FCLS.NEO vs. CLSE
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and CLSE (Convergence Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past year, FCLS.NEO returned 21.94% vs 54.07% for CLSE. At a 0.23 correlation, their price movements are largely independent. FCLS.NEO charges 1.27%/yr vs 1.52%/yr for CLSE.
Performance
FCLS.NEO vs. CLSE - Performance Comparison
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Different Trading Currencies
FCLS.NEO is traded in CAD, while CLSE is traded in USD. To make them comparable, the CLSE values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FCLS.NEO achieves a 7.98% return, which is significantly lower than CLSE's 28.76% return.
FCLS.NEO
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLSE
- 1D
- 1.04%
- 1M
- 7.34%
- YTD
- 28.76%
- 6M
- 29.54%
- 1Y
- 54.07%
- 3Y*
- 34.51%
- 5Y*
- —
- 10Y*
- —
FCLS.NEO vs. CLSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 7.98% | 18.33% | 17.30% |
CLSE Convergence Long/Short Equity ETF | 28.76% | 14.95% | 37.74% |
Correlation
The correlation between FCLS.NEO and CLSE is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.23 |
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Return for Risk
FCLS.NEO vs. CLSE — Risk / Return Rank
FCLS.NEO
CLSE
FCLS.NEO vs. CLSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) and Convergence Long/Short Equity ETF (CLSE). 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.
| FCLS.NEO | CLSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.66 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 10.89 | -9.11 |
| Martin ratioReturn relative to average drawdown | 7.49 | 40.03 | -32.54 |
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Drawdowns
FCLS.NEO vs. CLSE - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum CLSE drawdown of -18.26%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and CLSE.
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Drawdown Indicators
| FCLS.NEO | CLSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -18.26% | +3.87% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -4.99% | -7.40% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.26% | — |
Current DrawdownCurrent decline from peak | -1.46% | 0.00% | -1.46% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -2.89% | +0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 1.36% | +1.58% |
Volatility
FCLS.NEO vs. CLSE - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.95% compared to Convergence Long/Short Equity ETF (CLSE) at 4.05%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than CLSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCLS.NEO | CLSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 4.05% | +2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 11.06% | +2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 14.03% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 15.35% | -1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 15.35% | -1.31% |
FCLS.NEO vs. CLSE - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is lower than CLSE's 1.52% expense ratio.
Dividends
FCLS.NEO vs. CLSE - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, less than CLSE's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CLSE Convergence Long/Short Equity ETF | 0.76% | 0.95% | 0.93% | 1.21% | 0.85% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCLS.NEO and CLSE have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCLS.NEO is cheaper at 1.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCLS.NEO is cheaper with a 1.27% expense ratio, compared with 1.52% for CLSE.
They also come from different issuers: Fidelity and Convergence Investment Partners. Their fees differ too: 1.27% for FCLS.NEO and 1.52% for CLSE.
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