CMAG.TO vs. FGLS.NEO
CMAG.TO (CI Munro Alternative Global Growth Fund) and FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. Over the past year, CMAG.TO returned 14.75% vs 12.65% for FGLS.NEO. At a correlation of -0.46, they often move in opposite directions.
Performance
CMAG.TO vs. FGLS.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, CMAG.TO achieves a 9.64% return, which is significantly higher than FGLS.NEO's 8.43% return.
CMAG.TO
- 1D
- -1.87%
- 1M
- -4.89%
- 6M
- 6.29%
- YTD
- 9.64%
- 1Y
- 14.75%
- 3Y*
- 21.60%
- 5Y*
- 10.71%
- 10Y*
- —
FGLS.NEO
- 1D
- 5.59%
- 1M
- 15.32%
- 6M
- 9.72%
- YTD
- 8.43%
- 1Y
- 12.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMAG.TO vs. FGLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 9.64% | 13.08% | 30.06% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 8.43% | 8.38% | -21.20% |
Correlation
The correlation between CMAG.TO and FGLS.NEO is -0.48, 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 (1Y) Calculated over the trailing 1-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.46 |
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Return for Risk
CMAG.TO vs. FGLS.NEO — Risk / Return Rank
CMAG.TO
FGLS.NEO
CMAG.TO vs. FGLS.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 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.
| CMAG.TO | FGLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.10 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 0.60 | +0.68 |
| Martin ratioReturn relative to average drawdown | 3.42 | 1.23 | +2.19 |
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Drawdowns
CMAG.TO vs. FGLS.NEO - Drawdown Comparison
The maximum CMAG.TO drawdown since its inception was -23.94%, smaller than the maximum FGLS.NEO drawdown of -25.89%. Use the drawdown chart below to compare losses from any high point for CMAG.TO and FGLS.NEO.
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Drawdown Indicators
| CMAG.TO | FGLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -25.89% | +1.95% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -21.12% | +9.58% |
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 | -8.37% | -7.51% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -14.44% | +6.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 10.29% | -5.97% |
Volatility
CMAG.TO vs. FGLS.NEO - Volatility Comparison
The current volatility for CI Munro Alternative Global Growth Fund (CMAG.TO) is 9.09%, while Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a volatility of 11.09%. This indicates that CMAG.TO experiences smaller price fluctuations and is considered to be less risky than FGLS.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 | FGLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 11.09% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 18.51% | 21.09% | -2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.22% | 27.47% | -6.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.32% | 24.00% | -6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 24.00% | -6.74% |
Dividends
CMAG.TO vs. FGLS.NEO - Dividend Comparison
Neither CMAG.TO nor FGLS.NEO has paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.00% | 0.00% |
Frequently Asked Questions
CMAG.TO and FGLS.NEO have a correlation of -0.48, 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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