FGLS.NEO vs. FETH
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and FETH (Fidelity Ethereum Fund) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index. FGLS.NEO is actively managed, while FETH is passively managed. Over the past year, FGLS.NEO returned 3.00% vs -32.19% for FETH. At a correlation of -0.38, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.25%/yr for FETH.
Performance
FGLS.NEO vs. FETH - Performance Comparison
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Different Trading Currencies
FGLS.NEO is traded in CAD, while FETH is traded in USD. To make them comparable, the FETH 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 higher than FETH's -40.61% return.
FGLS.NEO
- 1D
- 5.54%
- 1M
- 11.00%
- 6M
- 0.47%
- YTD
- 0.47%
- 1Y
- 3.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FETH
- 1D
- 5.37%
- 1M
- -8.55%
- 6M
- -40.61%
- YTD
- -40.61%
- 1Y
- -32.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FGLS.NEO vs. FETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.47% | 8.38% | -9.32% |
FETH Fidelity Ethereum Fund | -40.61% | -15.42% | -0.60% |
Correlation
The correlation between FGLS.NEO and FETH is -0.43, 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 | -0.43 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | -0.38 |
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Return for Risk
FGLS.NEO vs. FETH — Risk / Return Rank
FGLS.NEO
FETH
FGLS.NEO vs. FETH - 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 Ethereum Fund (FETH). 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 | FETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.96 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | -0.48 | +0.62 |
| Martin ratioReturn relative to average drawdown | 0.30 | -0.76 | +1.06 |
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Drawdowns
FGLS.NEO vs. FETH - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, smaller than the maximum FETH drawdown of -67.56%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and FETH.
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Drawdown Indicators
| FGLS.NEO | FETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -67.56% | +41.67% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -67.56% | +46.44% |
Current DrawdownCurrent decline from peak | -14.30% | -64.20% | +49.90% |
Average DrawdownAverage peak-to-trough decline | -14.47% | -34.47% | +20.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 42.23% | -32.16% |
Volatility
FGLS.NEO vs. FETH - Volatility Comparison
The current volatility for Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) is 10.82%, while Fidelity Ethereum Fund (FETH) has a volatility of 21.19%. This indicates that FGLS.NEO experiences smaller price fluctuations and is considered to be less risky than FETH 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 | FETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.82% | 21.19% | -10.37% |
Volatility (6M)Calculated over the trailing 6-month period | 19.47% | 46.94% | -27.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.20% | 69.36% | -43.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.51% | 72.18% | -48.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.51% | 72.18% | -48.67% |
FGLS.NEO vs. FETH - Expense Ratio Comparison
FGLS.NEO has a 1.51% expense ratio, which is higher than FETH's 0.25% expense ratio.
Dividends
FGLS.NEO vs. FETH - Dividend Comparison
Neither FGLS.NEO nor FETH has paid dividends to shareholders.
Frequently Asked Questions
FGLS.NEO and FETH have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FETH is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FETH is cheaper with a 0.25% expense ratio, compared with 1.51% for FGLS.NEO.
FGLS.NEO is categorized as Long-Short, while FETH is Cryptocurrency. Their fees differ too: 1.51% for FGLS.NEO and 0.25% for FETH.
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