FCIQ.TO vs. VXM.TO
FCIQ.TO (Fidelity International High Quality ETF) and VXM.TO (CI Morningstar International Value CAD Hedged) are both International Equity funds. FCIQ.TO is actively managed, while VXM.TO is passively managed. Over the past 5 years, FCIQ.TO returned 6.75%/yr vs 20.83%/yr for VXM.TO. At a 0.31 correlation, their price movements are largely independent. FCIQ.TO charges 0.45%/yr vs 0.66%/yr for VXM.TO.
Performance
FCIQ.TO vs. VXM.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FCIQ.TO having a 12.55% return and VXM.TO slightly lower at 12.15%.
FCIQ.TO
- 1D
- 0.90%
- 1M
- 2.68%
- 6M
- 7.49%
- YTD
- 12.55%
- 1Y
- 13.05%
- 3Y*
- 13.45%
- 5Y*
- 6.75%
- 10Y*
- —
VXM.TO
- 1D
- 0.36%
- 1M
- 0.92%
- 6M
- 8.02%
- YTD
- 12.15%
- 1Y
- 33.55%
- 3Y*
- 28.19%
- 5Y*
- 20.83%
- 10Y*
- 13.99%
FCIQ.TO vs. VXM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FCIQ.TO Fidelity International High Quality ETF | 12.55% | 11.87% | 11.21% | 17.76% | -16.23% | 5.22% | 25.89% | 18.15% |
VXM.TO CI Morningstar International Value CAD Hedged | 12.15% | 44.77% | 19.29% | 24.08% | 3.19% | 19.09% | -13.99% | 10.13% |
Correlation
The correlation between FCIQ.TO and VXM.TO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2019 | 0.31 |
Over the past year, FCIQ.TO and VXM.TO have become more correlated (0.55) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
FCIQ.TO vs. VXM.TO — Risk / Return Rank
FCIQ.TO
VXM.TO
FCIQ.TO vs. VXM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity International High Quality ETF (FCIQ.TO) and CI Morningstar International Value CAD Hedged (VXM.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.
| FCIQ.TO | VXM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.47 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 3.58 | -2.11 |
| Martin ratioReturn relative to average drawdown | 4.02 | 12.09 | -8.07 |
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Drawdowns
FCIQ.TO vs. VXM.TO - Drawdown Comparison
The maximum FCIQ.TO drawdown since its inception was -32.88%, smaller than the maximum VXM.TO drawdown of -42.73%. Use the drawdown chart below to compare losses from any high point for FCIQ.TO and VXM.TO.
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Drawdown Indicators
| FCIQ.TO | VXM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.88% | -42.73% | +9.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.91% | -9.40% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.41% | -13.71% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -32.88% | -14.47% | -18.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.73% | — |
Current DrawdownCurrent decline from peak | -1.23% | -1.71% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -6.85% | -7.52% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 2.78% | +0.47% |
Volatility
FCIQ.TO vs. VXM.TO - Volatility Comparison
Fidelity International High Quality ETF (FCIQ.TO) and CI Morningstar International Value CAD Hedged (VXM.TO) have volatilities of 3.76% and 3.92%, 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.
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Volatility by Period
| FCIQ.TO | VXM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.76% | 3.92% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 11.69% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.16% | 13.45% | +1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.78% | 14.80% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.56% | 16.60% | -0.04% |
FCIQ.TO vs. VXM.TO - Expense Ratio Comparison
FCIQ.TO has a 0.45% expense ratio, which is lower than VXM.TO's 0.66% expense ratio.
Dividends
FCIQ.TO vs. VXM.TO - Dividend Comparison
FCIQ.TO's dividend yield for the trailing twelve months is around 1.18%, less than VXM.TO's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCIQ.TO Fidelity International High Quality ETF | 1.18% | 1.59% | 1.64% | 1.94% | 2.54% | 1.56% | 0.54% | 1.42% | 0.00% | 0.00% | 0.00% | 0.00% |
VXM.TO CI Morningstar International Value CAD Hedged | 1.79% | 2.03% | 3.60% | 3.37% | 3.53% | 2.08% | 2.27% | 1.56% | 2.07% | 1.51% | 1.85% | 2.30% |
Frequently Asked Questions
FCIQ.TO and VXM.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCIQ.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCIQ.TO is cheaper with a 0.45% expense ratio, compared with 0.66% for VXM.TO.
They also come from different issuers: Fidelity and CI Investments. Their fees differ too: 0.45% for FCIQ.TO and 0.66% for VXM.TO.
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