PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FGLS.NEO vs. QAI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGLS.NEO vs. QAI

Last updated Jul 3, 2026
See Documentation

FGLS.NEO (Fidelity Global Value Long/Short Alternative ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both Long-Short funds. FGLS.NEO is actively managed, while QAI is passively managed. Over the past year, FGLS.NEO returned 3.00% vs 18.62% for QAI. At a correlation of -0.29, they often move in opposite directions. FGLS.NEO charges 1.51%/yr vs 0.79%/yr for QAI.

Performance

FGLS.NEO vs. QAI - 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 IQ Hedge Multi-Strategy Tracker ETF (QAI). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

FGLS.NEO is traded in CAD, while QAI is traded in USD. To make them comparable, the QAI 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 QAI's 12.58% return.

FGLS.NEO

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

QAI

1D
-0.09%
1M
1.78%
6M
12.58%
YTD
12.58%
1Y
18.62%
3Y*
12.15%
5Y*
7.27%
10Y*
4.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGLS.NEO vs. QAI - Yearly Performance Comparison

2026 (YTD)20252024
FGLS.NEO
Fidelity Global Value Long/Short Alternative ETF		0.47%8.38%-21.20%
QAI
IQ Hedge Multi-Strategy Tracker ETF		12.58%3.34%14.66%

Correlation

The correlation between FGLS.NEO and QAI is -0.38, 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

-0.38

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2024

-0.29

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Global Value Long/Short Alternative ETF

IQ Hedge Multi-Strategy Tracker ETF

Often compared with QAI:
QAI vs. HDGQAI vs. SPYQAI vs. IGHGQAI vs. CLSEQAI vs. MNAQAI vs. VOOQAI vs. DFND

Return for Risk

FGLS.NEO vs. QAI — 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: 1010
Overall Rank
FGLS.NEO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
FGLS.NEO Sortino Ratio Rank: 1010
Sortino Ratio Rank
FGLS.NEO Omega Ratio Rank: 1010
Omega Ratio Rank
FGLS.NEO Calmar Ratio Rank: 1010
Calmar Ratio Rank
FGLS.NEO Martin Ratio Rank: 1010
Martin Ratio Rank
QAI
QAI Risk / Return Rank: 8080
Overall Rank
QAI Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
QAI Sortino Ratio Rank: 7777
Sortino Ratio Rank
QAI Omega Ratio Rank: 8181
Omega Ratio Rank
QAI Calmar Ratio Rank: 8282
Calmar Ratio Rank
QAI Martin Ratio Rank: 8484
Martin Ratio Rank
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. QAI - 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 IQ Hedge Multi-Strategy Tracker ETF (QAI). 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.NEOQAIDifference
Sharpe ratioReturn per unit of total volatility
0.12
2.35

-2.24

Sortino ratioReturn per unit of downside risk
0.36
3.41

-3.04

Omega ratioGain probability vs. loss probability

1.04

1.42

-0.38

Calmar ratioReturn relative to maximum drawdown

0.14

6.16

-6.02

Martin ratioReturn relative to average drawdown

0.30

17.46

-17.16

FGLS.NEO vs. QAI - Sharpe Ratio Comparison

The current FGLS.NEO Sharpe Ratio is 0.12, which is lower than the QAI Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FGLS.NEO and QAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

FGLS.NEO vs. QAI - Drawdown Comparison

The maximum FGLS.NEO drawdown since its inception was -25.89%, which is greater than QAI's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for FGLS.NEO and QAI.

Loading charts...

Drawdown Indicators

FGLS.NEOQAIDifference

Max Drawdown

Largest peak-to-trough decline

-25.89%

-15.03%

-10.86%

Max Drawdown (1Y)

Largest decline over 1 year

-21.12%

-3.04%

-18.08%

Max Drawdown (3Y)

Largest decline over 3 years

—

-9.75%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-11.02%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-12.21%

—

Current Drawdown

Current decline from peak

-14.30%

-0.90%

-13.40%

Average Drawdown

Average peak-to-trough decline

-14.47%

-4.43%

-10.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.07%

1.07%

+9.00%

Volatility

FGLS.NEO vs. QAI - Volatility Comparison

Fidelity Global Value Long/Short Alternative ETF (FGLS.NEO) has a higher volatility of 10.82% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 3.64%. This indicates that FGLS.NEO's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FGLS.NEOQAIDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.82%

3.64%

+7.18%

Volatility (6M)

Calculated over the trailing 6-month period

19.47%

6.76%

+12.71%

Volatility (1Y)

Calculated over the trailing 1-year period

26.20%

7.97%

+18.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.51%

9.09%

+14.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.51%

8.99%

+14.52%

FGLS.NEO vs. QAI - Expense Ratio Comparison

FGLS.NEO has a 1.51% expense ratio, which is higher than QAI's 0.79% expense ratio.

Dividends

FGLS.NEO vs. QAI - Dividend Comparison

FGLS.NEO has not paid dividends to shareholders, while QAI's dividend yield for the trailing twelve months is around 1.39%.

PositionTTM20252024202320222021202020192018201720162015
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%
QAI
IQ Hedge Multi-Strategy Tracker ETF		1.39%1.50%2.22%4.08%2.00%0.28%1.98%1.91%1.90%0.00%0.00%0.48%

Frequently Asked Questions

FGLS.NEO and QAI have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, QAI is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

QAI is cheaper with a 0.79% expense ratio, compared with 1.51% for FGLS.NEO.

They also come from different issuers: Fidelity and New York Life. Their fees differ too: 1.51% for FGLS.NEO and 0.79% for QAI.

Portfolio Optimizer

Find the right allocation for FGLS.NEO and QAI

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer