PMM.TO vs. FCLS.NEO
PMM.TO (Purpose Multi-Strategy Market Neutral Fund) and FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) are both Long-Short funds. Both are actively managed. Over the past year, PMM.TO returned 15.65% vs 15.92% for FCLS.NEO. At a 0.23 correlation, their price movements are largely independent.
Performance
PMM.TO vs. FCLS.NEO - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with PMM.TO having a 6.44% return and FCLS.NEO slightly lower at 6.24%.
PMM.TO
- 1D
- -0.43%
- 1M
- 0.25%
- 6M
- 2.15%
- YTD
- 6.44%
- 1Y
- 15.65%
- 3Y*
- 11.85%
- 5Y*
- 6.51%
- 10Y*
- 3.27%
FCLS.NEO
- 1D
- -0.54%
- 1M
- -3.04%
- 6M
- 1.24%
- YTD
- 6.24%
- 1Y
- 15.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMM.TO vs. FCLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMM.TO Purpose Multi-Strategy Market Neutral Fund | 6.44% | 6.07% | 17.92% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 6.24% | 18.33% | 17.30% |
Correlation
The correlation between PMM.TO and FCLS.NEO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.23 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PMM.TO vs. FCLS.NEO — Risk / Return Rank
PMM.TO
FCLS.NEO
PMM.TO vs. FCLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Multi-Strategy Market Neutral Fund (PMM.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.
| PMM.TO | FCLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | 1.29 | +3.29 |
| Martin ratioReturn relative to average drawdown | 12.78 | 5.24 | +7.54 |
Loading charts...
Drawdowns
PMM.TO vs. FCLS.NEO - Drawdown Comparison
The maximum PMM.TO drawdown since its inception was -23.50%, which is greater than FCLS.NEO's maximum drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for PMM.TO and FCLS.NEO.
Loading charts...
Drawdown Indicators
| PMM.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.50% | -14.39% | -9.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.50% | -12.39% | +8.89% |
Max Drawdown (3Y)Largest decline over 3 years | -9.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.18% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.50% | — | — |
Current DrawdownCurrent decline from peak | -1.06% | -3.04% | +1.98% |
Average DrawdownAverage peak-to-trough decline | -7.88% | -2.11% | -5.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 3.05% | -1.80% |
Volatility
PMM.TO vs. FCLS.NEO - Volatility Comparison
The current volatility for Purpose Multi-Strategy Market Neutral Fund (PMM.TO) is 3.34%, while Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a volatility of 3.93%. This indicates that PMM.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.
Loading charts...
Volatility by Period
| PMM.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.34% | 3.93% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 13.88% | -7.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.49% | 15.82% | -6.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.95% | 14.02% | -4.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.07% | 14.02% | -3.95% |
Dividends
PMM.TO vs. FCLS.NEO - Dividend Comparison
PMM.TO has not paid dividends to shareholders, while FCLS.NEO's dividend yield for the trailing twelve months is around 0.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.62% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PMM.TO Purpose Multi-Strategy Market Neutral Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.92% | 2.44% |
Frequently Asked Questions
PMM.TO and FCLS.NEO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Purpose Investments and Fidelity.
Find the right allocation for PMM.TO and FCLS.NEO
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