FCMI.TO vs. PXC.TO
FCMI.TO (Fidelity Canadian Monthly High Income ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds. FCMI.TO is actively managed, while PXC.TO is passively managed. Over the past 5 years, FCMI.TO returned 8.04%/yr vs 17.71%/yr for PXC.TO. At a 0.18 correlation, their price movements are largely independent.
Performance
FCMI.TO vs. PXC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FCMI.TO achieves a 9.25% return, which is significantly lower than PXC.TO's 20.90% 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*
- —
PXC.TO
- 1D
- 0.30%
- 1M
- 3.20%
- 6M
- 16.74%
- YTD
- 20.90%
- 1Y
- 38.73%
- 3Y*
- 24.46%
- 5Y*
- 17.71%
- 10Y*
- 13.25%
FCMI.TO vs. PXC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FCMI.TO Fidelity Canadian Monthly High Income ETF | 9.25% | 15.02% | 13.11% | 5.49% | -5.32% | 15.26% | -50.19% |
PXC.TO Invesco RAFI Canadian Index ETF | 20.90% | 26.50% | 19.57% | 9.28% | 1.37% | 34.11% | -2.37% |
Correlation
The correlation between FCMI.TO and PXC.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020 | 0.18 |
The correlation between FCMI.TO and PXC.TO shifts across timeframes, from 0.18 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCMI.TO vs. PXC.TO — Risk / Return Rank
FCMI.TO
PXC.TO
FCMI.TO vs. PXC.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 Invesco RAFI Canadian Index ETF (PXC.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.TO | PXC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 1.72 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.36 | 8.38 | -3.01 |
| Martin ratioReturn relative to average drawdown | 20.61 | 33.05 | -12.44 |
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Drawdowns
FCMI.TO vs. PXC.TO - Drawdown Comparison
The maximum FCMI.TO drawdown since its inception was -63.80%, which is greater than PXC.TO's maximum drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for FCMI.TO and PXC.TO.
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Drawdown Indicators
| FCMI.TO | PXC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.80% | -41.78% | -22.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.62% | -4.64% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -6.63% | -10.99% | +4.36% |
Max Drawdown (5Y)Largest decline over 5 years | -10.00% | -15.75% | +5.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.78% | — |
Current DrawdownCurrent decline from peak | -18.96% | 0.00% | -18.96% |
Average DrawdownAverage peak-to-trough decline | -41.60% | -5.03% | -36.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.18% | -0.24% |
Volatility
FCMI.TO vs. PXC.TO - Volatility Comparison
The current volatility for Fidelity Canadian Monthly High Income ETF (FCMI.TO) is 2.10%, while Invesco RAFI Canadian Index ETF (PXC.TO) has a volatility of 2.79%. This indicates that FCMI.TO experiences smaller price fluctuations and is considered to be less risky than PXC.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.TO | PXC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 2.79% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.99% | 7.69% | -2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 10.42% | -4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.80% | 13.25% | -5.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.20% | 16.35% | +5.85% |
Dividends
FCMI.TO vs. PXC.TO - Dividend Comparison
FCMI.TO's dividend yield for the trailing twelve months is around 3.28%, more than PXC.TO's 2.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCMI.TO Fidelity Canadian Monthly High Income ETF | 3.28% | 3.38% | 3.63% | 4.09% | 3.73% | 2.76% | 6.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PXC.TO Invesco RAFI Canadian Index ETF | 2.19% | 2.65% | 3.17% | 3.48% | 3.42% | 2.58% | 3.10% | 2.92% | 2.86% | 2.23% | 2.57% | 3.13% |
Frequently Asked Questions
FCMI.TO and PXC.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Fidelity and Invesco.
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