PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FCMI.TO vs. XCV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCMI.TO vs. XCV.TO

Last updated Jul 16, 2026
Documentation

FCMI.TO (Fidelity Canadian Monthly High Income ETF) and XCV.TO (iShares Canadian Value Index ETF) are both Canada Equities funds. FCMI.TO is actively managed, while XCV.TO is passively managed. Over the past 5 years, FCMI.TO returned 8.04%/yr vs 20.61%/yr for XCV.TO. At a 0.18 correlation, their price movements are largely independent. FCMI.TO charges 0.50%/yr vs 0.55%/yr for XCV.TO.

Performance

FCMI.TO vs. XCV.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 iShares Canadian Value Index ETF (XCV.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 XCV.TO's 27.97% 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*
—

XCV.TO

1D
0.80%
1M
4.72%
6M
26.08%
YTD
27.97%
1Y
51.58%
3Y*
29.93%
5Y*
20.61%
10Y*
13.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FCMI.TO vs. XCV.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%-50.19%
XCV.TO
iShares Canadian Value Index ETF		27.97%32.30%21.41%9.62%1.98%32.81%-3.27%

Correlation

The correlation between FCMI.TO and XCV.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.21

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 XCV.TO shifts across timeframes, from 0.18 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

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

iShares Canadian Value Index ETF

Often compared with XCV.TO:
XCV.TO vs. XDIV.TOXCV.TO vs. XCS.TOXCV.TO vs. XEQT.TOXCV.TO vs. VCE.TOXCV.TO vs. DGROXCV.TO vs. FCUV.TOXCV.TO vs. CDZ.TO

Return for Risk

FCMI.TO vs. XCV.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
XCV.TO
XCV.TO Risk / Return Rank: 9898
Overall Rank
XCV.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
XCV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XCV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XCV.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XCV.TO Martin Ratio Rank: 9898
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. XCV.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 iShares Canadian Value Index ETF (XCV.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.TOXCV.TODifference
Sharpe ratioReturn per unit of total volatility
3.03
5.65

-2.62

Sortino ratioReturn per unit of downside risk
4.75
7.44

-2.68

Omega ratioGain probability vs. loss probability

1.80

2.16

-0.35

Calmar ratioReturn relative to maximum drawdown

5.36

13.50

-8.14

Martin ratioReturn relative to average drawdown

20.61

50.78

-30.18

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

The current FCMI.TO Sharpe Ratio is 3.03, which is lower than the XCV.TO Sharpe Ratio of 5.65. The chart below compares the historical Sharpe Ratios of FCMI.TO and XCV.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.

Loading charts...

Drawdowns

FCMI.TO vs. XCV.TO - Drawdown Comparison

The maximum FCMI.TO drawdown since its inception was -63.80%, which is greater than XCV.TO's maximum drawdown of -52.45%. Use the drawdown chart below to compare losses from any high point for FCMI.TO and XCV.TO.

Loading charts...

Drawdown Indicators

FCMI.TOXCV.TODifference

Max Drawdown

Largest peak-to-trough decline

-63.80%

-52.45%

-11.35%

Max Drawdown (1Y)

Largest decline over 1 year

-3.62%

-3.84%

+0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-6.63%

-9.71%

+3.08%

Max Drawdown (5Y)

Largest decline over 5 years

-10.00%

-18.06%

+8.06%

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.18%

—

Current Drawdown

Current decline from peak

-18.96%

0.00%

-18.96%

Average Drawdown

Average peak-to-trough decline

-41.60%

-6.58%

-35.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.94%

1.02%

-0.08%

Volatility

FCMI.TO vs. XCV.TO - Volatility Comparison

Fidelity Canadian Monthly High Income ETF (FCMI.TO) has a higher volatility of 2.10% compared to iShares Canadian Value Index ETF (XCV.TO) at 1.98%. This indicates that FCMI.TO's price experiences larger fluctuations and is considered to be riskier than XCV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FCMI.TOXCV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.10%

1.98%

+0.12%

Volatility (6M)

Calculated over the trailing 6-month period

4.99%

6.91%

-1.92%

Volatility (1Y)

Calculated over the trailing 1-year period

6.39%

9.18%

-2.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.80%

12.79%

-4.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.20%

15.50%

+6.70%

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

FCMI.TO has a 0.50% expense ratio, which is lower than XCV.TO's 0.55% expense ratio.

Dividends

FCMI.TO vs. XCV.TO - Dividend Comparison

FCMI.TO's dividend yield for the trailing twelve months is around 3.28%, more than XCV.TO's 2.17% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XCV.TO
iShares Canadian Value Index ETF		2.17%2.78%3.84%4.00%3.28%2.18%3.46%3.16%3.23%2.49%2.57%3.26%

Frequently Asked Questions

FCMI.TO and XCV.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

FCMI.TO is cheaper with a 0.50% expense ratio, compared with 0.55% for XCV.TO.

They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.50% for FCMI.TO and 0.55% for XCV.TO.

Portfolio Optimizer

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

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

Open Portfolio Optimizer