FCCQ.TO vs. FMNA.NEO
FCCQ.TO (Fidelity Canadian High Quality ETF) and FMNA.NEO (Fidelity Market Neutral Alternative Fund ETF Series) are both exchange-traded funds - FCCQ.TO is a Canada Equities fund tracking the Fidelity Canada Canadian High Quality Index, while FMNA.NEO is a Equity Market Neutral fund actively managed by Fidelity. FCCQ.TO is passively managed, while FMNA.NEO is actively managed. Over the past year, FCCQ.TO returned 31.20% vs 3.73% for FMNA.NEO. At a 0.05 correlation, their price movements are largely independent. FCCQ.TO charges 0.35%/yr vs 1.50%/yr for FMNA.NEO.
Performance
FCCQ.TO vs. FMNA.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, FCCQ.TO achieves a 6.62% return, which is significantly higher than FMNA.NEO's 2.42% return.
FCCQ.TO
- 1D
- -0.77%
- 1M
- 1.71%
- YTD
- 6.62%
- 6M
- 7.88%
- 1Y
- 31.20%
- 3Y*
- 22.31%
- 5Y*
- 13.37%
- 10Y*
- —
FMNA.NEO
- 1D
- 0.00%
- 1M
- 0.09%
- YTD
- 2.42%
- 6M
- 3.94%
- 1Y
- 3.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCCQ.TO vs. FMNA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCCQ.TO Fidelity Canadian High Quality ETF | 6.62% | 31.01% | 20.89% |
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series | 2.42% | 0.59% | 2.50% |
Correlation
The correlation between FCCQ.TO and FMNA.NEO is 0.03, 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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024 | 0.05 |
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Return for Risk
FCCQ.TO vs. FMNA.NEO — Risk / Return Rank
FCCQ.TO
FMNA.NEO
FCCQ.TO vs. FMNA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian High Quality ETF (FCCQ.TO) and Fidelity Market Neutral Alternative Fund ETF Series (FMNA.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.
| FCCQ.TO | FMNA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.55 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 1.32 | +1.46 |
| Martin ratioReturn relative to average drawdown | 11.87 | 3.89 | +7.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCCQ.TO | FMNA.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 0.79 | +1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.40 | +0.40 |
Drawdowns
FCCQ.TO vs. FMNA.NEO - Drawdown Comparison
The maximum FCCQ.TO drawdown since its inception was -35.31%, which is greater than FMNA.NEO's maximum drawdown of -5.37%. Use the drawdown chart below to compare losses from any high point for FCCQ.TO and FMNA.NEO.
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Drawdown Indicators
| FCCQ.TO | FMNA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.31% | -5.37% | -29.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.29% | -2.85% | -8.44% |
Max Drawdown (3Y)Largest decline over 3 years | -13.41% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.97% | — | — |
Current DrawdownCurrent decline from peak | -2.68% | 0.00% | -2.68% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -1.47% | -2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 0.96% | +1.68% |
Volatility
FCCQ.TO vs. FMNA.NEO - Volatility Comparison
Fidelity Canadian High Quality ETF (FCCQ.TO) has a higher volatility of 4.12% compared to Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) at 0.40%. This indicates that FCCQ.TO's price experiences larger fluctuations and is considered to be riskier than FMNA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCCQ.TO | FMNA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 0.40% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 12.07% | 3.45% | +8.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.47% | 4.76% | +9.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.72% | 5.93% | +7.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 5.93% | +10.12% |
FCCQ.TO vs. FMNA.NEO - Expense Ratio Comparison
FCCQ.TO has a 0.35% expense ratio, which is lower than FMNA.NEO's 1.50% expense ratio.
Dividends
FCCQ.TO vs. FMNA.NEO - Dividend Comparison
FCCQ.TO's dividend yield for the trailing twelve months is around 1.47%, while FMNA.NEO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FCCQ.TO Fidelity Canadian High Quality ETF | 1.47% | 1.45% | 1.83% | 2.40% | 2.31% | 1.90% | 2.10% | 2.30% |
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCCQ.TO and FMNA.NEO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCCQ.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCCQ.TO is cheaper with a 0.35% expense ratio, compared with 1.50% for FMNA.NEO.
FCCQ.TO is categorized as Canada Equities, while FMNA.NEO is Equity Market Neutral. Their fees differ too: 0.35% for FCCQ.TO and 1.50% for FMNA.NEO.
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