FGLS.NEO vs. FBAL.NEO
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and FBAL.NEO (Fidelity All-in-One Balanced ETF) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while FBAL.NEO is a Diversified Portfolio fund actively managed by Fidelity. Both are actively managed. Over the past year, FGLS.NEO returned 8.09% vs 15.28% for FBAL.NEO. At a correlation of -0.30, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.40%/yr for FBAL.NEO.
Performance
FGLS.NEO vs. FBAL.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, FGLS.NEO achieves a 6.44% return, which is significantly lower than FBAL.NEO's 7.93% return.
FGLS.NEO
- 1D
- 5.45%
- 1M
- 9.25%
- 6M
- 6.94%
- YTD
- 6.44%
- 1Y
- 8.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.78%
FBAL.NEO
- 1D
- 0.39%
- 1M
- 0.19%
- 6M
- 5.44%
- YTD
- 7.93%
- 1Y
- 15.28%
- 3Y*
- 15.53%
- 5Y*
- 9.35%
- 10Y*
- —
- ALL TIME*
- 9.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
FBAL.NEO Fidelity All-in-One Balanced ETF | CA$12.18M | CA$11.64M | CA$16.06M |
| CA$98.45K | CA$628.31K | CA$493.48K |
FGLS.NEO vs. FBAL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 6.44% | 8.38% | -21.20% |
FBAL.NEO Fidelity All-in-One Balanced ETF | 7.93% | 12.92% | 18.56% |
Correlation
The correlation between FGLS.NEO and FBAL.NEO is -0.28, 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 | -0.28 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.30 |
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Return for Risk
FGLS.NEO vs. FBAL.NEO — Risk / Return Rank
FGLS.NEO
FBAL.NEO
FGLS.NEO vs. FBAL.NEO - 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 Fidelity All-in-One Balanced ETF (FBAL.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.
| FGLS.NEO | FBAL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.34 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 2.49 | -2.10 |
| Martin ratioReturn relative to average drawdown | 0.78 | 10.13 | -9.35 |
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Drawdowns
FGLS.NEO vs. FBAL.NEO - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than FBAL.NEO's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and FBAL.NEO.
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Drawdown Indicators
| FGLS.NEO | FBAL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -16.23% | -9.66% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -6.17% | -14.95% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.23% | — |
Current DrawdownCurrent decline from peak | -9.21% | -1.52% | -7.69% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -3.20% | -11.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 1.51% | +8.88% |
Volatility
FGLS.NEO vs. FBAL.NEO - Volatility Comparison
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 12.93% compared to Fidelity All-in-One Balanced ETF (FBAL.NEO) at 2.53%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than FBAL.NEO 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 | FBAL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 2.53% | +10.40% |
Volatility (6M)Calculated over the trailing 6-month period | 22.31% | 6.90% | +15.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 8.40% | +19.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.35% | 8.58% | +15.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.35% | 8.52% | +15.83% |
FGLS.NEO vs. FBAL.NEO - Expense Ratio Comparison
FGLS.NEO has a 1.51% expense ratio, which is higher than FBAL.NEO's 0.40% expense ratio.
Dividends
FGLS.NEO vs. FBAL.NEO - Dividend Comparison
FGLS.NEO has not paid dividends to shareholders, while FBAL.NEO's dividend yield for the trailing twelve months is around 1.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FBAL.NEO Fidelity All-in-One Balanced ETF | 1.49% | 1.61% | 1.42% | 1.71% | 1.57% | 1.08% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FGLS.NEO and FBAL.NEO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FBAL.NEO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBAL.NEO is cheaper with a 0.40% expense ratio, compared with 1.51% for FGLS.NEO.
FGLS.NEO is categorized as Long-Short, while FBAL.NEO is Diversified Portfolio. Their fees differ too: 1.51% for FGLS.NEO and 0.40% for FBAL.NEO.
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