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FCCV.TO vs. CDZ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCCV.TO vs. CDZ.TO

Last updated Jun 4, 2026

FCCV.TO (Fidelity Canadian Value ETF) and CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) are both Canada Equities funds - FCCV.TO tracks the Fidelity Canada Canadian Value Index while CDZ.TO tracks the Morningstar Canada GR CAD. Both are passively managed. Over the past 5 years, FCCV.TO returned 17.48%/yr vs 10.31%/yr for CDZ.TO. A 0.70 correlation means they provide meaningful diversification when combined. FCCV.TO charges 0.35%/yr vs 0.66%/yr for CDZ.TO.

Performance

FCCV.TO vs. CDZ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian Value ETF (FCCV.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FCCV.TO achieves a 15.39% return, which is significantly higher than CDZ.TO's 13.46% return.

FCCV.TO

1D
-1.10%
1M
5.29%
YTD
15.39%
6M
17.25%
1Y
46.84%
3Y*
24.94%
5Y*
17.48%
10Y*
—

CDZ.TO

1D
0.00%
1M
3.31%
YTD
13.46%
6M
10.74%
1Y
22.32%
3Y*
16.81%
5Y*
10.31%
10Y*
9.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FCCV.TO vs. CDZ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
FCCV.TO
Fidelity Canadian Value ETF		15.39%36.93%15.47%11.16%-3.35%34.98%20.55%
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.46%13.45%17.86%8.98%-4.43%22.80%19.71%

Correlation

The correlation between FCCV.TO and CDZ.TO is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2020

0.70

The correlation between FCCV.TO and CDZ.TO shifts across timeframes, from 0.60 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

FCCV.TO vs. CDZ.TO - Sectors Allocation Comparison

Sectors
FCCV.TO
CDZ.TO

Financial Services

38.7%
17.1%

Basic Materials

23.0%
3.3%

Technology

12.4%
2.7%

Energy

11.4%
22.7%

Communication Services

5.7%
7.5%

Healthcare

3.7%

-

Industrials

3.5%
14.5%

Real Estate

1.7%
8.9%

Consumer Cyclical

-

7.6%

Consumer Defensive

-

6.7%

Utilities

-

9.0%

Financial Services

FCCV.TO
38.7%
CDZ.TO
17.1%

Basic Materials

FCCV.TO
23.0%
CDZ.TO
3.3%

Technology

FCCV.TO
12.4%
CDZ.TO
2.7%

Energy

FCCV.TO
11.4%
CDZ.TO
22.7%

Communication Services

FCCV.TO
5.7%
CDZ.TO
7.5%

Healthcare

FCCV.TO
3.7%
CDZ.TO

-

Industrials

FCCV.TO
3.5%
CDZ.TO
14.5%

Real Estate

FCCV.TO
1.7%
CDZ.TO
8.9%

Consumer Cyclical

FCCV.TO

-

CDZ.TO
7.6%

Consumer Defensive

FCCV.TO

-

CDZ.TO
6.7%

Utilities

FCCV.TO

-

CDZ.TO
9.0%

Compare stocks, funds, or ETFs

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Fidelity Canadian Value ETF

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Often compared with FCCV.TO:
FCCV.TO vs. HEWB.TOFCCV.TO vs. CCOM.TOFCCV.TO vs. FINN.NEOFCCV.TO vs. FCCM.NEOFCCV.TO vs. FCMO.NEOFCCV.TO vs. TLV.TOFCCV.TO vs. FCUV.TO
Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO

Return for Risk

FCCV.TO vs. CDZ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FCCV.TO
FCCV.TO Risk / Return Rank: 9090
Overall Rank
FCCV.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
FCCV.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
FCCV.TO Omega Ratio Rank: 9292
Omega Ratio Rank
FCCV.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
FCCV.TO Martin Ratio Rank: 9191
Martin Ratio Rank
CDZ.TO
CDZ.TO Risk / Return Rank: 8484
Overall Rank
CDZ.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8888
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 8686
Martin Ratio Rank
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.

FCCV.TO vs. CDZ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Value ETF (FCCV.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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.

FCCV.TOCDZ.TODifference
Sharpe ratioReturn per unit of total volatility
3.36
2.72

+0.65

Sortino ratioReturn per unit of downside risk
4.28
3.53

+0.75

Omega ratioGain probability vs. loss probability

1.61

1.56

+0.05

Calmar ratioReturn relative to maximum drawdown

4.81

5.46

-0.65

Martin ratioReturn relative to average drawdown

21.76

18.49

+3.27

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCCV.TO vs. CDZ.TO - Sharpe Ratio Comparison

The current FCCV.TO Sharpe Ratio is 3.36, which is comparable to the CDZ.TO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FCCV.TO and CDZ.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.

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Sharpe Ratios by Period

FCCV.TOCDZ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.36

2.72

+0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.17

0.95

+0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.65

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.46

0.52

+0.94

Drawdowns

FCCV.TO vs. CDZ.TO - Drawdown Comparison

The maximum FCCV.TO drawdown since its inception was -19.81%, smaller than the maximum CDZ.TO drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for FCCV.TO and CDZ.TO.

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Drawdown Indicators

FCCV.TOCDZ.TODifference

Max Drawdown

Largest peak-to-trough decline

-19.81%

-49.33%

+29.52%

Max Drawdown (1Y)

Largest decline over 1 year

-9.79%

-4.11%

-5.68%

Max Drawdown (3Y)

Largest decline over 3 years

-12.31%

-12.99%

+0.68%

Max Drawdown (5Y)

Largest decline over 5 years

-19.81%

-17.15%

-2.66%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.70%

—

Current Drawdown

Current decline from peak

-1.10%

-0.09%

-1.01%

Average Drawdown

Average peak-to-trough decline

-3.54%

-6.14%

+2.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

1.21%

+0.95%

Volatility

FCCV.TO vs. CDZ.TO - Volatility Comparison

Fidelity Canadian Value ETF (FCCV.TO) has a higher volatility of 3.95% compared to iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) at 1.88%. This indicates that FCCV.TO's price experiences larger fluctuations and is considered to be riskier than CDZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FCCV.TOCDZ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.95%

1.88%

+2.07%

Volatility (6M)

Calculated over the trailing 6-month period

11.43%

6.91%

+4.52%

Volatility (1Y)

Calculated over the trailing 1-year period

14.00%

8.26%

+5.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.99%

10.86%

+4.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.77%

14.63%

+0.14%

FCCV.TO vs. CDZ.TO - Expense Ratio Comparison

FCCV.TO has a 0.35% expense ratio, which is lower than CDZ.TO's 0.66% expense ratio.

Dividends

FCCV.TO vs. CDZ.TO - Dividend Comparison

FCCV.TO's dividend yield for the trailing twelve months is around 1.59%, less than CDZ.TO's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.07%3.46%3.56%3.71%3.67%2.95%3.70%3.68%4.37%3.43%3.51%3.72%
FCCV.TO
Fidelity Canadian Value ETF		1.59%1.84%2.59%3.01%2.45%1.66%1.59%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FCCV.TO and CDZ.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FCCV.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FCCV.TO is cheaper with a 0.35% expense ratio, compared with 0.66% for CDZ.TO.

FCCV.TO tracks Fidelity Canada Canadian Value Index, while CDZ.TO tracks Morningstar Canada GR CAD. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.35% for FCCV.TO and 0.66% for CDZ.TO.

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