FCMI.TO vs. CDAY.NEO

Last updated Jul 17, 2026

FCMI.TO (Fidelity Canadian Monthly High Income ETF) and CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) are both exchange-traded funds - FCMI.TO is a Canada Equities fund actively managed by Fidelity, while CDAY.NEO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, FCMI.TO returned 19.31% vs 36.87% for CDAY.NEO. At a 0.30 correlation, their price movements are largely independent. FCMI.TO charges 0.50%/yr vs 0.85%/yr for CDAY.NEO.

Performance

FCMI.TO vs. CDAY.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian Monthly High Income ETF (FCMI.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCMI.TO achieves a 9.25% return, which is significantly lower than CDAY.NEO's 19.23% return.

FCMI.TO

• 1D: 0.00%
• 1M: -0.19%
• 6M: 7.41%
• YTD: 9.25%
• 1Y: 19.31%
• 3Y*: 13.93%
• 5Y*: 8.04%
• 10Y*: —

CDAY.NEO

• 1D: 0.22%
• 1M: 2.56%
• 6M: 15.19%
• YTD: 19.23%
• 1Y: 36.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCMI.TO vs. CDAY.NEO - Yearly Performance Comparison

	2026 (YTD)	2025
FCMI.TO Fidelity Canadian Monthly High Income ETF	9.25%	9.21%
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	19.23%	13.23%

Correlation

The correlation between FCMI.TO and CDAY.NEO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.30

Return for Risk

FCMI.TO vs. CDAY.NEO — Risk / Return Rank

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

FCMI.TO

FCMI.TO Risk / Return Rank: 95
FCMI.TO Sharpe Ratio Rank: 95
FCMI.TO Sortino Ratio Rank: 96
FCMI.TO Omega Ratio Rank: 97
FCMI.TO Calmar Ratio Rank: 94
FCMI.TO Martin Ratio Rank: 94

CDAY.NEO

CDAY.NEO Risk / Return Rank: 92
CDAY.NEO Sharpe Ratio Rank: 95
CDAY.NEO Sortino Ratio Rank: 93
CDAY.NEO Omega Ratio Rank: 94
CDAY.NEO Calmar Ratio Rank: 86
CDAY.NEO Martin Ratio Rank: 92

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.

FCMI.TO vs. CDAY.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Monthly High Income ETF (FCMI.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). 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.

	FCMI.TO	CDAY.NEO	Difference
Sharpe ratio: Return per unit of total volatility	3.03	2.95	+0.08
Sortino ratio: Return per unit of downside risk	4.75	3.85	+0.90
Omega ratio: Gain probability vs. loss probability	1.80	1.55	+0.26
Calmar ratio: Return relative to maximum drawdown	5.36	3.86	+1.51
Martin ratio: Return relative to average drawdown	20.61	17.35	+3.25

FCMI.TO vs. CDAY.NEO - Sharpe Ratio Comparison

The current FCMI.TO Sharpe Ratio is 3.03, which is comparable to the CDAY.NEO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of FCMI.TO and CDAY.NEO, 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

FCMI.TO vs. CDAY.NEO - Drawdown Comparison

The maximum FCMI.TO drawdown since its inception was -63.80%, which is greater than CDAY.NEO's maximum drawdown of -9.65%. Use the drawdown chart below to compare losses from any high point for FCMI.TO and CDAY.NEO.

Drawdown Indicators

	FCMI.TO	CDAY.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-9.65%	-54.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-9.65%	+6.03%
Max Drawdown (3Y) Largest decline over 3 years	-6.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.00%	—	—
Current Drawdown Current decline from peak	-18.96%	0.00%	-18.96%
Average Drawdown Average peak-to-trough decline	-41.60%	-1.23%	-40.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.14%	-1.20%

Volatility

FCMI.TO vs. CDAY.NEO - Volatility Comparison

The current volatility for Fidelity Canadian Monthly High Income ETF (FCMI.TO) is 2.10%, while Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) has a volatility of 2.52%. This indicates that FCMI.TO experiences smaller price fluctuations and is considered to be less risky than CDAY.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCMI.TO	CDAY.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	2.52%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	10.76%	-5.77%
Volatility (1Y) Calculated over the trailing 1-year period	6.39%	12.60%	-6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	12.68%	-4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	12.68%	+9.52%

FCMI.TO vs. CDAY.NEO - Expense Ratio Comparison

FCMI.TO has a 0.50% expense ratio, which is lower than CDAY.NEO's 0.85% expense ratio.

Dividends

FCMI.TO vs. CDAY.NEO - Dividend Comparison

FCMI.TO's dividend yield for the trailing twelve months is around 3.28%, less than CDAY.NEO's 14.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	14.75%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%
FCMI.TO Fidelity Canadian Monthly High Income ETF	3.28%	3.38%	3.63%	4.09%	3.73%	2.76%	6.22%

Frequently Asked Questions

Can I hold both FCMI.TO and CDAY.NEO in my portfolio?

FCMI.TO and CDAY.NEO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCMI.TO or CDAY.NEO?

On fees, FCMI.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCMI.TO or CDAY.NEO?

FCMI.TO is cheaper with a 0.50% expense ratio, compared with 0.85% for CDAY.NEO.

What is the main difference between FCMI.TO and CDAY.NEO?

FCMI.TO is categorized as Canada Equities, while CDAY.NEO is Derivative Income. They also come from different issuers: Fidelity and Hamilton Capital. Their fees differ too: 0.50% for FCMI.TO and 0.85% for CDAY.NEO.