EWC vs. FZILX
EWC (iShares MSCI Canada ETF) and FZILX (Fidelity ZERO International Index Fund) are both funds - EWC is a Canada Equities fund tracking the MSCI Canada Index, while FZILX is a Foreign Large Cap Equities fund tracking the Fidelity Global ex U.S. Index. Both are passively managed. Over the past 5 years, EWC returned 11.54%/yr vs 8.89%/yr for FZILX. Their correlation of 0.81 suggests significant overlap in exposure. EWC charges 0.49%/yr vs 0.00%/yr for FZILX.
Performance
EWC vs. FZILX - Performance Comparison
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Returns By Period
In the year-to-date period, EWC achieves a 9.79% return, which is significantly lower than FZILX's 14.46% return.
EWC
- 1D
- 0.76%
- 1M
- 3.08%
- YTD
- 9.79%
- 6M
- 11.03%
- 1Y
- 31.07%
- 3Y*
- 21.53%
- 5Y*
- 11.54%
- 10Y*
- 11.51%
FZILX
- 1D
- 0.60%
- 1M
- 3.44%
- YTD
- 14.46%
- 6M
- 15.88%
- 1Y
- 31.18%
- 3Y*
- 19.17%
- 5Y*
- 8.89%
- 10Y*
- —
EWC vs. FZILX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 9.79% | 35.92% | 12.38% | 14.73% | -12.95% | 26.98% | 5.52% | 27.58% | -14.40% |
FZILX Fidelity ZERO International Index Fund | 14.46% | 33.52% | 5.32% | 16.28% | -15.96% | 8.19% | 11.06% | 21.69% | -9.38% |
Correlation
The correlation between EWC and FZILX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.81 |
The correlation between EWC and FZILX shifts across timeframes, from 0.71 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWC vs. FZILX — Risk / Return Rank
EWC
FZILX
EWC vs. FZILX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) and Fidelity ZERO International Index Fund (FZILX). 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 | FZILX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.36 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | 2.64 | +1.03 |
| Martin ratioReturn relative to average drawdown | 14.91 | 10.15 | +4.76 |
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Drawdowns
EWC vs. FZILX - Drawdown Comparison
The maximum EWC drawdown since its inception was -60.75%, which is greater than FZILX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for EWC and FZILX.
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Drawdown Indicators
| EWC | FZILX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.75% | -34.37% | -26.38% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -11.24% | +2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -12.97% | -13.47% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -24.81% | -29.87% | +5.06% |
Max Drawdown (10Y)Largest decline over 10 years | -42.66% | — | — |
Current DrawdownCurrent decline from peak | -0.42% | -1.58% | +1.16% |
Average DrawdownAverage peak-to-trough decline | -13.13% | -6.68% | -6.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 2.92% | -0.83% |
Volatility
EWC vs. FZILX - Volatility Comparison
The current volatility for iShares MSCI Canada ETF (EWC) is 4.42%, while Fidelity ZERO International Index Fund (FZILX) has a volatility of 6.65%. This indicates that EWC experiences smaller price fluctuations and is considered to be less risky than FZILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWC | FZILX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 6.65% | -2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.32% | 13.40% | -2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 15.59% | -1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 15.70% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.74% | 17.39% | +1.35% |
EWC vs. FZILX - Expense Ratio Comparison
EWC has a 0.49% expense ratio, which is higher than FZILX's 0.00% expense ratio.
Dividends
EWC vs. FZILX - Dividend Comparison
EWC's dividend yield for the trailing twelve months is around 1.79%, less than FZILX's 2.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 1.79% | 1.45% | 2.23% | 2.27% | 2.34% | 1.85% | 2.09% | 2.16% | 2.65% | 1.97% | 1.75% | 2.34% |
FZILX Fidelity ZERO International Index Fund | 2.34% | 2.67% | 3.00% | 2.98% | 2.71% | 2.61% | 1.64% | 2.37% | 0.02% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWC and FZILX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FZILX has higher volatility (6.65%) compared to EWC (4.42%). In terms of maximum drawdown, EWC dropped -60.75% vs FZILX's -34.37%.
EWC currently has the higher Sharpe Ratio (2.17 vs 1.90), 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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