FGLS.NEO vs. ONEQ
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - FGLS.NEO is a Long-Short fund actively managed by Fidelity, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. FGLS.NEO is actively managed, while ONEQ is passively managed. Over the past year, FGLS.NEO returned 3.00% vs 33.29% for ONEQ. At a correlation of -0.44, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.21%/yr for ONEQ.
Performance
FGLS.NEO vs. ONEQ - Performance Comparison
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Different Trading Currencies
FGLS.NEO is traded in CAD, while ONEQ is traded in USD. To make them comparable, the ONEQ 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 ONEQ's 16.21% return.
FGLS.NEO
- 1D
- 5.54%
- 1M
- 11.00%
- 6M
- 0.47%
- YTD
- 0.47%
- 1Y
- 3.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ONEQ
- 1D
- -0.77%
- 1M
- -1.84%
- 6M
- 16.21%
- YTD
- 16.21%
- 1Y
- 33.29%
- 3Y*
- 27.22%
- 5Y*
- 16.27%
- 10Y*
- 20.52%
FGLS.NEO vs. ONEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.47% | 8.38% | -21.20% |
ONEQ Fidelity Nasdaq Composite Index ETF | 16.21% | 15.37% | 37.36% |
Correlation
The correlation between FGLS.NEO and ONEQ is -0.51, 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 | -0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.44 |
The correlation between FGLS.NEO and ONEQ has been stable across timeframes, ranging from -0.51 to -0.44 - a consistent structural relationship.
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Return for Risk
FGLS.NEO vs. ONEQ — Risk / Return Rank
FGLS.NEO
ONEQ
FGLS.NEO vs. ONEQ - 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 Nasdaq Composite Index ETF (ONEQ). 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 | ONEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.33 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 2.57 | -2.43 |
| Martin ratioReturn relative to average drawdown | 0.30 | 8.47 | -8.17 |
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Drawdowns
FGLS.NEO vs. ONEQ - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, smaller than the maximum ONEQ drawdown of -43.47%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and ONEQ.
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Drawdown Indicators
| FGLS.NEO | ONEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -43.47% | +17.58% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -13.01% | -8.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.04% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.04% | — |
Current DrawdownCurrent decline from peak | -14.30% | -1.84% | -12.46% |
Average DrawdownAverage peak-to-trough decline | -14.47% | -8.07% | -6.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 3.94% | +6.13% |
Volatility
FGLS.NEO vs. ONEQ - Volatility Comparison
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 10.82% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 8.16%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than ONEQ 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 | ONEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.82% | 8.16% | +2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 19.47% | 14.12% | +5.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.20% | 17.64% | +8.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.51% | 23.10% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.51% | 22.73% | +0.78% |
FGLS.NEO vs. ONEQ - Expense Ratio Comparison
FGLS.NEO has a 1.51% expense ratio, which is higher than ONEQ's 0.21% expense ratio.
Dividends
FGLS.NEO vs. ONEQ - Dividend Comparison
FGLS.NEO has not paid dividends to shareholders, while ONEQ's dividend yield for the trailing twelve months is around 0.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
ONEQ Fidelity Nasdaq Composite Index ETF | 0.87% | 0.54% | 0.65% | 0.71% | 0.97% | 0.54% | 0.71% | 2.51% | 1.08% | 0.84% | 1.12% | 1.04% |
Frequently Asked Questions
FGLS.NEO and ONEQ have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ONEQ is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ONEQ is cheaper with a 0.21% expense ratio, compared with 1.51% for FGLS.NEO.
FGLS.NEO is categorized as Long-Short, while ONEQ is Large Cap Growth Equities. Their fees differ too: 1.51% for FGLS.NEO and 0.21% for ONEQ.
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