FCLS.NEO vs. FCCQ.TO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and FCCQ.TO (Fidelity Canadian High Quality ETF) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while FCCQ.TO is a Canada Equities fund tracking the Fidelity Canada Canadian High Quality Index. FCLS.NEO is actively managed, while FCCQ.TO is passively managed. Over the past year, FCLS.NEO returned 21.94% vs 31.60% for FCCQ.TO. A 0.56 correlation means they provide meaningful diversification when combined. FCLS.NEO charges 1.27%/yr vs 0.35%/yr for FCCQ.TO.
Performance
FCLS.NEO vs. FCCQ.TO - 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 higher than FCCQ.TO's 6.46% return.
FCLS.NEO
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCCQ.TO
- 1D
- -1.54%
- 1M
- 2.60%
- YTD
- 6.46%
- 6M
- 7.39%
- 1Y
- 31.60%
- 3Y*
- 22.59%
- 5Y*
- 13.77%
- 10Y*
- —
FCLS.NEO vs. FCCQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 7.98% | 18.33% | 17.30% |
FCCQ.TO Fidelity Canadian High Quality ETF | 6.46% | 32.22% | 21.25% |
Correlation
The correlation between FCLS.NEO and FCCQ.TO is 0.53, 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 | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.56 |
The correlation between FCLS.NEO and FCCQ.TO has been stable across timeframes, ranging from 0.53 to 0.56 - a consistent structural relationship.
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Return for Risk
FCLS.NEO vs. FCCQ.TO — Risk / Return Rank
FCLS.NEO
FCCQ.TO
FCLS.NEO vs. FCCQ.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 Canadian High Quality ETF (FCCQ.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 | FCCQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 2.81 | -1.03 |
| Martin ratioReturn relative to average drawdown | 7.49 | 11.65 | -4.17 |
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Drawdowns
FCLS.NEO vs. FCCQ.TO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum FCCQ.TO drawdown of -35.56%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and FCCQ.TO.
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Drawdown Indicators
| FCLS.NEO | FCCQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -35.56% | +21.17% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -11.29% | -1.10% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.41% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.96% | — |
Current DrawdownCurrent decline from peak | -1.46% | -2.83% | +1.37% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -4.00% | +1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 2.72% | +0.22% |
Volatility
FCLS.NEO vs. FCCQ.TO - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.95% compared to Fidelity Canadian High Quality ETF (FCCQ.TO) at 4.15%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than FCCQ.TO 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 | FCCQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 4.15% | +2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 12.14% | +1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 14.73% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 13.73% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 16.10% | -2.06% |
FCLS.NEO vs. FCCQ.TO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is higher than FCCQ.TO's 0.35% expense ratio.
Dividends
FCLS.NEO vs. FCCQ.TO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, less than FCCQ.TO's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FCCQ.TO Fidelity Canadian High Quality ETF | 1.47% | 1.44% | 1.85% | 2.41% | 2.33% | 1.92% | 2.14% | 2.33% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCLS.NEO and FCCQ.TO have a correlation of 0.53, 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 1.27% for FCLS.NEO.
FCLS.NEO is categorized as Long-Short, while FCCQ.TO is Canada Equities. Their fees differ too: 1.27% for FCLS.NEO and 0.35% for FCCQ.TO.
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