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FGLS.NEO vs. FDVV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGLS.NEO vs. FDVV

Last updated Jul 3, 2026
See Documentation

FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and FDVV (Fidelity High Dividend ETF) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index. FGLS.NEO is actively managed, while FDVV is passively managed. Over the past year, FGLS.NEO returned 3.00% vs 24.58% for FDVV. At a correlation of -0.20, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.29%/yr for FDVV.

Performance

FGLS.NEO vs. FDVV - 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 Fidelity High Dividend ETF (FDVV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FGLS.NEO is traded in CAD, while FDVV is traded in USD. To make them comparable, the FDVV 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 FDVV's 14.09% return.

FGLS.NEO

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

FDVV

1D
1.08%
1M
2.99%
6M
14.09%
YTD
14.09%
1Y
24.58%
3Y*
21.92%
5Y*
16.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGLS.NEO vs. FDVV - Yearly Performance Comparison

2026 (YTD)20252024
FGLS.NEO
Fidelity Global Value Long/Short Alternative ETF		0.47%8.38%-21.20%
FDVV
Fidelity High Dividend ETF		14.09%11.74%28.87%

Correlation

The correlation between FGLS.NEO and FDVV is -0.19, 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

-0.19

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2024

-0.20

Compare stocks, funds, or ETFs

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Fidelity Global Value Long/Short Alternative ETF

Fidelity High Dividend ETF

Often compared with FDVV:
FDVV vs. SCHDFDVV vs. VYMFDVV vs. VOOFDVV vs. SPYDFDVV vs. FDRRFDVV vs. DESFDVV vs. FGRIX

Return for Risk

FGLS.NEO vs. FDVV — 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: 1010
Overall Rank
FGLS.NEO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
FGLS.NEO Sortino Ratio Rank: 1010
Sortino Ratio Rank
FGLS.NEO Omega Ratio Rank: 1010
Omega Ratio Rank
FGLS.NEO Calmar Ratio Rank: 1010
Calmar Ratio Rank
FGLS.NEO Martin Ratio Rank: 1010
Martin Ratio Rank
FDVV
FDVV Risk / Return Rank: 6565
Overall Rank
FDVV Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
FDVV Sortino Ratio Rank: 7171
Sortino Ratio Rank
FDVV Omega Ratio Rank: 7272
Omega Ratio Rank
FDVV Calmar Ratio Rank: 4949
Calmar Ratio Rank
FDVV Martin Ratio Rank: 5858
Martin Ratio Rank
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. FDVV - 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 High Dividend ETF (FDVV). 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.NEOFDVVDifference
Sharpe ratioReturn per unit of total volatility
0.12
2.35

-2.24

Sortino ratioReturn per unit of downside risk
0.36
3.34

-2.98

Omega ratioGain probability vs. loss probability

1.04

1.42

-0.38

Calmar ratioReturn relative to maximum drawdown

0.14

3.03

-2.88

Martin ratioReturn relative to average drawdown

0.30

12.00

-11.70

FGLS.NEO vs. FDVV - Sharpe Ratio Comparison

The current FGLS.NEO Sharpe Ratio is 0.12, which is lower than the FDVV Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FGLS.NEO and FDVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FGLS.NEO vs. FDVV - Drawdown Comparison

The maximum FGLS.NEO drawdown since its inception was -25.89%, smaller than the maximum FDVV drawdown of -34.94%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and FDVV.

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Drawdown Indicators

FGLS.NEOFDVVDifference

Max Drawdown

Largest peak-to-trough decline

-25.89%

-34.94%

+9.05%

Max Drawdown (1Y)

Largest decline over 1 year

-21.12%

-8.16%

-12.96%

Max Drawdown (3Y)

Largest decline over 3 years

—

-15.92%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-15.92%

—

Current Drawdown

Current decline from peak

-14.30%

0.00%

-14.30%

Average Drawdown

Average peak-to-trough decline

-14.47%

-3.39%

-11.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.07%

2.05%

+8.02%

Volatility

FGLS.NEO vs. FDVV - Volatility Comparison

Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 10.82% compared to Fidelity High Dividend ETF (FDVV) at 3.33%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FGLS.NEOFDVVDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.82%

3.33%

+7.49%

Volatility (6M)

Calculated over the trailing 6-month period

19.47%

8.71%

+10.76%

Volatility (1Y)

Calculated over the trailing 1-year period

26.20%

10.55%

+15.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.51%

15.73%

+7.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.51%

17.86%

+5.65%

FGLS.NEO vs. FDVV - Expense Ratio Comparison

FGLS.NEO has a 1.51% expense ratio, which is higher than FDVV's 0.29% expense ratio.

Dividends

FGLS.NEO vs. FDVV - Dividend Comparison

FGLS.NEO has not paid dividends to shareholders, while FDVV's dividend yield for the trailing twelve months is around 2.82%.

PositionTTM2025202420232022202120202019201820172016
FDVV
Fidelity High Dividend ETF		2.82%2.89%2.94%3.77%3.44%2.70%3.19%3.93%4.05%3.66%1.04%
FGLS.NEO
Fidelity Global Value Long/Short Alternative ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FGLS.NEO and FDVV have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FDVV is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FDVV is cheaper with a 0.29% expense ratio, compared with 1.51% for FGLS.NEO.

FGLS.NEO is categorized as Long-Short, while FDVV is Large Cap Blend Equities. Their fees differ too: 1.51% for FGLS.NEO and 0.29% for FDVV.

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