FCLS.NEO vs. PFMN.TO
FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both Long-Short funds. Both are actively managed. Over the past year, FCLS.NEO returned 15.92% vs 4.87% for PFMN.TO. At a 0.16 correlation, their price movements are largely independent. FCLS.NEO charges 1.27%/yr vs 4.27%/yr for PFMN.TO.
Performance
FCLS.NEO vs. PFMN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FCLS.NEO achieves a 6.24% return, which is significantly higher than PFMN.TO's 2.36% return.
FCLS.NEO
- 1D
- -0.54%
- 1M
- -3.04%
- 6M
- 1.24%
- YTD
- 6.24%
- 1Y
- 15.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFMN.TO
- 1D
- -0.42%
- 1M
- -0.66%
- 6M
- 1.04%
- YTD
- 2.36%
- 1Y
- 4.87%
- 3Y*
- 7.59%
- 5Y*
- 6.55%
- 10Y*
- —
FCLS.NEO vs. PFMN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 6.24% | 18.33% | 17.30% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 2.36% | 4.83% | 12.50% |
Correlation
The correlation between FCLS.NEO and PFMN.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.16 |
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Return for Risk
FCLS.NEO vs. PFMN.TO — Risk / Return Rank
FCLS.NEO
PFMN.TO
FCLS.NEO vs. PFMN.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 PICTON Market Neutral Equity Alternative Fund (PFMN.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 | PFMN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.18 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.40 | -0.11 |
| Martin ratioReturn relative to average drawdown | 5.24 | 4.78 | +0.46 |
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Drawdowns
FCLS.NEO vs. PFMN.TO - Drawdown Comparison
The maximum FCLS.NEO drawdown since its inception was -14.39%, which is greater than PFMN.TO's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and PFMN.TO.
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Drawdown Indicators
| FCLS.NEO | PFMN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -13.04% | -1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -3.49% | -8.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.24% | — |
Current DrawdownCurrent decline from peak | -3.04% | -1.61% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -2.11% | -1.17% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 1.02% | +2.03% |
Volatility
FCLS.NEO vs. PFMN.TO - Volatility Comparison
Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 3.93% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.14%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than PFMN.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 | PFMN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 1.14% | +2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 13.88% | 3.72% | +10.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.82% | 4.75% | +11.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.02% | 7.72% | +6.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.02% | 9.71% | +4.31% |
FCLS.NEO vs. PFMN.TO - Expense Ratio Comparison
FCLS.NEO has a 1.27% expense ratio, which is lower than PFMN.TO's 4.27% expense ratio.
Dividends
FCLS.NEO vs. PFMN.TO - Dividend Comparison
FCLS.NEO's dividend yield for the trailing twelve months is around 0.62%, less than PFMN.TO's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.62% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 0.78% | 0.80% | 0.00% | 1.28% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
FCLS.NEO and PFMN.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCLS.NEO is cheaper at 1.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCLS.NEO is cheaper with a 1.27% expense ratio, compared with 4.27% for PFMN.TO.
They also come from different issuers: Fidelity and Picton Mahoney. Their fees differ too: 1.27% for FCLS.NEO and 4.27% for PFMN.TO.
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