FCIL.NEO vs. XEF.TO
FCIL.NEO (Fidelity International Low Volatility ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both Foreign Large Cap Equities funds - FCIL.NEO tracks the Fidelity Canada International Low Volatility Index while XEF.TO tracks the MSCI EAFE Investable Market Index (CAD). Both are passively managed. Over the past 5 years, FCIL.NEO returned 8.40%/yr vs 11.07%/yr for XEF.TO. At a 0.46 correlation, their price movements are largely independent. FCIL.NEO charges 0.45%/yr vs 0.23%/yr for XEF.TO.
Performance
FCIL.NEO vs. XEF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FCIL.NEO achieves a 4.76% return, which is significantly lower than XEF.TO's 10.86% return.
FCIL.NEO
- 1D
- 0.38%
- 1M
- 0.22%
- YTD
- 4.76%
- 6M
- 5.03%
- 1Y
- 10.07%
- 3Y*
- 11.98%
- 5Y*
- 8.40%
- 10Y*
- —
XEF.TO
- 1D
- 0.82%
- 1M
- 4.86%
- YTD
- 10.86%
- 6M
- 11.37%
- 1Y
- 23.85%
- 3Y*
- 18.31%
- 5Y*
- 11.07%
- 10Y*
- 9.90%
FCIL.NEO vs. XEF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FCIL.NEO Fidelity International Low Volatility ETF | 4.76% | 19.10% | 7.89% | 11.49% | -6.83% | 7.63% | -0.78% | 11.33% |
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 10.86% | 25.69% | 12.04% | 15.21% | -9.53% | 10.36% | 6.13% | 13.08% |
Correlation
The correlation between FCIL.NEO and XEF.TO is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2019 | 0.46 |
Over the past year, FCIL.NEO and XEF.TO have become more correlated (0.67) than their long-term average of 0.46, meaning their price movements have been converging.
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Return for Risk
FCIL.NEO vs. XEF.TO — Risk / Return Rank
FCIL.NEO
XEF.TO
FCIL.NEO vs. XEF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity International Low Volatility ETF (FCIL.NEO) and iShares Core MSCI EAFE IMI Index ETF (XEF.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.
| FCIL.NEO | XEF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.32 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.13 | -1.02 |
| Martin ratioReturn relative to average drawdown | 2.70 | 8.48 | -5.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCIL.NEO | XEF.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.70 | 1.73 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.82 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.71 | -0.18 |
Drawdowns
FCIL.NEO vs. XEF.TO - Drawdown Comparison
The maximum FCIL.NEO drawdown since its inception was -20.28%, smaller than the maximum XEF.TO drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for FCIL.NEO and XEF.TO.
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Drawdown Indicators
| FCIL.NEO | XEF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.28% | -28.51% | +8.23% |
Max Drawdown (1Y)Largest decline over 1 year | -9.17% | -11.27% | +2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -9.17% | -14.32% | +5.15% |
Max Drawdown (5Y)Largest decline over 5 years | -20.28% | -24.58% | +4.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.51% | — |
Current DrawdownCurrent decline from peak | -5.63% | -0.27% | -5.36% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -4.61% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 2.82% | +0.92% |
Volatility
FCIL.NEO vs. XEF.TO - Volatility Comparison
The current volatility for Fidelity International Low Volatility ETF (FCIL.NEO) is 3.59%, while iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a volatility of 4.67%. This indicates that FCIL.NEO experiences smaller price fluctuations and is considered to be less risky than XEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCIL.NEO | XEF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 4.67% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.73% | 11.59% | -1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.46% | 13.85% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.90% | 13.58% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.61% | 14.85% | -1.24% |
FCIL.NEO vs. XEF.TO - Expense Ratio Comparison
FCIL.NEO has a 0.45% expense ratio, which is higher than XEF.TO's 0.23% expense ratio.
Dividends
FCIL.NEO vs. XEF.TO - Dividend Comparison
FCIL.NEO has not paid dividends to shareholders, while XEF.TO's dividend yield for the trailing twelve months is around 2.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCIL.NEO Fidelity International Low Volatility ETF | 0.00% | 0.00% | 0.00% | 1.94% | 2.44% | 2.53% | 3.78% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% |
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 2.19% | 2.43% | 2.76% | 2.75% | 2.93% | 2.42% | 1.93% | 2.72% | 2.76% | 2.10% | 2.42% | 2.42% |
Frequently Asked Questions
FCIL.NEO and XEF.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.45% for FCIL.NEO.
FCIL.NEO tracks Fidelity Canada International Low Volatility Index, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.45% for FCIL.NEO and 0.23% for XEF.TO.
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