FMNA.NEO vs. FINN.NEO
FMNA.NEO (Fidelity Market Neutral Alternative Fund ETF Series) and FINN.NEO (Fidelity Global Innovators ETF) are both exchange-traded funds - FMNA.NEO is a Equity Market Neutral fund actively managed by Fidelity, while FINN.NEO is a Technology Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FMNA.NEO returned 3.73% vs 73.31% for FINN.NEO. At a 0.07 correlation, their price movements are largely independent. FMNA.NEO charges 1.50%/yr vs 1.13%/yr for FINN.NEO.
Performance
FMNA.NEO vs. FINN.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 FINN.NEO's 41.97% return.
FMNA.NEO
- 1D
- 0.00%
- 1M
- 0.09%
- YTD
- 2.42%
- 6M
- 3.94%
- 1Y
- 3.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FINN.NEO
- 1D
- -0.03%
- 1M
- 9.97%
- YTD
- 41.97%
- 6M
- 40.52%
- 1Y
- 73.31%
- 3Y*
- 45.85%
- 5Y*
- —
- 10Y*
- —
FMNA.NEO vs. FINN.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series | 2.42% | 0.59% | 2.50% |
FINN.NEO Fidelity Global Innovators ETF | 41.97% | 20.61% | 46.35% |
Correlation
The correlation between FMNA.NEO and FINN.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 | 0.07 |
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Return for Risk
FMNA.NEO vs. FINN.NEO — Risk / Return Rank
FMNA.NEO
FINN.NEO
FMNA.NEO vs. FINN.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 Global Innovators ETF (FINN.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 | FINN.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.53 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 6.17 | -4.85 |
| Martin ratioReturn relative to average drawdown | 3.89 | 20.55 | -16.66 |
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 | FINN.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 3.30 | -2.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 2.12 | -1.72 |
Drawdowns
FMNA.NEO vs. FINN.NEO - Drawdown Comparison
The maximum FMNA.NEO drawdown since its inception was -5.37%, smaller than the maximum FINN.NEO drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for FMNA.NEO and FINN.NEO.
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Drawdown Indicators
| FMNA.NEO | FINN.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.37% | -25.66% | +20.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -11.94% | +9.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -25.66% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.78% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -1.47% | -4.02% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 3.58% | -2.62% |
Volatility
FMNA.NEO vs. FINN.NEO - Volatility Comparison
The current volatility for Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) is 0.40%, while Fidelity Global Innovators ETF (FINN.NEO) has a volatility of 7.46%. This indicates that FMNA.NEO experiences smaller price fluctuations and is considered to be less risky than FINN.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 | FINN.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 7.46% | -7.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 17.72% | -14.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 22.35% | -17.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 22.27% | -16.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 22.27% | -16.34% |
FMNA.NEO vs. FINN.NEO - Expense Ratio Comparison
FMNA.NEO has a 1.50% expense ratio, which is higher than FINN.NEO's 1.13% expense ratio.
Dividends
FMNA.NEO vs. FINN.NEO - Dividend Comparison
Neither FMNA.NEO nor FINN.NEO has paid dividends to shareholders.
Frequently Asked Questions
FMNA.NEO and FINN.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.
On fees, FINN.NEO is cheaper at 1.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FINN.NEO is cheaper with a 1.13% expense ratio, compared with 1.50% for FMNA.NEO.
FMNA.NEO is categorized as Equity Market Neutral, while FINN.NEO is Technology Equities. Their fees differ too: 1.50% for FMNA.NEO and 1.13% for FINN.NEO.
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