FGLS.NEO vs. EVNT

Last updated Jul 3, 2026

FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and EVNT (AltShares Event-Driven ETF) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while EVNT is a Event Driven fund actively managed by AltShares. Both are actively managed. Over the past year, FGLS.NEO returned 3.00% vs 15.57% for EVNT. At a correlation of -0.12, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 1.30%/yr for EVNT.

Performance

FGLS.NEO vs. EVNT - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) and AltShares Event-Driven ETF (EVNT). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FGLS.NEO is traded in CAD, while EVNT is traded in USD. To make them comparable, the EVNT values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FGLS.NEO achieves a 0.47% return, which is significantly lower than EVNT's 9.57% return.

FGLS.NEO

• 1D: 5.54%
• 1M: 11.00%
• 6M: 0.47%
• YTD: 0.47%
• 1Y: 3.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVNT

• 1D: 0.09%
• 1M: 5.38%
• 6M: 9.57%
• YTD: 9.57%
• 1Y: 15.57%
• 3Y*: 13.01%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FGLS.NEO vs. EVNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF	0.47%	8.38%	-21.20%
EVNT AltShares Event-Driven ETF	9.57%	8.53%	15.34%

Correlation

The correlation between FGLS.NEO and EVNT is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	-0.12

Return for Risk

FGLS.NEO vs. EVNT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FGLS.NEO

FGLS.NEO Risk / Return Rank: 10
FGLS.NEO Sharpe Ratio Rank: 10
FGLS.NEO Sortino Ratio Rank: 10
FGLS.NEO Omega Ratio Rank: 10
FGLS.NEO Calmar Ratio Rank: 10
FGLS.NEO Martin Ratio Rank: 10

EVNT

EVNT Risk / Return Rank: 61
EVNT Sharpe Ratio Rank: 50
EVNT Sortino Ratio Rank: 53
EVNT Omega Ratio Rank: 60
EVNT Calmar Ratio Rank: 77
EVNT Martin Ratio Rank: 68

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FGLS.NEO vs. EVNT - 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 AltShares Event-Driven ETF (EVNT). 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	EVNT	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.74	-1.63
Sortino ratio: Return per unit of downside risk	0.36	2.61	-2.25
Omega ratio: Gain probability vs. loss probability	1.04	1.35	-0.31
Calmar ratio: Return relative to maximum drawdown	0.14	3.72	-3.57
Martin ratio: Return relative to average drawdown	0.30	9.89	-9.60

FGLS.NEO vs. EVNT - Sharpe Ratio Comparison

The current FGLS.NEO Sharpe Ratio is 0.12, which is lower than the EVNT Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of FGLS.NEO and EVNT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FGLS.NEO vs. EVNT - Drawdown Comparison

The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than EVNT's maximum drawdown of -13.03%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and EVNT.

Drawdown Indicators

	FGLS.NEO	EVNT	Difference
Max Drawdown Largest peak-to-trough decline	-25.89%	-13.03%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-21.12%	-4.21%	-16.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.78%	—
Current Drawdown Current decline from peak	-14.30%	-0.04%	-14.26%
Average Drawdown Average peak-to-trough decline	-14.47%	-2.73%	-11.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.07%	1.58%	+8.49%

Volatility

FGLS.NEO vs. EVNT - Volatility Comparison

Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 10.82% compared to AltShares Event-Driven ETF (EVNT) at 2.10%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than EVNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGLS.NEO	EVNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	2.10%	+8.72%
Volatility (6M) Calculated over the trailing 6-month period	19.47%	5.05%	+14.42%
Volatility (1Y) Calculated over the trailing 1-year period	26.20%	9.00%	+17.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.51%	10.98%	+12.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.51%	10.98%	+12.53%

FGLS.NEO vs. EVNT - Expense Ratio Comparison

FGLS.NEO has a 1.51% expense ratio, which is higher than EVNT's 1.30% expense ratio.

Dividends

FGLS.NEO vs. EVNT - Dividend Comparison

FGLS.NEO has not paid dividends to shareholders, while EVNT's dividend yield for the trailing twelve months is around 4.53%.

Position	TTM	2025	2024	2023	2022
EVNT AltShares Event-Driven ETF	4.53%	4.78%	0.66%	0.59%	2.61%
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGLS.NEO and EVNT in my portfolio?

FGLS.NEO and EVNT have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FGLS.NEO or EVNT?

On fees, EVNT is cheaper at 1.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FGLS.NEO or EVNT?

EVNT is cheaper with a 1.30% expense ratio, compared with 1.51% for FGLS.NEO.

What is the main difference between FGLS.NEO and EVNT?

FGLS.NEO is categorized as Long-Short, while EVNT is Event Driven. They also come from different issuers: Fidelity and AltShares. Their fees differ too: 1.51% for FGLS.NEO and 1.30% for EVNT.