FCCQ.TO vs. ZCN.TO

Last updated Jun 4, 2026

FCCQ.TO (Fidelity Canadian High Quality ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds - FCCQ.TO tracks the Fidelity Canada Canadian High Quality Index while ZCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 5 years, FCCQ.TO returned 13.37%/yr vs 14.90%/yr for ZCN.TO. A 0.64 correlation means they provide meaningful diversification when combined. FCCQ.TO charges 0.35%/yr vs 0.06%/yr for ZCN.TO.

Performance

FCCQ.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian High Quality ETF (FCCQ.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCCQ.TO achieves a 6.62% return, which is significantly lower than ZCN.TO's 10.70% return.

FCCQ.TO

• 1D: -0.77%
• 1M: 1.71%
• YTD: 6.62%
• 6M: 7.88%
• 1Y: 31.20%
• 3Y*: 22.31%
• 5Y*: 13.37%
• 10Y*: —

ZCN.TO

• 1D: -1.14%
• 1M: 3.62%
• YTD: 10.70%
• 6M: 12.95%
• 1Y: 34.77%
• 3Y*: 23.62%
• 5Y*: 14.90%
• 10Y*: 12.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FCCQ.TO vs. ZCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCCQ.TO Fidelity Canadian High Quality ETF	6.62%	31.01%	21.58%	11.02%	-7.52%	22.24%	2.30%	10.49%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	10.70%	31.51%	21.64%	11.63%	-5.84%	25.05%	5.69%	14.94%

Correlation

The correlation between FCCQ.TO and ZCN.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019	0.64

Over the past year, FCCQ.TO and ZCN.TO have become more correlated (0.90) than their long-term average of 0.64, meaning their price movements have been converging.

FCCQ.TO vs. ZCN.TO - Sectors Allocation Comparison

Sectors	FCCQ.TO	ZCN.TO
Financial Services	27.4%	32.8%
Basic Materials	23.0%	18.4%
Technology	12.9%	7.6%
Energy	11.2%	17.5%
Consumer Defensive	10.7%	2.9%
Consumer Cyclical	5.7%	3.8%
Healthcare	3.8%	0.1%
Industrials	3.6%	10.3%
Real Estate	1.8%	1.6%
Communication Services	-	1.8%
Utilities	-	3.2%

Return for Risk

FCCQ.TO vs. ZCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCCQ.TO

FCCQ.TO Risk / Return Rank: 62
FCCQ.TO Sharpe Ratio Rank: 64
FCCQ.TO Sortino Ratio Rank: 58
FCCQ.TO Omega Ratio Rank: 65
FCCQ.TO Calmar Ratio Rank: 56
FCCQ.TO Martin Ratio Rank: 65

ZCN.TO

ZCN.TO Risk / Return Rank: 80
ZCN.TO Sharpe Ratio Rank: 83
ZCN.TO Sortino Ratio Rank: 78
ZCN.TO Omega Ratio Rank: 81
ZCN.TO Calmar Ratio Rank: 74
ZCN.TO Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCCQ.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian High Quality ETF (FCCQ.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). 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.

	FCCQ.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.76	-0.59
Sortino ratio: Return per unit of downside risk	2.79	3.56	-0.78
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.11
Calmar ratio: Return relative to maximum drawdown	2.78	3.75	-0.98
Martin ratio: Return relative to average drawdown	11.87	17.48	-5.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCCQ.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current FCCQ.TO Sharpe Ratio is 2.17, which is comparable to the ZCN.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of FCCQ.TO and ZCN.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCCQ.TO	ZCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.76	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	1.15	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.68	+0.13

Drawdowns

FCCQ.TO vs. ZCN.TO - Drawdown Comparison

The maximum FCCQ.TO drawdown since its inception was -35.31%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for FCCQ.TO and ZCN.TO.

Drawdown Indicators

	FCCQ.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.31%	-37.18%	+1.87%
Max Drawdown (1Y) Largest decline over 1 year	-11.29%	-9.30%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.41%	-12.25%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-17.97%	-16.25%	-1.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	-2.68%	-1.14%	-1.54%
Average Drawdown Average peak-to-trough decline	-3.99%	-4.76%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	1.99%	+0.65%

Volatility

FCCQ.TO vs. ZCN.TO - Volatility Comparison

Fidelity Canadian High Quality ETF (FCCQ.TO) has a higher volatility of 4.12% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 3.49%. This indicates that FCCQ.TO's price experiences larger fluctuations and is considered to be riskier than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCCQ.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	3.49%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	10.31%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.47%	12.66%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	13.09%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	14.99%	+1.06%

FCCQ.TO vs. ZCN.TO - Expense Ratio Comparison

FCCQ.TO has a 0.35% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

FCCQ.TO vs. ZCN.TO - Dividend Comparison

FCCQ.TO's dividend yield for the trailing twelve months is around 1.47%, less than ZCN.TO's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCCQ.TO Fidelity Canadian High Quality ETF	1.47%	1.45%	1.83%	2.40%	2.31%	1.90%	2.10%	2.30%	0.00%	0.00%	0.00%	0.00%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.03%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.71%	2.84%	3.33%

Frequently Asked Questions

Can I hold both FCCQ.TO and ZCN.TO in my portfolio?

With a correlation of 0.90, FCCQ.TO and ZCN.TO 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.

Which ETF is better, FCCQ.TO or ZCN.TO?

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCCQ.TO or ZCN.TO?

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.35% for FCCQ.TO.

What is the main difference between FCCQ.TO and ZCN.TO?

FCCQ.TO tracks Fidelity Canada Canadian High Quality Index, while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.35% for FCCQ.TO and 0.06% for ZCN.TO.