FCLS.NEO vs. FEQT.NEO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and FEQT.NEO (Fidelity All-in-One Equity ETF Fund) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while FEQT.NEO is a Diversified Portfolio fund actively managed by Fidelity. Both are actively managed. Over the past year, FCLS.NEO returned 21.94% vs 27.57% for FEQT.NEO. A 0.52 correlation means they provide meaningful diversification when combined. FCLS.NEO charges 1.27%/yr vs 0.43%/yr for FEQT.NEO.
Performance
FCLS.NEO vs. FEQT.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 FEQT.NEO's 12.28% return.
FCLS.NEO
- 1D
- -1.46%
- 1M
- 4.64%
- YTD
- 7.98%
- 6M
- 9.15%
- 1Y
- 21.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FEQT.NEO
- 1D
- 0.37%
- 1M
- 4.69%
- YTD
- 12.28%
- 6M
- 13.02%
- 1Y
- 27.57%
- 3Y*
- 24.10%
- 5Y*
- —
- 10Y*
- —
FCLS.NEO vs. FEQT.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 7.98% | 18.33% | 17.30% |
FEQT.NEO Fidelity All-in-One Equity ETF Fund | 12.28% | 19.42% | 26.78% |
Correlation
The correlation between FCLS.NEO and FEQT.NEO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.52 |
The correlation between FCLS.NEO and FEQT.NEO has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.
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Return for Risk
FCLS.NEO vs. FEQT.NEO — Risk / Return Rank
FCLS.NEO
FEQT.NEO
FCLS.NEO vs. FEQT.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 All-in-One Equity ETF Fund (FEQT.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 | FEQT.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.45 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.33 | -1.55 |
| Martin ratioReturn relative to average drawdown | 7.49 | 14.11 | -6.62 |
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Drawdowns
FCLS.NEO vs. FEQT.NEO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum FEQT.NEO drawdown of -15.98%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and FEQT.NEO.
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Drawdown Indicators
| FCLS.NEO | FEQT.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -15.98% | +1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -8.31% | -4.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.24% | — |
Current DrawdownCurrent decline from peak | -1.46% | 0.00% | -1.46% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -2.87% | +0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 1.96% | +0.98% |
Volatility
FCLS.NEO vs. FEQT.NEO - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.95% compared to Fidelity All-in-One Equity ETF Fund (FEQT.NEO) at 5.65%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than FEQT.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 | FEQT.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 5.65% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 10.01% | +3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 11.98% | +3.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 12.62% | +1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 12.62% | +1.42% |
FCLS.NEO vs. FEQT.NEO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is higher than FEQT.NEO's 0.43% expense ratio.
Dividends
FCLS.NEO vs. FEQT.NEO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, less than FEQT.NEO's 0.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% | 0.00% |
FEQT.NEO Fidelity All-in-One Equity ETF Fund | 0.81% | 0.91% | 0.91% | 1.33% | 1.23% |
Frequently Asked Questions
FCLS.NEO and FEQT.NEO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FEQT.NEO is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FEQT.NEO is cheaper with a 0.43% expense ratio, compared with 1.27% for FCLS.NEO.
FCLS.NEO is categorized as Long-Short, while FEQT.NEO is Diversified Portfolio. Their fees differ too: 1.27% for FCLS.NEO and 0.43% for FEQT.NEO.
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