FMNA.NEO vs. FCIM.NEO
FMNA.NEO (Fidelity Market Neutral Alternative Fund ETF Series) and FCIM.NEO (Fidelity International Momentum Index ETF) are both exchange-traded funds - FMNA.NEO is a Equity Market Neutral fund actively managed by Fidelity, while FCIM.NEO is a Momentum fund tracking the Fidelity Canada International Momentum Index. FMNA.NEO is actively managed, while FCIM.NEO is passively managed. Over the past year, FMNA.NEO returned 3.73% vs 38.49% for FCIM.NEO. At a 0.08 correlation, their price movements are largely independent. FMNA.NEO charges 1.50%/yr vs 0.45%/yr for FCIM.NEO.
Performance
FMNA.NEO vs. FCIM.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, FMNA.NEO achieves a 2.42% return, which is significantly lower than FCIM.NEO's 20.03% return.
FMNA.NEO
- 1D
- 0.00%
- 1M
- 0.09%
- YTD
- 2.42%
- 6M
- 3.94%
- 1Y
- 3.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCIM.NEO
- 1D
- -0.81%
- 1M
- 5.53%
- YTD
- 20.03%
- 6M
- 22.93%
- 1Y
- 38.49%
- 3Y*
- 30.84%
- 5Y*
- 18.22%
- 10Y*
- —
FMNA.NEO vs. FCIM.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series | 2.42% | 0.59% | 2.50% |
FCIM.NEO Fidelity International Momentum Index ETF | 20.03% | 37.03% | 19.50% |
Correlation
The correlation between FMNA.NEO and FCIM.NEO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024 | 0.08 |
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Return for Risk
FMNA.NEO vs. FCIM.NEO — Risk / Return Rank
FMNA.NEO
FCIM.NEO
FMNA.NEO vs. FCIM.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 International Momentum Index ETF (FCIM.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 | FCIM.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.42 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 2.93 | -1.61 |
| Martin ratioReturn relative to average drawdown | 3.89 | 11.94 | -8.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMNA.NEO | FCIM.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 2.32 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 1.13 | -0.73 |
Drawdowns
FMNA.NEO vs. FCIM.NEO - Drawdown Comparison
The maximum FMNA.NEO drawdown since its inception was -5.37%, smaller than the maximum FCIM.NEO drawdown of -26.89%. Use the drawdown chart below to compare losses from any high point for FMNA.NEO and FCIM.NEO.
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Drawdown Indicators
| FMNA.NEO | FCIM.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.37% | -26.89% | +21.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -13.21% | +10.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.21% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.91% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -1.47% | -5.43% | +3.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 3.23% | -2.27% |
Volatility
FMNA.NEO vs. FCIM.NEO - Volatility Comparison
The current volatility for Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) is 0.40%, while Fidelity International Momentum Index ETF (FCIM.NEO) has a volatility of 6.68%. This indicates that FMNA.NEO experiences smaller price fluctuations and is considered to be less risky than FCIM.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMNA.NEO | FCIM.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 6.68% | -6.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 13.97% | -10.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 16.67% | -11.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 16.82% | -10.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 16.45% | -10.52% |
FMNA.NEO vs. FCIM.NEO - Expense Ratio Comparison
FMNA.NEO has a 1.50% expense ratio, which is higher than FCIM.NEO's 0.45% expense ratio.
Dividends
FMNA.NEO vs. FCIM.NEO - Dividend Comparison
FMNA.NEO has not paid dividends to shareholders, while FCIM.NEO's dividend yield for the trailing twelve months is around 1.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FCIM.NEO Fidelity International Momentum Index ETF | 1.33% | 1.59% | 1.26% | 1.70% | 1.86% | 2.70% | 0.52% |
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNA.NEO and FCIM.NEO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCIM.NEO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCIM.NEO is cheaper with a 0.45% expense ratio, compared with 1.50% for FMNA.NEO.
FMNA.NEO is categorized as Equity Market Neutral, while FCIM.NEO is Momentum. Their fees differ too: 1.50% for FMNA.NEO and 0.45% for FCIM.NEO.
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