FCIL.NEO vs. ZLD.TO
FCIL.NEO (Fidelity International Low Volatility ETF) and ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) are both Foreign Large Cap Equities funds. Over the past 5 years, FCIL.NEO returned 9.43%/yr vs 6.48%/yr for ZLD.TO. At a 0.30 correlation, their price movements are largely independent. FCIL.NEO charges 0.45%/yr vs 0.40%/yr for ZLD.TO.
Performance
FCIL.NEO vs. ZLD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FCIL.NEO achieves a 9.96% return, which is significantly higher than ZLD.TO's 5.87% return.
FCIL.NEO
- 1D
- -0.05%
- 1M
- 2.49%
- 6M
- 5.57%
- YTD
- 9.96%
- 1Y
- 19.75%
- 3Y*
- 14.99%
- 5Y*
- 9.43%
- 10Y*
- —
ZLD.TO
- 1D
- 0.32%
- 1M
- 3.66%
- 6M
- 4.78%
- YTD
- 5.87%
- 1Y
- 7.06%
- 3Y*
- 10.27%
- 5Y*
- 6.48%
- 10Y*
- 6.55%
FCIL.NEO vs. ZLD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FCIL.NEO Fidelity International Low Volatility ETF | 9.96% | 21.40% | 9.79% | 11.49% | -6.83% | 7.63% | -0.78% | 11.33% |
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF | 5.87% | 9.63% | 11.11% | 11.37% | -6.68% | 12.56% | -5.85% | 13.65% |
Correlation
The correlation between FCIL.NEO and ZLD.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2019 | 0.30 |
The correlation between FCIL.NEO and ZLD.TO shifts across timeframes, from 0.30 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCIL.NEO vs. ZLD.TO — Risk / Return Rank
FCIL.NEO
ZLD.TO
FCIL.NEO vs. ZLD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity International Low Volatility ETF (FCIL.NEO) and BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FCIL.NEO | ZLD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.15 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 1.00 | +1.16 |
| Martin ratioReturn relative to average drawdown | 6.30 | 2.14 | +4.17 |
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Drawdowns
FCIL.NEO vs. ZLD.TO - Drawdown Comparison
The maximum FCIL.NEO drawdown since its inception was -20.28%, smaller than the maximum ZLD.TO drawdown of -28.97%. Use the drawdown chart below to compare losses from any high point for FCIL.NEO and ZLD.TO.
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Drawdown Indicators
| FCIL.NEO | ZLD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.28% | -28.97% | +8.69% |
Max Drawdown (1Y)Largest decline over 1 year | -9.17% | -7.09% | -2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -9.17% | -7.47% | -1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -20.28% | -15.02% | -5.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.97% | — |
Current DrawdownCurrent decline from peak | -1.02% | -1.67% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -4.43% | -3.68% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.31% | -0.17% |
Volatility
FCIL.NEO vs. ZLD.TO - Volatility Comparison
Fidelity International Low Volatility ETF (FCIL.NEO) has a higher volatility of 2.87% compared to BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) at 1.91%. This indicates that FCIL.NEO's price experiences larger fluctuations and is considered to be riskier than ZLD.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 | ZLD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 1.91% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 9.74% | 6.36% | +3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 8.43% | +3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.91% | 9.97% | +2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.54% | 12.82% | +0.72% |
FCIL.NEO vs. ZLD.TO - Expense Ratio Comparison
FCIL.NEO has a 0.45% expense ratio, which is higher than ZLD.TO's 0.40% expense ratio.
Dividends
FCIL.NEO vs. ZLD.TO - Dividend Comparison
FCIL.NEO's dividend yield for the trailing twelve months is around 2.19%, which matches ZLD.TO's 2.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FCIL.NEO Fidelity International Low Volatility ETF | 2.19% | 1.82% | 1.74% | 1.94% | 2.44% | 2.53% | 3.78% | 2.15% | 0.00% | 0.00% | 0.00% |
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF | 2.18% | 2.29% | 2.45% | 2.66% | 2.62% | 2.31% | 2.62% | 2.17% | 2.36% | 2.23% | 1.96% |
Frequently Asked Questions
FCIL.NEO and ZLD.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLD.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLD.TO is cheaper with a 0.40% expense ratio, compared with 0.45% for FCIL.NEO.
They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.45% for FCIL.NEO and 0.40% for ZLD.TO.
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