FGLS.NEO vs. FEQT.NEO
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and FEQT.NEO (Fidelity All-in-One Equity ETF Fund) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while FEQT.NEO is a Diversified Portfolio fund actively managed by Fidelity. Both are actively managed. Over the past year, FGLS.NEO returned 8.09% vs 23.31% for FEQT.NEO. At a correlation of -0.33, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.43%/yr for FEQT.NEO.
Performance
FGLS.NEO vs. FEQT.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 FEQT.NEO's 12.69% 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%
FEQT.NEO
- 1D
- 0.48%
- 1M
- 1.29%
- 6M
- 9.04%
- YTD
- 12.69%
- 1Y
- 23.31%
- 3Y*
- 22.78%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$6.22M | CA$6.15M | CA$8.36M | |
| CA$98.45K | CA$628.31K | CA$493.48K |
FGLS.NEO vs. FEQT.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 6.44% | 8.38% | -21.20% |
FEQT.NEO Fidelity All-in-One Equity ETF Fund | 12.69% | 19.42% | 26.78% |
Correlation
The correlation between FGLS.NEO and FEQT.NEO is -0.32, 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 | -0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.33 |
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Return for Risk
FGLS.NEO vs. FEQT.NEO — Risk / Return Rank
FGLS.NEO
FEQT.NEO
FGLS.NEO vs. FEQT.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 Equity ETF Fund (FEQT.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 | FEQT.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.37 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 2.82 | -2.43 |
| Martin ratioReturn relative to average drawdown | 0.78 | 11.60 | -10.82 |
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Drawdowns
FGLS.NEO vs. FEQT.NEO - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than FEQT.NEO's maximum drawdown of -15.98%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and FEQT.NEO.
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Drawdown Indicators
| FGLS.NEO | FEQT.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -15.98% | -9.91% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -8.31% | -12.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.24% | — |
Current DrawdownCurrent decline from peak | -9.21% | -1.83% | -7.38% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -2.83% | -11.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 2.01% | +8.38% |
Volatility
FGLS.NEO vs. FEQT.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 Equity ETF Fund (FEQT.NEO) at 3.01%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than FEQT.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 | FEQT.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 3.01% | +9.92% |
Volatility (6M)Calculated over the trailing 6-month period | 22.31% | 10.06% | +12.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 12.16% | +16.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.35% | 12.56% | +11.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.35% | 12.56% | +11.79% |
FGLS.NEO vs. FEQT.NEO - Expense Ratio Comparison
FGLS.NEO has a 1.51% expense ratio, which is higher than FEQT.NEO's 0.43% expense ratio.
Dividends
FGLS.NEO vs. FEQT.NEO - Dividend Comparison
FGLS.NEO has not paid dividends to shareholders, while FEQT.NEO's dividend yield for the trailing twelve months is around 0.81%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FEQT.NEO Fidelity All-in-One Equity ETF Fund | 0.81% | 0.91% | 0.91% | 1.33% | 1.23% |
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FGLS.NEO and FEQT.NEO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FEQT.NEO is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FEQT.NEO is cheaper with a 0.43% expense ratio, compared with 1.51% for FGLS.NEO.
FGLS.NEO is categorized as Long-Short, while FEQT.NEO is Diversified Portfolio. Their fees differ too: 1.51% for FGLS.NEO and 0.43% for FEQT.NEO.
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