FCCV.TO vs. WXM.TO

Last updated Jun 4, 2026

FCCV.TO (Fidelity Canadian Value ETF) and WXM.TO (CI Morningstar Canada Momentum Index ETF) are both exchange-traded funds - FCCV.TO is a Canada Equities fund tracking the Fidelity Canada Canadian Value Index, while WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index. Both are passively managed. Over the past 5 years, FCCV.TO returned 17.48%/yr vs 18.57%/yr for WXM.TO. A 0.70 correlation means they provide meaningful diversification when combined. FCCV.TO charges 0.35%/yr vs 0.65%/yr for WXM.TO.

Performance

FCCV.TO vs. WXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian Value ETF (FCCV.TO) and CI Morningstar Canada Momentum Index ETF (WXM.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 15.39% return, which is significantly lower than WXM.TO's 18.83% 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*: —

WXM.TO

• 1D: -0.33%
• 1M: 4.70%
• YTD: 18.83%
• 6M: 22.68%
• 1Y: 46.31%
• 3Y*: 29.82%
• 5Y*: 18.57%
• 10Y*: 15.24%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCCV.TO Fidelity Canadian Value ETF	15.39%	36.93%	15.47%	11.16%	-3.35%	34.98%	20.55%
WXM.TO CI Morningstar Canada Momentum Index ETF	18.83%	38.16%	33.93%	3.35%	-0.42%	20.98%	10.43%

Correlation

The correlation between FCCV.TO and WXM.TO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 16, 2020	0.70

The correlation between FCCV.TO and WXM.TO has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

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

Sectors	FCCV.TO	WXM.TO
Financial Services	38.7%	17.3%
Basic Materials	23.0%	13.5%
Technology	12.4%	4.9%
Energy	11.4%	18.5%
Communication Services	5.7%	6.0%
Healthcare	3.7%	-
Industrials	3.5%	18.2%
Real Estate	1.7%	-
Consumer Cyclical	-	6.9%
Consumer Defensive	-	6.1%
Utilities	-	8.6%

Return for Risk

FCCV.TO vs. WXM.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: 90
FCCV.TO Sharpe Ratio Rank: 92
FCCV.TO Sortino Ratio Rank: 90
FCCV.TO Omega Ratio Rank: 92
FCCV.TO Calmar Ratio Rank: 86
FCCV.TO Martin Ratio Rank: 91

WXM.TO

WXM.TO Risk / Return Rank: 88
WXM.TO Sharpe Ratio Rank: 90
WXM.TO Sortino Ratio Rank: 87
WXM.TO Omega Ratio Rank: 87
WXM.TO Calmar Ratio Rank: 86
WXM.TO Martin Ratio Rank: 91

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. WXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Value ETF (FCCV.TO) and CI Morningstar Canada Momentum Index ETF (WXM.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	WXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.36	3.10	+0.26
Sortino ratio: Return per unit of downside risk	4.28	4.00	+0.27
Omega ratio: Gain probability vs. loss probability	1.61	1.55	+0.06
Calmar ratio: Return relative to maximum drawdown	4.81	4.90	-0.10
Martin ratio: Return relative to average drawdown	21.76	21.82	-0.06
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. WXM.TO - Sharpe Ratio Comparison

The current FCCV.TO Sharpe Ratio is 3.36, which is comparable to the WXM.TO Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of FCCV.TO and WXM.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	WXM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.36	3.10	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	1.18	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	0.91	+0.55

Drawdowns

FCCV.TO vs. WXM.TO - Drawdown Comparison

The maximum FCCV.TO drawdown since its inception was -19.81%, smaller than the maximum WXM.TO drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for FCCV.TO and WXM.TO.

Drawdown Indicators

	FCCV.TO	WXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.81%	-40.45%	+20.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-9.49%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-12.31%	-12.13%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-19.81%	-15.87%	-3.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.45%	—
Current Drawdown Current decline from peak	-1.10%	-0.33%	-0.77%
Average Drawdown Average peak-to-trough decline	-3.54%	-4.48%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.13%	+0.03%

Volatility

FCCV.TO vs. WXM.TO - Volatility Comparison

Fidelity Canadian Value ETF (FCCV.TO) and CI Morningstar Canada Momentum Index ETF (WXM.TO) have volatilities of 3.95% and 4.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCCV.TO	WXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	4.06%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	11.86%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.00%	15.02%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	15.85%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.77%	16.78%	-2.01%

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

FCCV.TO has a 0.35% expense ratio, which is lower than WXM.TO's 0.65% expense ratio.

Dividends

FCCV.TO vs. WXM.TO - Dividend Comparison

FCCV.TO's dividend yield for the trailing twelve months is around 1.59%, more than WXM.TO's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WXM.TO CI Morningstar Canada Momentum Index ETF	1.15%	1.25%	1.27%	1.38%	2.25%	1.04%	0.78%	0.94%	1.44%	1.38%	1.58%	1.51%

Frequently Asked Questions

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

FCCV.TO and WXM.TO have a correlation of 0.79, 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 WXM.TO?

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.

Which ETF is cheaper, FCCV.TO or WXM.TO?

FCCV.TO is cheaper with a 0.35% expense ratio, compared with 0.65% for WXM.TO.

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

FCCV.TO is categorized as Canada Equities, while WXM.TO is Momentum. FCCV.TO tracks Fidelity Canada Canadian Value Index, while WXM.TO tracks Morningstar Canada Target Momentum Index. They also come from different issuers: Fidelity and CI Global Asset Management. Their fees differ too: 0.35% for FCCV.TO and 0.65% for WXM.TO.