FCCV.TO vs. VCE.TO

Last updated Jun 5, 2026

FCCV.TO (Fidelity Canadian Value ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both Canada Equities funds - FCCV.TO tracks the Fidelity Canada Canadian Value Index while VCE.TO tracks the FTSE Canada Domestic Index. Both are passively managed. Over the past 5 years, FCCV.TO returned 17.71%/yr vs 14.72%/yr for VCE.TO. A 0.79 correlation means they provide meaningful diversification when combined. FCCV.TO charges 0.35%/yr vs 0.06%/yr for VCE.TO.

Performance

FCCV.TO vs. VCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian Value ETF (FCCV.TO) and Vanguard FTSE Canada Index ETF (VCE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCCV.TO achieves a 16.48% return, which is significantly higher than VCE.TO's 11.48% return.

FCCV.TO

• 1D: 0.95%
• 1M: 5.64%
• YTD: 16.48%
• 6M: 17.18%
• 1Y: 48.88%
• 3Y*: 25.60%
• 5Y*: 17.71%
• 10Y*: —

VCE.TO

• 1D: 1.31%
• 1M: 5.01%
• YTD: 11.48%
• 6M: 10.47%
• 1Y: 31.35%
• 3Y*: 22.98%
• 5Y*: 14.72%
• 10Y*: 12.70%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCCV.TO Fidelity Canadian Value ETF	16.48%	36.93%	15.47%	11.16%	-3.35%	34.98%	20.55%
VCE.TO Vanguard FTSE Canada Index ETF	11.48%	26.39%	21.43%	12.26%	-5.20%	28.59%	13.21%

Correlation

The correlation between FCCV.TO and VCE.TO is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 16, 2020	0.79

The correlation between FCCV.TO and VCE.TO has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

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

Sectors	FCCV.TO	VCE.TO
Financial Services	38.7%	37.4%
Basic Materials	23.0%	15.4%
Technology	12.4%	8.2%
Energy	11.4%	18.4%
Communication Services	5.7%	1.5%
Healthcare	3.7%	-
Industrials	3.5%	10.6%
Real Estate	1.7%	0.2%
Consumer Cyclical	-	3.4%
Consumer Defensive	-	2.9%
Utilities	-	1.9%

Return for Risk

FCCV.TO vs. VCE.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: 92
FCCV.TO Sharpe Ratio Rank: 94
FCCV.TO Sortino Ratio Rank: 92
FCCV.TO Omega Ratio Rank: 93
FCCV.TO Calmar Ratio Rank: 88
FCCV.TO Martin Ratio Rank: 92

VCE.TO

VCE.TO Risk / Return Rank: 80
VCE.TO Sharpe Ratio Rank: 80
VCE.TO Sortino Ratio Rank: 76
VCE.TO Omega Ratio Rank: 78
VCE.TO Calmar Ratio Rank: 78
VCE.TO Martin Ratio Rank: 86

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. VCE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Value ETF (FCCV.TO) and Vanguard FTSE Canada Index ETF (VCE.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.TO	VCE.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.51	2.55	+0.95
Sortino ratio: Return per unit of downside risk	4.43	3.38	+1.05
Omega ratio: Gain probability vs. loss probability	1.64	1.46	+0.18
Calmar ratio: Return relative to maximum drawdown	5.02	3.89	+1.12
Martin ratio: Return relative to average drawdown	22.71	18.14	+4.57
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. VCE.TO - Sharpe Ratio Comparison

The current FCCV.TO Sharpe Ratio is 3.51, which is higher than the VCE.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FCCV.TO and VCE.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

	FCCV.TO	VCE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.51	2.55	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	1.16	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	0.78	+0.70

Drawdowns

FCCV.TO vs. VCE.TO - Drawdown Comparison

The maximum FCCV.TO drawdown since its inception was -19.81%, smaller than the maximum VCE.TO drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for FCCV.TO and VCE.TO.

Drawdown Indicators

	FCCV.TO	VCE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.81%	-35.92%	+16.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-8.09%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-12.31%	-12.16%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-19.81%	-15.90%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.92%	—
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-3.54%	-3.73%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.73%	+0.43%

Volatility

FCCV.TO vs. VCE.TO - Volatility Comparison

Fidelity Canadian Value ETF (FCCV.TO) has a higher volatility of 3.99% compared to Vanguard FTSE Canada Index ETF (VCE.TO) at 3.62%. This indicates that FCCV.TO's price experiences larger fluctuations and is considered to be riskier than VCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCCV.TO	VCE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	3.62%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	10.07%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	12.36%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	12.79%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.77%	14.99%	-0.22%

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

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

Dividends

FCCV.TO vs. VCE.TO - Dividend Comparison

FCCV.TO's dividend yield for the trailing twelve months is around 1.58%, less than VCE.TO's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCCV.TO Fidelity Canadian Value ETF	1.58%	1.84%	2.59%	3.01%	2.45%	1.66%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%
VCE.TO Vanguard FTSE Canada Index ETF	2.14%	2.42%	2.84%	3.16%	3.21%	2.61%	2.93%	3.01%	3.21%	2.57%	2.64%	2.98%

Frequently Asked Questions

Can I hold both FCCV.TO and VCE.TO in my portfolio?

FCCV.TO and VCE.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCCV.TO or VCE.TO?

On fees, VCE.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, FCCV.TO or VCE.TO?

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.35% for FCCV.TO.

What is the main difference between FCCV.TO and VCE.TO?

FCCV.TO tracks Fidelity Canada Canadian Value Index, while VCE.TO tracks FTSE Canada Domestic Index. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.35% for FCCV.TO and 0.06% for VCE.TO.