CMAG.TO vs. FCLS.NEO
CMAG.TO (CI Munro Alternative Global Growth Fund) and FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. Over the past year, CMAG.TO returned 25.76% vs 17.64% for FCLS.NEO. At a 0.30 correlation, their price movements are largely independent.
Performance
CMAG.TO vs. FCLS.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, CMAG.TO achieves a 19.65% return, which is significantly higher than FCLS.NEO's 5.95% return.
CMAG.TO
- 1D
- 1.88%
- 1M
- 4.29%
- YTD
- 19.65%
- 6M
- 18.78%
- 1Y
- 25.76%
- 3Y*
- 26.00%
- 5Y*
- 13.00%
- 10Y*
- —
FCLS.NEO
- 1D
- 0.00%
- 1M
- -1.55%
- YTD
- 5.95%
- 6M
- 5.95%
- 1Y
- 17.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMAG.TO vs. FCLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 19.65% | 13.08% | 30.06% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 5.95% | 18.33% | 17.30% |
Correlation
The correlation between CMAG.TO and FCLS.NEO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.30 |
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Return for Risk
CMAG.TO vs. FCLS.NEO — Risk / Return Rank
CMAG.TO
FCLS.NEO
CMAG.TO vs. FCLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Munro Alternative Global Growth Fund (CMAG.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.
| CMAG.TO | FCLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.61 | +0.63 |
| Martin ratioReturn relative to average drawdown | 6.23 | 6.68 | -0.45 |
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Drawdowns
CMAG.TO vs. FCLS.NEO - Drawdown Comparison
The maximum CMAG.TO drawdown since its inception was -23.94%, which is greater than FCLS.NEO's maximum drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for CMAG.TO and FCLS.NEO.
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Drawdown Indicators
| CMAG.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -14.39% | -9.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -12.39% | +0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -18.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.94% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.31% | +3.31% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -2.10% | -6.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 2.98% | +1.16% |
Volatility
CMAG.TO vs. FCLS.NEO - Volatility Comparison
CI Munro Alternative Global Growth Fund (CMAG.TO) has a higher volatility of 9.23% compared to Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) at 6.50%. This indicates that CMAG.TO's price experiences larger fluctuations and is considered to be riskier 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
| CMAG.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.23% | 6.50% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 17.19% | 13.87% | +3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.04% | 15.69% | +4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 14.01% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.07% | 14.01% | +3.06% |
Dividends
CMAG.TO vs. FCLS.NEO - Dividend Comparison
CMAG.TO has not paid dividends to shareholders, while FCLS.NEO's dividend yield for the trailing twelve months is around 0.62%.
| Position | TTM | 2025 |
|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.62% | 0.65% |
Frequently Asked Questions
CMAG.TO and FCLS.NEO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: CI and Fidelity.
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