FGLS.NEO vs. CMAG.TO
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and CMAG.TO (CI Munro Alternative Global Growth Fund) are both Long-Short funds. Both are actively managed. Over the past year, FGLS.NEO returned 12.65% vs 14.75% for CMAG.TO. At a correlation of -0.46, they often move in opposite directions.
Performance
FGLS.NEO vs. CMAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FGLS.NEO achieves a 8.43% return, which is significantly lower than CMAG.TO's 9.64% return.
FGLS.NEO
- 1D
- 5.59%
- 1M
- 15.32%
- 6M
- 9.72%
- YTD
- 8.43%
- 1Y
- 12.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMAG.TO
- 1D
- -1.87%
- 1M
- -4.89%
- 6M
- 6.29%
- YTD
- 9.64%
- 1Y
- 14.75%
- 3Y*
- 21.60%
- 5Y*
- 10.71%
- 10Y*
- —
FGLS.NEO vs. CMAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 8.43% | 8.38% | -21.20% |
CMAG.TO CI Munro Alternative Global Growth Fund | 9.64% | 13.08% | 30.06% |
Correlation
The correlation between FGLS.NEO and CMAG.TO is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.46 |
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Return for Risk
FGLS.NEO vs. CMAG.TO — Risk / Return Rank
FGLS.NEO
CMAG.TO
FGLS.NEO vs. CMAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) and CI Munro Alternative Global Growth Fund (CMAG.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.
| FGLS.NEO | CMAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.14 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 1.28 | -0.68 |
| Martin ratioReturn relative to average drawdown | 1.23 | 3.42 | -2.19 |
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Drawdowns
FGLS.NEO vs. CMAG.TO - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than CMAG.TO's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and CMAG.TO.
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Drawdown Indicators
| FGLS.NEO | CMAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -23.94% | -1.95% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -11.54% | -9.58% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.94% | — |
Current DrawdownCurrent decline from peak | -7.51% | -8.37% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -14.44% | -8.10% | -6.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.29% | 4.32% | +5.97% |
Volatility
FGLS.NEO vs. CMAG.TO - Volatility Comparison
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 11.09% compared to CI Munro Alternative Global Growth Fund (CMAG.TO) at 9.09%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than CMAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGLS.NEO | CMAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.09% | 9.09% | +2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 21.09% | 18.51% | +2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.47% | 21.22% | +6.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.00% | 17.32% | +6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.00% | 17.26% | +6.74% |
Dividends
FGLS.NEO vs. CMAG.TO - Dividend Comparison
Neither FGLS.NEO nor CMAG.TO has paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CMAG.TO CI Munro Alternative Global Growth Fund | 0.00% | 0.21% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.00% | 0.00% |
Frequently Asked Questions
FGLS.NEO and CMAG.TO have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Fidelity and CI.
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