FCMI.TO vs. ZCN.TO
FCMI.TO (Fidelity Canadian Monthly High Income ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds. FCMI.TO is actively managed, while ZCN.TO is passively managed. Over the past 5 years, FCMI.TO returned 8.04%/yr vs 15.30%/yr for ZCN.TO. At a 0.20 correlation, their price movements are largely independent. FCMI.TO charges 0.50%/yr vs 0.06%/yr for ZCN.TO.
Performance
FCMI.TO vs. ZCN.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 ZCN.TO's 12.76% 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*
- —
ZCN.TO
- 1D
- -0.17%
- 1M
- 0.08%
- 6M
- 8.19%
- YTD
- 12.76%
- 1Y
- 33.17%
- 3Y*
- 23.79%
- 5Y*
- 15.30%
- 10Y*
- 12.55%
FCMI.TO vs. ZCN.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% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 12.76% | 31.51% | 21.64% | 11.63% | -5.84% | 25.05% | 3.44% |
Correlation
The correlation between FCMI.TO and ZCN.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020 | 0.20 |
The correlation between FCMI.TO and ZCN.TO shifts across timeframes, from 0.20 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCMI.TO vs. ZCN.TO — Risk / Return Rank
FCMI.TO
ZCN.TO
FCMI.TO vs. ZCN.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 BMO S&P/TSX Capped Composite Index ETF (ZCN.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 | ZCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 1.45 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 5.36 | 3.58 | +1.78 |
| Martin ratioReturn relative to average drawdown | 20.61 | 16.30 | +4.31 |
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Drawdowns
FCMI.TO vs. ZCN.TO - Drawdown Comparison
The maximum FCMI.TO drawdown since its inception was -63.80%, which is greater than ZCN.TO's maximum drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for FCMI.TO and ZCN.TO.
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Drawdown Indicators
| FCMI.TO | ZCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.80% | -37.18% | -26.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.62% | -9.30% | +5.68% |
Max Drawdown (3Y)Largest decline over 3 years | -6.63% | -12.25% | +5.62% |
Max Drawdown (5Y)Largest decline over 5 years | -10.00% | -16.25% | +6.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.18% | — |
Current DrawdownCurrent decline from peak | -18.96% | -0.17% | -18.79% |
Average DrawdownAverage peak-to-trough decline | -41.60% | -4.71% | -36.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 2.04% | -1.10% |
Volatility
FCMI.TO vs. ZCN.TO - Volatility Comparison
Fidelity Canadian Monthly High Income ETF (FCMI.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) have volatilities of 2.10% and 2.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCMI.TO | ZCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 2.18% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.99% | 10.64% | -5.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 13.13% | -6.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.80% | 13.18% | -5.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.20% | 14.97% | +7.23% |
FCMI.TO vs. ZCN.TO - Expense Ratio Comparison
FCMI.TO has a 0.50% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.
Dividends
FCMI.TO vs. ZCN.TO - Dividend Comparison
FCMI.TO's dividend yield for the trailing twelve months is around 3.28%, more than ZCN.TO's 2.03% 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% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 2.03% | 2.22% | 2.78% | 3.29% | 3.27% | 2.74% | 3.24% | 3.13% | 3.16% | 2.75% | 2.86% | 3.36% |
Frequently Asked Questions
FCMI.TO and ZCN.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.50% for FCMI.TO.
They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.50% for FCMI.TO and 0.06% for ZCN.TO.
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