FCLS.NEO vs. FBAL.NEO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and FBAL.NEO (Fidelity All-in-One Balanced ETF) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while FBAL.NEO is a Diversified Portfolio fund actively managed by Fidelity. Both are actively managed. Over the past year, FCLS.NEO returned 21.94% vs 18.01% for FBAL.NEO. A 0.52 correlation means they provide meaningful diversification when combined. FCLS.NEO charges 1.27%/yr vs 0.40%/yr for FBAL.NEO.
Performance
FCLS.NEO vs. FBAL.NEO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FCLS.NEO having a 7.98% return and FBAL.NEO slightly higher at 8.14%.
FCLS.NEO
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FBAL.NEO
- 1D
- 0.32%
- 1M
- 3.46%
- YTD
- 8.14%
- 6M
- 8.59%
- 1Y
- 18.01%
- 3Y*
- 16.42%
- 5Y*
- 10.26%
- 10Y*
- —
FCLS.NEO vs. FBAL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 7.98% | 18.33% | 17.30% |
FBAL.NEO Fidelity All-in-One Balanced ETF | 8.14% | 12.92% | 18.56% |
Correlation
The correlation between FCLS.NEO and FBAL.NEO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.52 |
The correlation between FCLS.NEO and FBAL.NEO shifts across timeframes, from 0.42 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FCLS.NEO vs. FBAL.NEO — Risk / Return Rank
FCLS.NEO
FBAL.NEO
FCLS.NEO vs. FBAL.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) and Fidelity All-in-One Balanced ETF (FBAL.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.
| FCLS.NEO | FBAL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.41 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 2.93 | -1.15 |
| Martin ratioReturn relative to average drawdown | 7.49 | 12.28 | -4.79 |
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Drawdowns
FCLS.NEO vs. FBAL.NEO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum FBAL.NEO drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and FBAL.NEO.
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Drawdown Indicators
| FCLS.NEO | FBAL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -16.23% | +1.84% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -6.17% | -6.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.23% | — |
Current DrawdownCurrent decline from peak | -1.46% | -0.06% | -1.40% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -3.24% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 1.47% | +1.47% |
Volatility
FCLS.NEO vs. FBAL.NEO - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.95% compared to Fidelity All-in-One Balanced ETF (FBAL.NEO) at 2.84%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than FBAL.NEO 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 | FBAL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 2.84% | +4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 6.72% | +7.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 8.19% | +7.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 8.57% | +5.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 8.53% | +5.51% |
FCLS.NEO vs. FBAL.NEO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is higher than FBAL.NEO's 0.40% expense ratio.
Dividends
FCLS.NEO vs. FBAL.NEO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, less than FBAL.NEO's 1.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FBAL.NEO Fidelity All-in-One Balanced ETF | 1.49% | 1.61% | 1.42% | 1.71% | 1.57% | 1.08% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCLS.NEO and FBAL.NEO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FBAL.NEO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBAL.NEO is cheaper with a 0.40% expense ratio, compared with 1.27% for FCLS.NEO.
FCLS.NEO is categorized as Long-Short, while FBAL.NEO is Diversified Portfolio. Their fees differ too: 1.27% for FCLS.NEO and 0.40% for FBAL.NEO.
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