FCLS.NEO vs. FCUV.TO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and FCUV.TO (Fidelity U.S. Value ETF) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while FCUV.TO is a Large Cap Value Equities fund tracking the Fidelity Canada U.S. Value Index. FCLS.NEO is actively managed, while FCUV.TO is passively managed. Over the past year, FCLS.NEO returned 21.94% vs 38.82% for FCUV.TO. At a 0.40 correlation, their price movements are largely independent. FCLS.NEO charges 1.27%/yr vs 0.38%/yr for FCUV.TO.
Performance
FCLS.NEO vs. FCUV.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCLS.NEO achieves a 7.98% return, which is significantly lower than FCUV.TO's 17.63% return.
FCLS.NEO
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCUV.TO
- 1D
- 2.56%
- 1M
- 8.64%
- YTD
- 17.63%
- 6M
- 14.20%
- 1Y
- 38.82%
- 3Y*
- 26.77%
- 5Y*
- 21.93%
- 10Y*
- —
FCLS.NEO vs. FCUV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 7.98% | 18.33% | 17.30% |
FCUV.TO Fidelity U.S. Value ETF | 17.63% | 14.83% | 32.00% |
Correlation
The correlation between FCLS.NEO and FCUV.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.40 |
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. FCUV.TO — Risk / Return Rank
FCLS.NEO
FCUV.TO
FCLS.NEO vs. FCUV.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 U.S. Value ETF (FCUV.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 | FCUV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.48 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 5.82 | -4.04 |
| Martin ratioReturn relative to average drawdown | 7.49 | 19.84 | -12.35 |
Loading charts...
Drawdowns
FCLS.NEO vs. FCUV.TO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum FCUV.TO drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and FCUV.TO.
Loading charts...
Drawdown Indicators
| FCLS.NEO | FCUV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -16.47% | +2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -6.70% | -5.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.47% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.47% | — |
Current DrawdownCurrent decline from peak | -1.46% | 0.00% | -1.46% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -2.51% | +0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 1.96% | +0.98% |
Volatility
FCLS.NEO vs. FCUV.TO - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.95% compared to Fidelity U.S. Value ETF (FCUV.TO) at 6.44%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than FCUV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FCLS.NEO | FCUV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 6.44% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 11.79% | +2.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 14.65% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 15.30% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 14.86% | -0.82% |
FCLS.NEO vs. FCUV.TO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is higher than FCUV.TO's 0.38% expense ratio.
Dividends
FCLS.NEO vs. FCUV.TO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, less than FCUV.TO's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FCUV.TO Fidelity U.S. Value ETF | 0.90% | 1.14% | 1.03% | 1.43% | 2.71% | 1.10% | 3.42% |
Frequently Asked Questions
FCLS.NEO and FCUV.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCUV.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCUV.TO is cheaper with a 0.38% expense ratio, compared with 1.27% for FCLS.NEO.
FCLS.NEO is categorized as Long-Short, while FCUV.TO is Large Cap Value Equities. Their fees differ too: 1.27% for FCLS.NEO and 0.38% for FCUV.TO.
Find the right allocation for FCLS.NEO and FCUV.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