EWC vs. FICDX
EWC (iShares MSCI Canada ETF) and FICDX (Fidelity Canada Fund) are both funds - EWC is a Canada Equities fund tracking the MSCI Canada Index, while FICDX is a Foreign Large Cap Equities fund managed by Fidelity. Over the past 10 years, EWC returned 11.38%/yr vs 10.40%/yr for FICDX. Their correlation of 0.85 suggests significant overlap in exposure. EWC charges 0.49%/yr vs 0.80%/yr for FICDX.
Performance
EWC vs. FICDX - Performance Comparison
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Returns By Period
In the year-to-date period, EWC achieves a 7.44% return, which is significantly higher than FICDX's 4.52% return. Over the past 10 years, EWC has outperformed FICDX with an annualized return of 11.38%, while FICDX has yielded a comparatively lower 10.40% annualized return.
EWC
- 1D
- -0.38%
- 1M
- -0.97%
- YTD
- 7.44%
- 6M
- 6.24%
- 1Y
- 28.96%
- 3Y*
- 21.74%
- 5Y*
- 11.16%
- 10Y*
- 11.38%
FICDX
- 1D
- -0.28%
- 1M
- -1.83%
- YTD
- 4.52%
- 6M
- 3.55%
- 1Y
- 14.49%
- 3Y*
- 16.21%
- 5Y*
- 10.25%
- 10Y*
- 10.40%
EWC vs. FICDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 7.44% | 35.92% | 12.38% | 14.73% | -12.95% | 26.98% | 5.52% | 27.58% | -17.16% | 15.73% |
FICDX Fidelity Canada Fund | 4.52% | 25.86% | 9.15% | 14.66% | -6.14% | 26.86% | 4.43% | 25.82% | -14.32% | 12.79% |
Correlation
The correlation between EWC and FICDX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.85 |
The correlation between EWC and FICDX shifts across timeframes, from 0.85 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWC vs. FICDX — Risk / Return Rank
EWC
FICDX
EWC vs. FICDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) and Fidelity Canada Fund (FICDX). 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.
| EWC | FICDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.20 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 1.96 | +1.46 |
| Martin ratioReturn relative to average drawdown | 13.81 | 6.36 | +7.45 |
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Drawdowns
EWC vs. FICDX - Drawdown Comparison
The maximum EWC drawdown since its inception was -60.75%, roughly equal to the maximum FICDX drawdown of -58.09%. Use the drawdown chart below to compare losses from any high point for EWC and FICDX.
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Drawdown Indicators
| EWC | FICDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.75% | -58.09% | -2.66% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -7.60% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -12.97% | -12.06% | -0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -24.81% | -21.01% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -42.66% | -39.85% | -2.81% |
Current DrawdownCurrent decline from peak | -2.55% | -3.70% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -13.12% | -10.51% | -2.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.34% | -0.24% |
Volatility
EWC vs. FICDX - Volatility Comparison
iShares MSCI Canada ETF (EWC) has a higher volatility of 4.34% compared to Fidelity Canada Fund (FICDX) at 3.97%. This indicates that EWC's price experiences larger fluctuations and is considered to be riskier than FICDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWC | FICDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 3.97% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 11.41% | 10.21% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.44% | 12.96% | +1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 15.99% | +1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.71% | 17.43% | +1.28% |
EWC vs. FICDX - Expense Ratio Comparison
EWC has a 0.49% expense ratio, which is lower than FICDX's 0.80% expense ratio.
Dividends
EWC vs. FICDX - Dividend Comparison
EWC's dividend yield for the trailing twelve months is around 1.30%, less than FICDX's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 1.30% | 1.45% | 2.23% | 2.27% | 2.34% | 1.85% | 2.09% | 2.16% | 2.65% | 1.97% | 1.75% | 2.34% |
FICDX Fidelity Canada Fund | 5.45% | 5.70% | 7.44% | 3.36% | 4.11% | 5.16% | 2.56% | 4.41% | 7.33% | 0.89% | 1.63% | 0.15% |
Frequently Asked Questions
With a correlation of 0.95, EWC and FICDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EWC has higher volatility (4.34%) compared to FICDX (3.97%). In terms of maximum drawdown, EWC dropped -60.75% vs FICDX's -58.09%.
EWC currently has the higher Sharpe Ratio (2.02 vs 1.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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