CNAO.TO vs. FCLS.NEO
CNAO.TO (CI Alternative North American Opportunities Fund) and FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. Over the past year, CNAO.TO returned 12.19% vs 15.07% for FCLS.NEO. At a 0.10 correlation, their price movements are largely independent. CNAO.TO charges 1.21%/yr vs 1.27%/yr for FCLS.NEO.
Performance
CNAO.TO vs. FCLS.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, CNAO.TO achieves a 5.63% return, which is significantly lower than FCLS.NEO's 6.45% return.
CNAO.TO
- 1D
- -1.36%
- 1M
- 1.26%
- 6M
- 5.41%
- YTD
- 5.63%
- 1Y
- 12.19%
- 3Y*
- 17.49%
- 5Y*
- 11.88%
- 10Y*
- —
- ALL TIME*
- 11.92%
FCLS.NEO
- 1D
- 0.62%
- 1M
- 1.03%
- 6M
- 0.75%
- YTD
- 6.45%
- 1Y
- 15.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$0.00 | CA$0.00 | CA$4.36K | |
| CA$10.37K | CA$11.67K | CA$11.48K |
CNAO.TO vs. FCLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CNAO.TO CI Alternative North American Opportunities Fund | 5.63% | 7.57% | 27.83% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 6.45% | 18.33% | 17.30% |
Correlation
The correlation between CNAO.TO and FCLS.NEO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.10 |
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Return for Risk
CNAO.TO vs. FCLS.NEO — Risk / Return Rank
CNAO.TO
FCLS.NEO
CNAO.TO vs. FCLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Alternative North American Opportunities Fund (CNAO.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.
| CNAO.TO | FCLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.24 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.22 | -0.52 |
| Martin ratioReturn relative to average drawdown | 2.01 | 4.89 | -2.88 |
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Drawdowns
CNAO.TO vs. FCLS.NEO - Drawdown Comparison
The maximum CNAO.TO drawdown since its inception was -27.39%, 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 CNAO.TO and FCLS.NEO.
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Drawdown Indicators
| CNAO.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.39% | -14.39% | -13.00% |
Max Drawdown (1Y)Largest decline over 1 year | -19.73% | -12.39% | -7.34% |
Max Drawdown (3Y)Largest decline over 3 years | -22.55% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.39% | — | — |
Current DrawdownCurrent decline from peak | -4.45% | -2.85% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -2.12% | -4.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.89% | 3.09% | +3.80% |
Volatility
CNAO.TO vs. FCLS.NEO - Volatility Comparison
CI Alternative North American Opportunities Fund (CNAO.TO) has a higher volatility of 6.73% compared to Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) at 3.28%. This indicates that CNAO.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
| CNAO.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 3.28% | +3.45% |
Volatility (6M)Calculated over the trailing 6-month period | 17.03% | 13.86% | +3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 15.82% | +5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 13.96% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 13.96% | +4.76% |
CNAO.TO vs. FCLS.NEO - Expense Ratio Comparison
CNAO.TO has a 1.21% expense ratio, which is lower than FCLS.NEO's 1.27% expense ratio.
Dividends
CNAO.TO vs. FCLS.NEO - Dividend Comparison
CNAO.TO has not paid dividends to shareholders, while FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%.
| Position | TTM | 2025 |
|---|---|---|
CNAO.TO CI Alternative North American Opportunities Fund | 0.00% | 0.00% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% |
Frequently Asked Questions
CNAO.TO and FCLS.NEO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNAO.TO is cheaper at 1.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNAO.TO is cheaper with a 1.21% expense ratio, compared with 1.27% for FCLS.NEO.
They also come from different issuers: CI Global Asset Management and Fidelity. Their fees differ too: 1.21% for CNAO.TO and 1.27% for FCLS.NEO.
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