FCIV.TO vs. FXM.TO

Last updated Jun 5, 2026

FCIV.TO (Fidelity International Value ETF) and FXM.TO (CI Morningstar Canada Value Index ETF) are both exchange-traded funds - FCIV.TO is a Foreign Large Cap Equities fund tracking the Fidelity Canada International Value Index, while FXM.TO is a Canada Equities fund tracking the Morningstar Canada Target Value Index. Both are passively managed. Over the past 5 years, FCIV.TO returned 14.84%/yr vs 18.45%/yr for FXM.TO. A 0.51 correlation means they provide meaningful diversification when combined. FCIV.TO charges 0.45%/yr vs 0.64%/yr for FXM.TO.

Performance

FCIV.TO vs. FXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity International Value ETF (FCIV.TO) and CI Morningstar Canada Value Index ETF (FXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCIV.TO achieves a 12.74% return, which is significantly lower than FXM.TO's 15.85% return.

FCIV.TO

• 1D: 0.66%
• 1M: 2.10%
• YTD: 12.74%
• 6M: 10.78%
• 1Y: 31.00%
• 3Y*: 22.12%
• 5Y*: 14.84%
• 10Y*: —

FXM.TO

• 1D: 0.35%
• 1M: 4.43%
• YTD: 15.85%
• 6M: 18.70%
• 1Y: 49.87%
• 3Y*: 28.52%
• 5Y*: 18.45%
• 10Y*: 14.18%

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

FCIV.TO vs. FXM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCIV.TO Fidelity International Value ETF	12.74%	33.59%	6.89%	22.74%	-0.22%	14.15%	5.34%
FXM.TO CI Morningstar Canada Value Index ETF	15.85%	38.54%	30.05%	5.79%	-1.19%	31.47%	14.38%

Correlation

The correlation between FCIV.TO and FXM.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020	0.51

The correlation between FCIV.TO and FXM.TO has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

FCIV.TO vs. FXM.TO - Sectors Allocation Comparison

Sectors	FCIV.TO	FXM.TO
Financial Services	30.7%	18.0%
Industrials	13.6%	7.1%
Consumer Defensive	13.3%	6.3%
Energy	12.9%	12.1%
Consumer Cyclical	11.2%	10.2%
Real Estate	9.1%	-
Technology	5.6%	5.7%
Healthcare	3.7%	-
Basic Materials	-	15.4%
Communication Services	-	12.0%
Utilities	-	13.2%

Return for Risk

FCIV.TO vs. FXM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCIV.TO

FCIV.TO Risk / Return Rank: 68
FCIV.TO Sharpe Ratio Rank: 66
FCIV.TO Sortino Ratio Rank: 62
FCIV.TO Omega Ratio Rank: 65
FCIV.TO Calmar Ratio Rank: 73
FCIV.TO Martin Ratio Rank: 73

FXM.TO

FXM.TO Risk / Return Rank: 95
FXM.TO Sharpe Ratio Rank: 97
FXM.TO Sortino Ratio Rank: 96
FXM.TO Omega Ratio Rank: 97
FXM.TO Calmar Ratio Rank: 92
FXM.TO Martin Ratio Rank: 93

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.

FCIV.TO vs. FXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Value ETF (FCIV.TO) and CI Morningstar Canada Value Index ETF (FXM.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.

	FCIV.TO	FXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.15	4.60	-2.45
Sortino ratio: Return per unit of downside risk	2.85	5.84	-3.00
Omega ratio: Gain probability vs. loss probability	1.39	1.91	-0.52
Calmar ratio: Return relative to maximum drawdown	3.63	6.18	-2.55
Martin ratio: Return relative to average drawdown	13.66	24.59	-10.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCIV.TO vs. FXM.TO - Sharpe Ratio Comparison

The current FCIV.TO Sharpe Ratio is 2.15, which is lower than the FXM.TO Sharpe Ratio of 4.60. The chart below compares the historical Sharpe Ratios of FCIV.TO and FXM.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

	FCIV.TO	FXM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	4.60	-2.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	1.30	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.82	+0.18

Drawdowns

FCIV.TO vs. FXM.TO - Drawdown Comparison

The maximum FCIV.TO drawdown since its inception was -24.27%, smaller than the maximum FXM.TO drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for FCIV.TO and FXM.TO.

Drawdown Indicators

	FCIV.TO	FXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.27%	-46.41%	+22.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-8.11%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-12.44%	-4.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-16.08%	-8.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.41%	—
Current Drawdown Current decline from peak	-1.09%	0.00%	-1.09%
Average Drawdown Average peak-to-trough decline	-4.05%	-4.69%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.03%	+0.25%

Volatility

FCIV.TO vs. FXM.TO - Volatility Comparison

Fidelity International Value ETF (FCIV.TO) has a higher volatility of 4.18% compared to CI Morningstar Canada Value Index ETF (FXM.TO) at 1.58%. This indicates that FCIV.TO's price experiences larger fluctuations and is considered to be riskier than FXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCIV.TO	FXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	1.58%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	8.28%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	10.90%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	14.25%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	16.99%	-1.45%

FCIV.TO vs. FXM.TO - Expense Ratio Comparison

FCIV.TO has a 0.45% expense ratio, which is lower than FXM.TO's 0.64% expense ratio.

Dividends

FCIV.TO vs. FXM.TO - Dividend Comparison

FCIV.TO's dividend yield for the trailing twelve months is around 1.84%, more than FXM.TO's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCIV.TO Fidelity International Value ETF	1.84%	2.08%	2.80%	3.63%	3.45%	2.97%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%
FXM.TO CI Morningstar Canada Value Index ETF	1.82%	1.91%	2.17%	2.96%	2.18%	2.19%	2.40%	2.03%	2.52%	1.70%	1.83%	2.24%

Frequently Asked Questions

Can I hold both FCIV.TO and FXM.TO in my portfolio?

FCIV.TO and FXM.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCIV.TO or FXM.TO?

On fees, FCIV.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCIV.TO or FXM.TO?

FCIV.TO is cheaper with a 0.45% expense ratio, compared with 0.64% for FXM.TO.

What is the main difference between FCIV.TO and FXM.TO?

FCIV.TO is categorized as Foreign Large Cap Equities, while FXM.TO is Canada Equities. FCIV.TO tracks Fidelity Canada International Value Index, while FXM.TO tracks Morningstar Canada Target Value Index. They also come from different issuers: Fidelity and CI Investments. Their fees differ too: 0.45% for FCIV.TO and 0.64% for FXM.TO.