FCIV.TO vs. ZEA.TO

Last updated Jun 25, 2026

FCIV.TO (Fidelity International Value ETF) and ZEA.TO (BMO MSCI EAFE Index ETF) are both Foreign Large Cap Equities funds - FCIV.TO tracks the Fidelity Canada International Value Index while ZEA.TO tracks the MSCI EAFE Index. Both are passively managed. Over the past 5 years, FCIV.TO returned 15.51%/yr vs 11.38%/yr for ZEA.TO. A 0.77 correlation means they provide meaningful diversification when combined. FCIV.TO charges 0.45%/yr vs 0.22%/yr for ZEA.TO.

Performance

FCIV.TO vs. ZEA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity International Value ETF (FCIV.TO) and BMO MSCI EAFE Index ETF (ZEA.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 14.83% return, which is significantly higher than ZEA.TO's 12.12% return.

FCIV.TO

• 1D: 0.28%
• 1M: 0.97%
• YTD: 14.83%
• 6M: 10.62%
• 1Y: 31.84%
• 3Y*: 22.85%
• 5Y*: 15.51%
• 10Y*: —

ZEA.TO

• 1D: -0.19%
• 1M: -0.25%
• YTD: 12.12%
• 6M: 12.00%
• 1Y: 24.12%
• 3Y*: 19.22%
• 5Y*: 11.38%
• 10Y*: 10.70%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCIV.TO Fidelity International Value ETF	14.83%	33.60%	6.89%	22.75%	-0.22%	14.15%	4.49%
ZEA.TO BMO MSCI EAFE Index ETF	12.12%	24.92%	11.58%	16.04%	-8.50%	10.66%	11.15%

Correlation

The correlation between FCIV.TO and ZEA.TO is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020	0.77

The correlation between FCIV.TO and ZEA.TO has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

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

Sectors	FCIV.TO	ZEA.TO
Financial Services	31.3%	24.6%
Energy	10.9%	4.0%
Industrials	10.3%	19.5%
Consumer Defensive	10.0%	6.8%
Consumer Cyclical	8.1%	7.6%
Technology	7.3%	10.8%
Real Estate	4.9%	1.8%
Healthcare	3.1%	10.4%
Communication Services	1.3%	4.8%
Basic Materials	-	5.9%
Utilities	-	3.7%

Return for Risk

FCIV.TO vs. ZEA.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: 77
FCIV.TO Sharpe Ratio Rank: 77
FCIV.TO Sortino Ratio Rank: 73
FCIV.TO Omega Ratio Rank: 76
FCIV.TO Calmar Ratio Rank: 80
FCIV.TO Martin Ratio Rank: 80

ZEA.TO

ZEA.TO Risk / Return Rank: 54
ZEA.TO Sharpe Ratio Rank: 55
ZEA.TO Sortino Ratio Rank: 56
ZEA.TO Omega Ratio Rank: 56
ZEA.TO Calmar Ratio Rank: 50
ZEA.TO Martin Ratio Rank: 54

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. ZEA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Value ETF (FCIV.TO) and BMO MSCI EAFE Index ETF (ZEA.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.

	FCIV.TO	ZEA.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.67	+0.51
Sortino ratio: Return per unit of downside risk	2.90	2.40	+0.50
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	3.72	2.22	+1.50
Martin ratio: Return relative to average drawdown	13.98	8.56	+5.42

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

The current FCIV.TO Sharpe Ratio is 2.18, which is higher than the ZEA.TO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of FCIV.TO and ZEA.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.

Drawdowns

FCIV.TO vs. ZEA.TO - Drawdown Comparison

The maximum FCIV.TO drawdown since its inception was -24.27%, smaller than the maximum ZEA.TO drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for FCIV.TO and ZEA.TO.

Drawdown Indicators

	FCIV.TO	ZEA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.27%	-27.80%	+3.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-10.91%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-14.11%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-23.66%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.80%	—
Current Drawdown Current decline from peak	-0.66%	-2.09%	+1.43%
Average Drawdown Average peak-to-trough decline	-4.07%	-4.61%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.83%	-0.55%

Volatility

FCIV.TO vs. ZEA.TO - Volatility Comparison

The current volatility for Fidelity International Value ETF (FCIV.TO) is 3.43%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 4.91%. This indicates that FCIV.TO experiences smaller price fluctuations and is considered to be less risky than ZEA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCIV.TO	ZEA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	4.91%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	12.41%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.66%	14.51%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.21%	13.63%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	14.79%	+0.72%

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

FCIV.TO has a 0.45% expense ratio, which is higher than ZEA.TO's 0.22% expense ratio.

Dividends

FCIV.TO vs. ZEA.TO - Dividend Comparison

FCIV.TO's dividend yield for the trailing twelve months is around 1.82%, less than ZEA.TO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCIV.TO Fidelity International Value ETF	1.82%	2.09%	2.80%	3.64%	3.45%	2.97%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%
ZEA.TO BMO MSCI EAFE Index ETF	1.90%	2.17%	2.78%	3.02%	3.08%	2.49%	2.74%	2.95%	3.05%	2.40%	2.80%	2.43%

Frequently Asked Questions

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

FCIV.TO and ZEA.TO have a correlation of 0.86, 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 ZEA.TO?

On fees, ZEA.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.45% for FCIV.TO.

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

FCIV.TO tracks Fidelity Canada International Value Index, while ZEA.TO tracks MSCI EAFE Index. They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.45% for FCIV.TO and 0.22% for ZEA.TO.