QBTL.TO vs. FCLS.NEO
QBTL.TO (AGF US Market Neutral Anti-Beta CAD-Hedged ETF) and FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) are both exchange-traded funds - QBTL.TO is a Equity Market Neutral fund actively managed by AGF, while FCLS.NEO is a Long-Short fund actively managed by Fidelity. Both are actively managed. Over the past year, QBTL.TO returned -26.30% vs 16.15% for FCLS.NEO. Their -0.29 correlation means they have often moved in opposite directions in the past. QBTL.TO charges 0.55%/yr vs 1.27%/yr for FCLS.NEO.
Performance
QBTL.TO vs. FCLS.NEO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QBTL.TO achieves a -15.06% return, which is significantly lower than FCLS.NEO's 6.53% return.
QBTL.TO
- 1D
- 0.78%
- 1M
- 6.72%
- 6M
- -13.58%
- YTD
- -15.06%
- 1Y
- -26.30%
- 3Y*
- -9.01%
- 5Y*
- -4.83%
- 10Y*
- —
- ALL TIME*
- -7.98%
FCLS.NEO
- 1D
- 0.00%
- 1M
- 0.55%
- 6M
- 4.18%
- YTD
- 6.53%
- 1Y
- 16.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$7.59K | CA$6.88K | CA$11.81K | |
| CA$48.21K | CA$82.83K | CA$92.70K |
QBTL.TO vs. FCLS.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QBTL.TO AGF US Market Neutral Anti-Beta CAD-Hedged ETF | -15.06% | -21.84% | 3.80% |
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 6.53% | 18.33% | 17.30% |
Correlation
The correlation between QBTL.TO and FCLS.NEO is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.29 |
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
QBTL.TO vs. FCLS.NEO — Risk / Return Rank
QBTL.TO
FCLS.NEO
QBTL.TO vs. FCLS.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AGF US Market Neutral Anti-Beta CAD-Hedged ETF (QBTL.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.
| QBTL.TO | FCLS.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.25 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.24 | -1.92 |
| Martin ratioReturn relative to average drawdown | -1.22 | 4.94 | -6.15 |
Loading charts...
Drawdowns
QBTL.TO vs. FCLS.NEO - Drawdown Comparison
The maximum QBTL.TO drawdown since its inception was -54.72%, 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 QBTL.TO and FCLS.NEO.
Loading charts...
Drawdown Indicators
| QBTL.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.72% | -14.39% | -40.33% |
Max Drawdown (1Y)Largest decline over 1 year | -36.08% | -12.39% | -23.69% |
Max Drawdown (3Y)Largest decline over 3 years | -49.31% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -49.31% | — | — |
Current DrawdownCurrent decline from peak | -48.87% | -2.78% | -46.09% |
Average DrawdownAverage peak-to-trough decline | -25.32% | -2.13% | -23.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.18% | 3.11% | +17.07% |
Volatility
QBTL.TO vs. FCLS.NEO - Volatility Comparison
AGF US Market Neutral Anti-Beta CAD-Hedged ETF (QBTL.TO) has a higher volatility of 7.40% compared to Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) at 3.37%. This indicates that QBTL.TO's price experiences larger fluctuations and is considered to be riskier than FCLS.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QBTL.TO | FCLS.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 3.37% | +4.03% |
Volatility (6M)Calculated over the trailing 6-month period | 18.57% | 13.43% | +5.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.14% | 15.84% | +8.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.91% | 13.91% | +6.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.03% | 13.91% | +6.12% |
QBTL.TO vs. FCLS.NEO - Expense Ratio Comparison
QBTL.TO has a 0.55% expense ratio, which is lower than FCLS.NEO's 1.27% expense ratio.
Dividends
QBTL.TO vs. FCLS.NEO - Dividend Comparison
QBTL.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 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF | 0.61% | 0.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QBTL.TO AGF US Market Neutral Anti-Beta CAD-Hedged ETF | 0.00% | 0.00% | 0.00% | 0.00% | 3.09% | 0.00% | 6.68% | 0.16% |
Frequently Asked Questions
QBTL.TO and FCLS.NEO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QBTL.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QBTL.TO is cheaper with a 0.55% expense ratio, compared with 1.27% for FCLS.NEO.
QBTL.TO is categorized as Equity Market Neutral, while FCLS.NEO is Long-Short. They also come from different issuers: AGF and Fidelity. Their fees differ too: 0.55% for QBTL.TO and 1.27% for FCLS.NEO.
Find the right allocation for QBTL.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