is cheaper with a 1.27% expense ratio, compared with 1.38% for ARB.TO.
Their fees differ too: 1.38% for ARB.TO and 1.27% for FCLS.NEO.
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