FCLS.NEO vs. FBTC.TO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and FBTC.TO (Fidelity Advantage Bitcoin ETF) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while FBTC.TO is a Cryptocurrency fund actively managed by Fidelity. Both are actively managed. Over the past year, FCLS.NEO returned 21.94% vs -37.71% for FBTC.TO. At a 0.19 correlation, their price movements are largely independent. FCLS.NEO charges 1.27%/yr vs 0.40%/yr for FBTC.TO.
Performance
FCLS.NEO vs. FBTC.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCLS.NEO achieves a 7.98% return, which is significantly higher than FBTC.TO's -26.14% return.
FCLS.NEO
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FBTC.TO
- 1D
- -1.88%
- 1M
- -15.78%
- YTD
- -26.14%
- 6M
- -23.99%
- 1Y
- -37.71%
- 3Y*
- 35.18%
- 5Y*
- —
- 10Y*
- —
FCLS.NEO vs. FBTC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 7.98% | 18.33% | 17.30% |
FBTC.TO Fidelity Advantage Bitcoin ETF | -26.14% | -10.85% | 133.54% |
Correlation
The correlation between FCLS.NEO and FBTC.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.19 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FCLS.NEO vs. FBTC.TO — Risk / Return Rank
FCLS.NEO
FBTC.TO
FCLS.NEO vs. FBTC.TO - 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 Advantage Bitcoin ETF (FBTC.TO). 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 | FBTC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +3.26 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.87 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | -0.72 | +2.50 |
| Martin ratioReturn relative to average drawdown | 7.49 | -1.22 | +8.71 |
Loading charts...
Drawdowns
FCLS.NEO vs. FBTC.TO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum FBTC.TO drawdown of -70.77%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and FBTC.TO.
Loading charts...
Drawdown Indicators
| FCLS.NEO | FBTC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -70.77% | +56.38% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -52.26% | +39.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.26% | — |
Current DrawdownCurrent decline from peak | -1.46% | -49.57% | +48.11% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -31.09% | +29.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 30.95% | -28.01% |
Volatility
FCLS.NEO vs. FBTC.TO - Volatility Comparison
The current volatility for Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) is 6.95%, while Fidelity Advantage Bitcoin ETF (FBTC.TO) has a volatility of 12.86%. This indicates that FCLS.NEO experiences smaller price fluctuations and is considered to be less risky than FBTC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FCLS.NEO | FBTC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 12.86% | -5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 33.55% | -19.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 43.26% | -27.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 52.32% | -38.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 52.32% | -38.28% |
FCLS.NEO vs. FBTC.TO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is higher than FBTC.TO's 0.40% expense ratio.
Dividends
FCLS.NEO vs. FBTC.TO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, while FBTC.TO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
FBTC.TO Fidelity Advantage Bitcoin ETF | 0.00% | 0.00% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% |
Frequently Asked Questions
FCLS.NEO and FBTC.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FBTC.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBTC.TO is cheaper with a 0.40% expense ratio, compared with 1.27% for FCLS.NEO.
FCLS.NEO is categorized as Long-Short, while FBTC.TO is Cryptocurrency. Their fees differ too: 1.27% for FCLS.NEO and 0.40% for FBTC.TO.
Find the right allocation for FCLS.NEO and FBTC.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer