FGLS.NEO vs. PFMN.TO
FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and PFMN.TO (PICTON Market Neutral Equity Alternative Fund) are both Long-Short funds. Both are actively managed. Over the past year, FGLS.NEO returned 3.00% vs 6.53% for PFMN.TO. At a correlation of -0.15, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 4.27%/yr for PFMN.TO.
Performance
FGLS.NEO vs. PFMN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FGLS.NEO achieves a 0.47% return, which is significantly lower than PFMN.TO's 3.73% return.
FGLS.NEO
- 1D
- 5.54%
- 1M
- 11.00%
- 6M
- 0.47%
- YTD
- 0.47%
- 1Y
- 3.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFMN.TO
- 1D
- -0.30%
- 1M
- 2.02%
- 6M
- 3.73%
- YTD
- 3.73%
- 1Y
- 6.53%
- 3Y*
- 7.99%
- 5Y*
- 6.94%
- 10Y*
- —
FGLS.NEO vs. PFMN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FGLS.NEO Fidelity Global Value Long/Short Alternative ETF | 0.47% | 8.38% | -21.20% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 3.73% | 4.83% | 12.50% |
Correlation
The correlation between FGLS.NEO and PFMN.TO is -0.26, 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 | -0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.15 |
The correlation between FGLS.NEO and PFMN.TO shifts across timeframes, from -0.26 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FGLS.NEO vs. PFMN.TO — Risk / Return Rank
FGLS.NEO
PFMN.TO
FGLS.NEO vs. PFMN.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 Market Neutral Equity Alternative Fund (PFMN.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 | PFMN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.25 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 1.88 | -1.73 |
| Martin ratioReturn relative to average drawdown | 0.30 | 6.61 | -6.31 |
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Drawdowns
FGLS.NEO vs. PFMN.TO - Drawdown Comparison
The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than PFMN.TO's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and PFMN.TO.
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Drawdown Indicators
| FGLS.NEO | PFMN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -13.04% | -12.85% |
Max Drawdown (1Y)Largest decline over 1 year | -21.12% | -3.49% | -17.63% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.24% | — |
Current DrawdownCurrent decline from peak | -14.30% | -0.30% | -14.00% |
Average DrawdownAverage peak-to-trough decline | -14.47% | -1.17% | -13.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 0.99% | +9.08% |
Volatility
FGLS.NEO vs. PFMN.TO - Volatility Comparison
Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 10.82% compared to PICTON Market Neutral Equity Alternative Fund (PFMN.TO) at 1.22%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than PFMN.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 | PFMN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.82% | 1.22% | +9.60% |
Volatility (6M)Calculated over the trailing 6-month period | 19.47% | 3.71% | +15.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.20% | 4.69% | +21.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.51% | 7.73% | +15.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.51% | 9.73% | +13.78% |
FGLS.NEO vs. PFMN.TO - Expense Ratio Comparison
FGLS.NEO has a 1.51% expense ratio, which is lower than PFMN.TO's 4.27% expense ratio.
Dividends
FGLS.NEO vs. PFMN.TO - Dividend Comparison
FGLS.NEO has not paid dividends to shareholders, while PFMN.TO's dividend yield for the trailing twelve months is around 0.77%.
| 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% |
PFMN.TO PICTON Market Neutral Equity Alternative Fund | 0.77% | 0.80% | 0.00% | 1.28% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
FGLS.NEO and PFMN.TO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FGLS.NEO is cheaper at 1.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FGLS.NEO is cheaper with a 1.51% expense ratio, compared with 4.27% for PFMN.TO.
They also come from different issuers: Fidelity and Picton Mahoney. Their fees differ too: 1.51% for FGLS.NEO and 4.27% for PFMN.TO.
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