FCLS.NEO vs. FCCM.NEO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and FCCM.NEO (Fidelity Canadian Momentum Index ETF) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while FCCM.NEO is a Momentum fund tracking the Fidelity Canada Canadian Momentum Index. FCLS.NEO is actively managed, while FCCM.NEO is passively managed. Over the past year, FCLS.NEO returned 21.94% vs 42.52% for FCCM.NEO. A 0.57 correlation means they provide meaningful diversification when combined. FCLS.NEO charges 1.27%/yr vs 0.38%/yr for FCCM.NEO.
Performance
FCLS.NEO vs. FCCM.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, FCLS.NEO achieves a 7.98% return, which is significantly lower than FCCM.NEO's 10.84% return.
FCLS.NEO
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCCM.NEO
- 1D
- -0.63%
- 1M
- 2.74%
- YTD
- 10.84%
- 6M
- 11.24%
- 1Y
- 42.52%
- 3Y*
- 29.24%
- 5Y*
- 18.74%
- 10Y*
- —
FCLS.NEO vs. FCCM.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 7.98% | 18.33% | 17.30% |
FCCM.NEO Fidelity Canadian Momentum Index ETF | 10.84% | 43.17% | 23.36% |
Correlation
The correlation between FCLS.NEO and FCCM.NEO is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.57 |
The correlation between FCLS.NEO and FCCM.NEO has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.
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Return for Risk
FCLS.NEO vs. FCCM.NEO — Risk / Return Rank
FCLS.NEO
FCCM.NEO
FCLS.NEO vs. FCCM.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 Canadian Momentum Index ETF (FCCM.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 | FCCM.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.48 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.46 | -1.68 |
| Martin ratioReturn relative to average drawdown | 7.49 | 14.66 | -7.17 |
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Drawdowns
FCLS.NEO vs. FCCM.NEO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum FCCM.NEO drawdown of -16.59%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and FCCM.NEO.
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Drawdown Indicators
| FCLS.NEO | FCCM.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -16.59% | +2.20% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -12.36% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.36% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.59% | — |
Current DrawdownCurrent decline from peak | -1.46% | -1.43% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -2.60% | +0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 2.91% | +0.03% |
Volatility
FCLS.NEO vs. FCCM.NEO - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.95% compared to Fidelity Canadian Momentum Index ETF (FCCM.NEO) at 6.46%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than FCCM.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 | FCCM.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 6.46% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 13.53% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 16.39% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 13.66% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 13.53% | +0.51% |
FCLS.NEO vs. FCCM.NEO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is higher than FCCM.NEO's 0.38% expense ratio.
Dividends
FCLS.NEO vs. FCCM.NEO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, less than FCCM.NEO's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FCCM.NEO Fidelity Canadian Momentum Index ETF | 0.82% | 0.91% | 0.91% | 1.32% | 1.79% | 1.49% | 0.78% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCLS.NEO and FCCM.NEO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCCM.NEO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCCM.NEO is cheaper with a 0.38% expense ratio, compared with 1.27% for FCLS.NEO.
FCLS.NEO is categorized as Long-Short, while FCCM.NEO is Momentum. Their fees differ too: 1.27% for FCLS.NEO and 0.38% for FCCM.NEO.
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