FGLS.NEO vs. PFIA.TO
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and PFIA.TO (PICTON Long Short Income Alternative Fund) are both Long-Short funds. Both are actively managed. Over the past year, FGLS.NEO returned 8.09% vs 3.30% for PFIA.TO. At a 0.04 correlation, their price movements are largely independent.
Performance
FGLS.NEO vs. PFIA.TO - 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 higher than PFIA.TO's 0.91% 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%
PFIA.TO
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 0.37%
- YTD
- 0.91%
- 1Y
- 3.30%
- 3Y*
- 5.78%
- 5Y*
- 3.41%
- 10Y*
- —
- ALL TIME*
- 4.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$98.45K | CA$628.31K | CA$493.48K | |
| CA$392.29K | CA$336.42K | CA$327.83K |
FGLS.NEO vs. PFIA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 6.44% | 8.38% | -21.20% |
PFIA.TO PICTON Long Short Income Alternative Fund | 0.91% | 5.42% | 7.13% |
Correlation
The correlation between FGLS.NEO and PFIA.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.04 |
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Return for Risk
FGLS.NEO vs. PFIA.TO — Risk / Return Rank
FGLS.NEO
PFIA.TO
FGLS.NEO vs. PFIA.TO - 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 PICTON Long Short Income Alternative Fund (PFIA.TO). 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 | PFIA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.26 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 2.44 | -2.06 |
| Martin ratioReturn relative to average drawdown | 0.78 | 6.83 | -6.05 |
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Drawdowns
FGLS.NEO vs. PFIA.TO - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than PFIA.TO's maximum drawdown of -17.12%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and PFIA.TO.
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Drawdown Indicators
| FGLS.NEO | PFIA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -17.12% | -8.77% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -1.36% | -19.76% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.47% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.46% | — |
Current DrawdownCurrent decline from peak | -9.21% | -0.34% | -8.87% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -1.11% | -13.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 0.48% | +9.91% |
Volatility
FGLS.NEO vs. PFIA.TO - Volatility Comparison
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 12.93% compared to PICTON Long Short Income Alternative Fund (PFIA.TO) at 0.67%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than PFIA.TO 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 | PFIA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 0.67% | +12.26% |
Volatility (6M)Calculated over the trailing 6-month period | 22.31% | 1.88% | +20.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 2.43% | +25.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.35% | 4.18% | +20.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.35% | 6.35% | +18.00% |
Dividends
FGLS.NEO vs. PFIA.TO - Dividend Comparison
FGLS.NEO has not paid dividends to shareholders, while PFIA.TO's dividend yield for the trailing twelve months is around 4.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
PFIA.TO PICTON Long Short Income Alternative Fund | 4.91% | 3.97% | 3.66% | 5.63% | 4.69% | 4.25% | 6.02% | 1.66% |
Frequently Asked Questions
FGLS.NEO and PFIA.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Fidelity and PICTON Investments.
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