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FCMI.TO vs. FCUV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCMI.TO vs. FCUV.TO

Last updated Jul 16, 2026
Documentation

FCMI.TO (Fidelity Canadian Monthly High Income ETF) and FCUV.TO (Fidelity U.S. Value ETF) are both exchange-traded funds - FCMI.TO is a Canada Equities fund actively managed by Fidelity, while FCUV.TO is a Large Cap Value Equities fund tracking the Fidelity Canada U.S. Value Index. FCMI.TO is actively managed, while FCUV.TO is passively managed. Over the past 5 years, FCMI.TO returned 8.04%/yr vs 21.12%/yr for FCUV.TO. At a 0.13 correlation, their price movements are largely independent. FCMI.TO charges 0.50%/yr vs 0.38%/yr for FCUV.TO.

Performance

FCMI.TO vs. FCUV.TO - 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 Fidelity U.S. Value ETF (FCUV.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FCMI.TO achieves a 9.25% return, which is significantly lower than FCUV.TO's 17.80% return.

FCMI.TO

1D
0.00%
1M
0.07%
6M
7.41%
YTD
9.25%
1Y
19.31%
3Y*
13.93%
5Y*
8.04%
10Y*
—

FCUV.TO

1D
-0.68%
1M
1.95%
6M
13.24%
YTD
17.80%
1Y
34.68%
3Y*
25.54%
5Y*
21.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FCMI.TO vs. FCUV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
FCMI.TO
Fidelity Canadian Monthly High Income ETF		9.25%15.02%13.11%5.49%-5.32%15.26%13.07%
FCUV.TO
Fidelity U.S. Value ETF		17.80%14.83%35.81%19.99%2.58%38.13%13.42%

Correlation

The correlation between FCMI.TO and FCUV.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Jun 10, 2020

0.13

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Canadian Monthly High Income ETF

Fidelity U.S. Value ETF

Often compared with FCUV.TO:
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Return for Risk

FCMI.TO vs. FCUV.TO — 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: 9595
Overall Rank
FCMI.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
FCMI.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
FCMI.TO Omega Ratio Rank: 9797
Omega Ratio Rank
FCMI.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
FCMI.TO Martin Ratio Rank: 9494
Martin Ratio Rank
FCUV.TO
FCUV.TO Risk / Return Rank: 9090
Overall Rank
FCUV.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
FCUV.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
FCUV.TO Omega Ratio Rank: 8787
Omega Ratio Rank
FCUV.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
FCUV.TO Martin Ratio Rank: 9292
Martin Ratio Rank
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. FCUV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Monthly High Income ETF (FCMI.TO) and Fidelity U.S. Value ETF (FCUV.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.

FCMI.TOFCUV.TODifference
Sharpe ratioReturn per unit of total volatility
3.03
2.33

+0.71

Sortino ratioReturn per unit of downside risk
4.75
3.23

+1.52

Omega ratioGain probability vs. loss probability

1.80

1.42

+0.38

Calmar ratioReturn relative to maximum drawdown

5.36

5.20

+0.16

Martin ratioReturn relative to average drawdown

20.61

17.47

+3.13

FCMI.TO vs. FCUV.TO - Sharpe Ratio Comparison

The current FCMI.TO Sharpe Ratio is 3.03, which is higher than the FCUV.TO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of FCMI.TO and FCUV.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.

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Drawdowns

FCMI.TO vs. FCUV.TO - Drawdown Comparison

The maximum FCMI.TO drawdown since its inception was -63.80%, which is greater than FCUV.TO's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for FCMI.TO and FCUV.TO.

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Drawdown Indicators

FCMI.TOFCUV.TODifference

Max Drawdown

Largest peak-to-trough decline

-63.80%

-16.47%

-47.33%

Max Drawdown (1Y)

Largest decline over 1 year

-3.62%

-6.70%

+3.08%

Max Drawdown (3Y)

Largest decline over 3 years

-6.63%

-16.47%

+9.84%

Max Drawdown (5Y)

Largest decline over 5 years

-10.00%

-16.47%

+6.47%

Current Drawdown

Current decline from peak

-18.96%

-1.60%

-17.36%

Average Drawdown

Average peak-to-trough decline

-41.60%

-2.50%

-39.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.94%

1.99%

-1.05%

Volatility

FCMI.TO vs. FCUV.TO - Volatility Comparison

The current volatility for Fidelity Canadian Monthly High Income ETF (FCMI.TO) is 2.10%, while Fidelity U.S. Value ETF (FCUV.TO) has a volatility of 4.64%. This indicates that FCMI.TO experiences smaller price fluctuations and is considered to be less risky than FCUV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FCMI.TOFCUV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.10%

4.64%

-2.54%

Volatility (6M)

Calculated over the trailing 6-month period

4.99%

11.17%

-6.18%

Volatility (1Y)

Calculated over the trailing 1-year period

6.39%

14.97%

-8.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.80%

15.36%

-7.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.20%

14.85%

+7.35%

FCMI.TO vs. FCUV.TO - Expense Ratio Comparison

FCMI.TO has a 0.50% expense ratio, which is higher than FCUV.TO's 0.38% expense ratio.

Dividends

FCMI.TO vs. FCUV.TO - Dividend Comparison

FCMI.TO's dividend yield for the trailing twelve months is around 3.28%, more than FCUV.TO's 0.88% yield.

PositionTTM202520242023202220212020
FCMI.TO
Fidelity Canadian Monthly High Income ETF		3.28%3.38%3.63%4.09%3.73%2.76%6.22%
FCUV.TO
Fidelity U.S. Value ETF		0.88%1.14%1.03%1.43%2.71%1.10%3.42%

Frequently Asked Questions

FCMI.TO and FCUV.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FCUV.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FCUV.TO is cheaper with a 0.38% expense ratio, compared with 0.50% for FCMI.TO.

FCMI.TO is categorized as Canada Equities, while FCUV.TO is Large Cap Value Equities. Their fees differ too: 0.50% for FCMI.TO and 0.38% for FCUV.TO.

Portfolio Optimizer

Find the right allocation for FCMI.TO and FCUV.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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