BFLX vs. FGLS.NEO
BFLX (iShares Flexible Equity Active ETF) and FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.62, they often move in opposite directions. BFLX charges 0.40%/yr vs 1.51%/yr for FGLS.NEO.
Performance
BFLX vs. FGLS.NEO - Performance Comparison
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Different Trading Currencies
BFLX is traded in USD, while FGLS.NEO is traded in CAD. To make them comparable, the FGLS.NEO values have been converted to USD using the latest available exchange rates.
Returns By Period
BFLX
- 1D
- -0.43%
- 1M
- -1.16%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FGLS.NEO
- 1D
- 5.70%
- 1M
- 14.93%
- 6M
- 8.52%
- YTD
- 5.79%
- 1Y
- 10.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BFLX vs. FGLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BFLX iShares Flexible Equity Active ETF | 0.50% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 7.38% |
Correlation
The correlation between BFLX and FGLS.NEO is -0.62, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 20, 2026 | -0.62 |
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Return for Risk
BFLX vs. FGLS.NEO — Risk / Return Rank
BFLX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FGLS.NEO
BFLX vs. FGLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Flexible Equity Active ETF (BFLX) and Fidelity Global Value Long/Short Alternative ETF (FGLS.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.
| BFLX | FGLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.09 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.47 | — |
| Martin ratioReturn relative to average drawdown | — | 0.97 | — |
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Drawdowns
BFLX vs. FGLS.NEO - Drawdown Comparison
The maximum BFLX drawdown since its inception was -3.85%, smaller than the maximum FGLS.NEO drawdown of -30.44%. Use the drawdown chart below to compare losses from any high point for BFLX and FGLS.NEO.
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Drawdown Indicators
| BFLX | FGLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.85% | -30.44% | +26.59% |
Max Drawdown (1Y)Largest decline over 1 year | — | -21.45% | — |
Current DrawdownCurrent decline from peak | -2.25% | -11.37% | +9.12% |
Average DrawdownAverage peak-to-trough decline | -1.37% | -16.80% | +15.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 10.39% | — |
Volatility
BFLX vs. FGLS.NEO - Volatility Comparison
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Volatility by Period
| BFLX | FGLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 11.30% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 21.12% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.09% | 27.54% | -13.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.09% | 24.27% | -10.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.09% | 24.27% | -10.18% |
BFLX vs. FGLS.NEO - Expense Ratio Comparison
BFLX has a 0.40% expense ratio, which is lower than FGLS.NEO's 1.51% expense ratio.
Dividends
BFLX vs. FGLS.NEO - Dividend Comparison
Neither BFLX nor FGLS.NEO has paid dividends to shareholders.
Frequently Asked Questions
BFLX and FGLS.NEO have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BFLX is cheaper with a 0.40% expense ratio, compared with 1.51% for FGLS.NEO.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.40% for BFLX and 1.51% for FGLS.NEO.
Find the right allocation for BFLX and FGLS.NEO
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