PFLS.TO vs. FCLS.NEO
PFLS.TO (PICTON Long Short Equity Alternative Fund) and FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. Over the past year, PFLS.TO returned 16.31% vs 15.07% for FCLS.NEO. At a 0.42 correlation, their price movements are largely independent. PFLS.TO charges 6.48%/yr vs 1.27%/yr for FCLS.NEO.
Performance
PFLS.TO vs. FCLS.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, PFLS.TO achieves a 8.20% return, which is significantly higher than FCLS.NEO's 6.45% return.
PFLS.TO
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 6.14%
- YTD
- 8.20%
- 1Y
- 16.31%
- 3Y*
- 14.01%
- 5Y*
- 10.28%
- 10Y*
- —
- ALL TIME*
- 13.84%
FCLS.NEO
- 1D
- 0.62%
- 1M
- 1.03%
- 6M
- 0.75%
- YTD
- 6.45%
- 1Y
- 15.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$10.37K | CA$11.67K | CA$11.48K | |
| CA$110.34K | CA$123.83K | CA$187.96K |
PFLS.TO vs. FCLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PFLS.TO PICTON Long Short Equity Alternative Fund | 8.20% | 13.69% | 16.01% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 6.45% | 18.33% | 17.30% |
Correlation
The correlation between PFLS.TO and FCLS.NEO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.42 |
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Return for Risk
PFLS.TO vs. FCLS.NEO — Risk / Return Rank
PFLS.TO
FCLS.NEO
PFLS.TO vs. FCLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PICTON Long Short Equity Alternative Fund (PFLS.TO) and Fidelity Canadian Long/Short Alternative ETF (FCLS.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.
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.
| PFLS.TO | FCLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.24 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 1.22 | +1.12 |
| Martin ratioReturn relative to average drawdown | 9.80 | 4.89 | +4.90 |
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Drawdowns
PFLS.TO vs. FCLS.NEO - Drawdown Comparison
The maximum PFLS.TO drawdown since its inception was -11.82%, smaller than the maximum FCLS.NEO drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for PFLS.TO and FCLS.NEO.
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Drawdown Indicators
| PFLS.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.82% | -14.39% | +2.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.98% | -12.39% | +5.41% |
Max Drawdown (3Y)Largest decline over 3 years | -9.40% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.10% | — | — |
Current DrawdownCurrent decline from peak | -0.78% | -2.85% | +2.07% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -2.12% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 3.09% | -1.42% |
Volatility
PFLS.TO vs. FCLS.NEO - Volatility Comparison
The current volatility for PICTON Long Short Equity Alternative Fund (PFLS.TO) is 1.98%, while Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a volatility of 3.28%. This indicates that PFLS.TO experiences smaller price fluctuations and is considered to be less risky than FCLS.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFLS.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 3.28% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 7.20% | 13.86% | -6.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 15.82% | -6.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.54% | 13.96% | -1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.40% | 13.96% | -0.56% |
PFLS.TO vs. FCLS.NEO - Expense Ratio Comparison
PFLS.TO has a 6.48% expense ratio, which is higher than FCLS.NEO's 1.27% expense ratio.
Dividends
PFLS.TO vs. FCLS.NEO - Dividend Comparison
PFLS.TO has not paid dividends to shareholders, while FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% |
PFLS.TO PICTON Long Short Equity Alternative Fund | 0.00% | 0.00% | 0.00% | 0.98% |
Frequently Asked Questions
PFLS.TO and FCLS.NEO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCLS.NEO is cheaper at 1.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCLS.NEO is cheaper with a 1.27% expense ratio, compared with 6.48% for PFLS.TO.
They also come from different issuers: PICTON Investments and Fidelity. Their fees differ too: 6.48% for PFLS.TO and 1.27% for FCLS.NEO.
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