FGLS.NEO vs. FBTC.TO
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and FBTC.TO (Fidelity Advantage Bitcoin ETF) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while FBTC.TO is a Cryptocurrency fund actively managed by Fidelity. Both are actively managed. Over the past year, FGLS.NEO returned 8.09% vs -44.43% for FBTC.TO. At a correlation of -0.41, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.40%/yr for FBTC.TO.
Performance
FGLS.NEO vs. FBTC.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FGLS.NEO achieves a 6.44% return, which is significantly higher than FBTC.TO's -24.80% 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%
FBTC.TO
- 1D
- -0.83%
- 1M
- 6.13%
- 6M
- -26.47%
- YTD
- -24.80%
- 1Y
- -44.43%
- 3Y*
- 32.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$1.63M | CA$2.29M | CA$2.66M | |
| CA$98.45K | CA$628.31K | CA$493.48K |
FGLS.NEO vs. FBTC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 6.44% | 8.38% | -21.20% |
FBTC.TO Fidelity Advantage Bitcoin ETF | -24.80% | -10.85% | 133.54% |
Correlation
The correlation between FGLS.NEO and FBTC.TO is -0.47, 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 | -0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.41 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FGLS.NEO vs. FBTC.TO — Risk / Return Rank
FGLS.NEO
FBTC.TO
FGLS.NEO vs. FBTC.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 Fidelity Advantage Bitcoin ETF (FBTC.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 | FBTC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.83 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.85 | +1.23 |
| Martin ratioReturn relative to average drawdown | 0.78 | -1.28 | +2.06 |
Loading charts...
Drawdowns
FGLS.NEO vs. FBTC.TO - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, smaller than the maximum FBTC.TO drawdown of -70.77%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and FBTC.TO.
Loading charts...
Drawdown Indicators
| FGLS.NEO | FBTC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -70.77% | +44.88% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -52.71% | +31.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.71% | — |
Current DrawdownCurrent decline from peak | -9.21% | -48.66% | +39.45% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -31.48% | +17.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 34.65% | -24.26% |
Volatility
FGLS.NEO vs. FBTC.TO - Volatility Comparison
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 12.93% compared to Fidelity Advantage Bitcoin ETF (FBTC.TO) at 8.97%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than FBTC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FGLS.NEO | FBTC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 8.97% | +3.96% |
Volatility (6M)Calculated over the trailing 6-month period | 22.31% | 33.33% | -11.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 43.69% | -15.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.35% | 51.98% | -27.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.35% | 51.98% | -27.63% |
FGLS.NEO vs. FBTC.TO - Expense Ratio Comparison
FGLS.NEO has a 1.51% expense ratio, which is higher than FBTC.TO's 0.40% expense ratio.
Dividends
FGLS.NEO vs. FBTC.TO - Dividend Comparison
Neither FGLS.NEO nor FBTC.TO has paid dividends to shareholders.
Frequently Asked Questions
FGLS.NEO and FBTC.TO 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, FBTC.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBTC.TO is cheaper with a 0.40% expense ratio, compared with 1.51% for FGLS.NEO.
FGLS.NEO is categorized as Long-Short, while FBTC.TO is Cryptocurrency. Their fees differ too: 1.51% for FGLS.NEO and 0.40% for FBTC.TO.
Find the right allocation for FGLS.NEO and FBTC.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer