FMNA.NEO vs. FBAL.NEO

Last updated Jun 5, 2026

FMNA.NEO (Fidelity Market Neutral Alternative Fund ETF Series) and FBAL.NEO (Fidelity All-in-One Balanced ETF) are both exchange-traded funds - FMNA.NEO is a Equity Market Neutral fund actively managed by Fidelity, while FBAL.NEO is a Diversified Portfolio fund actively managed by Fidelity. Both are actively managed. Over the past year, FMNA.NEO returned 3.73% vs 16.77% for FBAL.NEO. At a 0.03 correlation, their price movements are largely independent. FMNA.NEO charges 1.50%/yr vs 0.40%/yr for FBAL.NEO.

Performance

FMNA.NEO vs. FBAL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) and Fidelity All-in-One Balanced ETF (FBAL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNA.NEO achieves a 2.42% return, which is significantly lower than FBAL.NEO's 7.17% return.

FMNA.NEO

• 1D: 0.00%
• 1M: 0.09%
• YTD: 2.42%
• 6M: 3.94%
• 1Y: 3.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBAL.NEO

• 1D: 0.26%
• 1M: 2.98%
• YTD: 7.17%
• 6M: 6.81%
• 1Y: 16.77%
• 3Y*: 16.34%
• 5Y*: 10.81%
• 10Y*: —

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

FMNA.NEO vs. FBAL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series	2.42%	0.59%	2.50%
FBAL.NEO Fidelity All-in-One Balanced ETF	7.17%	12.92%	17.71%

Correlation

The correlation between FMNA.NEO and FBAL.NEO is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024	0.03

Return for Risk

FMNA.NEO vs. FBAL.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMNA.NEO

FMNA.NEO Risk / Return Rank: 38
FMNA.NEO Sharpe Ratio Rank: 23
FMNA.NEO Sortino Ratio Rank: 24
FMNA.NEO Omega Ratio Rank: 89
FMNA.NEO Calmar Ratio Rank: 27
FMNA.NEO Martin Ratio Rank: 28

FBAL.NEO

FBAL.NEO Risk / Return Rank: 67
FBAL.NEO Sharpe Ratio Rank: 69
FBAL.NEO Sortino Ratio Rank: 72
FBAL.NEO Omega Ratio Rank: 73
FBAL.NEO Calmar Ratio Rank: 57
FBAL.NEO Martin Ratio Rank: 65

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.

FMNA.NEO vs. FBAL.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) and Fidelity All-in-One Balanced ETF (FBAL.NEO). 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.

	FMNA.NEO	FBAL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.23	-1.44
Sortino ratio: Return per unit of downside risk	1.30	3.20	-1.90
Omega ratio: Gain probability vs. loss probability	1.55	1.43	+0.12
Calmar ratio: Return relative to maximum drawdown	1.32	2.79	-1.47
Martin ratio: Return relative to average drawdown	3.89	11.65	-7.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMNA.NEO vs. FBAL.NEO - Sharpe Ratio Comparison

The current FMNA.NEO Sharpe Ratio is 0.79, which is lower than the FBAL.NEO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FMNA.NEO and FBAL.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMNA.NEO	FBAL.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	2.23	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.23	-0.83

Drawdowns

FMNA.NEO vs. FBAL.NEO - Drawdown Comparison

The maximum FMNA.NEO drawdown since its inception was -5.37%, smaller than the maximum FBAL.NEO drawdown of -13.83%. Use the drawdown chart below to compare losses from any high point for FMNA.NEO and FBAL.NEO.

Drawdown Indicators

	FMNA.NEO	FBAL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-5.37%	-13.83%	+8.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-6.04%	+3.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.83%	—
Current Drawdown Current decline from peak	0.00%	-0.19%	+0.19%
Average Drawdown Average peak-to-trough decline	-1.47%	-2.43%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.44%	-0.48%

Volatility

FMNA.NEO vs. FBAL.NEO - Volatility Comparison

The current volatility for Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) is 0.40%, while Fidelity All-in-One Balanced ETF (FBAL.NEO) has a volatility of 2.78%. This indicates that FMNA.NEO experiences smaller price fluctuations and is considered to be less risky than FBAL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNA.NEO	FBAL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	2.78%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	6.08%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	4.76%	7.54%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	8.58%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	8.57%	-2.64%

FMNA.NEO vs. FBAL.NEO - Expense Ratio Comparison

FMNA.NEO has a 1.50% expense ratio, which is higher than FBAL.NEO's 0.40% expense ratio.

Dividends

FMNA.NEO vs. FBAL.NEO - Dividend Comparison

FMNA.NEO has not paid dividends to shareholders, while FBAL.NEO's dividend yield for the trailing twelve months is around 1.50%.

Position	TTM	2025	2024	2023	2022	2021
FBAL.NEO Fidelity All-in-One Balanced ETF	1.50%	1.61%	1.42%	1.71%	4.48%	1.08%
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMNA.NEO and FBAL.NEO in my portfolio?

FMNA.NEO and FBAL.NEO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMNA.NEO or FBAL.NEO?

On fees, FBAL.NEO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMNA.NEO or FBAL.NEO?

FBAL.NEO is cheaper with a 0.40% expense ratio, compared with 1.50% for FMNA.NEO.

What is the main difference between FMNA.NEO and FBAL.NEO?

FMNA.NEO is categorized as Equity Market Neutral, while FBAL.NEO is Diversified Portfolio. Their fees differ too: 1.50% for FMNA.NEO and 0.40% for FBAL.NEO.