FGLS.NEO vs. MKTN

Last updated Jul 3, 2026

FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and MKTN (Federated Hermes MDT Market Neutral ETF) are both Long-Short funds. Both are actively managed. At a 0.18 correlation, their price movements are largely independent.

Performance

FGLS.NEO vs. MKTN - 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 Federated Hermes MDT Market Neutral ETF (MKTN). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FGLS.NEO is traded in CAD, while MKTN is traded in USD. To make them comparable, the MKTN 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 MKTN's 5.69% return.

FGLS.NEO

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

MKTN

• 1D: 0.50%
• 1M: 3.39%
• 6M: 5.69%
• YTD: 5.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FGLS.NEO vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF	0.47%	10.05%
MKTN Federated Hermes MDT Market Neutral ETF	5.69%	1.73%

Correlation

The correlation between FGLS.NEO and MKTN is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 25, 2025	0.18

Return for Risk

FGLS.NEO vs. MKTN — 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: 10
FGLS.NEO Sharpe Ratio Rank: 10
FGLS.NEO Sortino Ratio Rank: 10
FGLS.NEO Omega Ratio Rank: 10
FGLS.NEO Calmar Ratio Rank: 10
FGLS.NEO Martin Ratio Rank: 10

MKTN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MKTN - 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 Federated Hermes MDT Market Neutral ETF (MKTN). 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	MKTN	Difference
Sharpe ratio: Return per unit of total volatility	0.12	—	—
Sortino ratio: Return per unit of downside risk	0.36	—	—
Omega ratio: Gain probability vs. loss probability	1.04	—	—
Calmar ratio: Return relative to maximum drawdown	0.14	—	—
Martin ratio: Return relative to average drawdown	0.30	—	—

Drawdowns

FGLS.NEO vs. MKTN - Drawdown Comparison

The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than MKTN's maximum drawdown of -5.92%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and MKTN.

Drawdown Indicators

	FGLS.NEO	MKTN	Difference
Max Drawdown Largest peak-to-trough decline	-25.89%	-5.92%	-19.97%
Max Drawdown (1Y) Largest decline over 1 year	-21.12%	—	—
Current Drawdown Current decline from peak	-14.30%	0.00%	-14.30%
Average Drawdown Average peak-to-trough decline	-14.47%	-1.44%	-13.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.07%	—	—

Volatility

Volatility by Period

	FGLS.NEO	MKTN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.20%	7.64%	+18.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.51%	7.64%	+15.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.51%	7.64%	+15.87%

Dividends

FGLS.NEO vs. MKTN - Dividend Comparison

FGLS.NEO has not paid dividends to shareholders, while MKTN's dividend yield for the trailing twelve months is around 0.50%.

Position	TTM	2025
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF	0.00%	0.00%
MKTN Federated Hermes MDT Market Neutral ETF	0.50%	0.51%

Frequently Asked Questions

Can I hold both FGLS.NEO and MKTN in my portfolio?

FGLS.NEO and MKTN have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FGLS.NEO and MKTN?

They also come from different issuers: Fidelity and Federated Hermes.