FGLS.NEO vs. FCIV.TO
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and FCIV.TO (Fidelity International Value ETF) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while FCIV.TO is a Foreign Large Cap Equities fund tracking the Fidelity Canada International Value Index. FGLS.NEO is actively managed, while FCIV.TO is passively managed. Over the past year, FGLS.NEO returned 8.09% vs 30.55% for FCIV.TO. At a correlation of -0.05, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.45%/yr for FCIV.TO.
Performance
FGLS.NEO vs. FCIV.TO - 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 FCIV.TO's 18.56% 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%
FCIV.TO
- 1D
- 0.75%
- 1M
- 3.25%
- 6M
- 11.79%
- YTD
- 18.56%
- 1Y
- 30.55%
- 3Y*
- 21.67%
- 5Y*
- 16.25%
- 10Y*
- —
- ALL TIME*
- 15.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$1.29M | CA$1.38M | CA$2.09M | |
| CA$98.45K | CA$628.31K | CA$493.48K |
FGLS.NEO vs. FCIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 6.44% | 8.38% | -21.20% |
FCIV.TO Fidelity International Value ETF | 18.56% | 33.60% | 6.50% |
Correlation
The correlation between FGLS.NEO and FCIV.TO is -0.07, 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.05 |
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Return for Risk
FGLS.NEO vs. FCIV.TO — Risk / Return Rank
FGLS.NEO
FCIV.TO
FGLS.NEO vs. FCIV.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 International Value ETF (FCIV.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 | FCIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.38 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 3.57 | -3.19 |
| Martin ratioReturn relative to average drawdown | 0.78 | 13.37 | -12.59 |
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Drawdowns
FGLS.NEO vs. FCIV.TO - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than FCIV.TO's maximum drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and FCIV.TO.
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Drawdown Indicators
| FGLS.NEO | FCIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -24.27% | -1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -8.59% | -12.53% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.27% | — |
Current DrawdownCurrent decline from peak | -9.21% | -0.54% | -8.67% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -4.02% | -10.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 2.29% | +8.10% |
Volatility
FGLS.NEO vs. FCIV.TO - Volatility Comparison
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 12.93% compared to Fidelity International Value ETF (FCIV.TO) at 3.69%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than FCIV.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 | FCIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 3.69% | +9.24% |
Volatility (6M)Calculated over the trailing 6-month period | 22.31% | 11.28% | +11.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 14.65% | +13.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.35% | 15.24% | +9.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.35% | 15.48% | +8.87% |
FGLS.NEO vs. FCIV.TO - Expense Ratio Comparison
FGLS.NEO has a 1.51% expense ratio, which is higher than FCIV.TO's 0.45% expense ratio.
Dividends
FGLS.NEO vs. FCIV.TO - Dividend Comparison
FGLS.NEO has not paid dividends to shareholders, while FCIV.TO's dividend yield for the trailing twelve months is around 2.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FCIV.TO Fidelity International Value ETF | 2.11% | 2.09% | 2.80% | 3.64% | 3.45% | 2.97% | 0.90% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FGLS.NEO and FCIV.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCIV.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCIV.TO is cheaper with a 0.45% expense ratio, compared with 1.51% for FGLS.NEO.
FGLS.NEO is categorized as Long-Short, while FCIV.TO is Foreign Large Cap Equities. Their fees differ too: 1.51% for FGLS.NEO and 0.45% for FCIV.TO.
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