FCLS.NEO vs. FCIV.TO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and FCIV.TO (Fidelity International Value ETF) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while FCIV.TO is a Foreign Large Cap Equities fund tracking the Fidelity Canada International Value Index. FCLS.NEO is actively managed, while FCIV.TO is passively managed. Over the past year, FCLS.NEO returned 19.84% vs 33.03% for FCIV.TO. At a 0.35 correlation, their price movements are largely independent. FCLS.NEO charges 1.27%/yr vs 0.45%/yr for FCIV.TO.
Performance
FCLS.NEO vs. FCIV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FCLS.NEO achieves a 5.95% return, which is significantly lower than FCIV.TO's 15.13% return.
FCLS.NEO
- 1D
- 0.55%
- 1M
- -0.61%
- YTD
- 5.95%
- 6M
- 5.34%
- 1Y
- 19.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCIV.TO
- 1D
- 0.26%
- 1M
- 2.18%
- YTD
- 15.13%
- 6M
- 10.91%
- 1Y
- 33.03%
- 3Y*
- 22.91%
- 5Y*
- 15.57%
- 10Y*
- —
FCLS.NEO vs. FCIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 5.95% | 18.33% | 17.30% |
FCIV.TO Fidelity International Value ETF | 15.13% | 33.60% | 6.50% |
Correlation
The correlation between FCLS.NEO and FCIV.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.35 |
The correlation between FCLS.NEO and FCIV.TO shifts across timeframes, from 0.20 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FCLS.NEO vs. FCIV.TO — Risk / Return Rank
FCLS.NEO
FCIV.TO
FCLS.NEO vs. FCIV.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 International Value ETF (FCIV.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 | FCIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.41 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 3.86 | -2.25 |
| Martin ratioReturn relative to average drawdown | 6.71 | 14.50 | -7.79 |
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Drawdowns
FCLS.NEO vs. FCIV.TO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum FCIV.TO drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and FCIV.TO.
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Drawdown Indicators
| FCLS.NEO | FCIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -24.27% | +9.88% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -8.59% | -3.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.27% | — |
Current DrawdownCurrent decline from peak | -3.31% | -0.39% | -2.92% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -4.06% | +1.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 2.28% | +0.68% |
Volatility
FCLS.NEO vs. FCIV.TO - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.76% compared to Fidelity International Value ETF (FCIV.TO) at 3.40%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than FCIV.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 | FCIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.76% | 3.40% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 13.89% | 12.09% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.66% | 14.65% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 15.21% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 15.51% | -1.47% |
FCLS.NEO vs. FCIV.TO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is higher than FCIV.TO's 0.45% expense ratio.
Dividends
FCLS.NEO vs. FCIV.TO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.62%, less than FCIV.TO's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FCIV.TO Fidelity International Value ETF | 1.81% | 2.09% | 2.80% | 3.64% | 3.45% | 2.97% | 0.90% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.62% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCLS.NEO and FCIV.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCIV.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCIV.TO is cheaper with a 0.45% expense ratio, compared with 1.27% for FCLS.NEO.
FCLS.NEO is categorized as Long-Short, while FCIV.TO is Foreign Large Cap Equities. Their fees differ too: 1.27% for FCLS.NEO and 0.45% for FCIV.TO.
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