FCMO.NEO vs. ZXM.TO

Last updated Jun 5, 2026

FCMO.NEO (Fidelity US Momentum ETF) and ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) are both Momentum funds - FCMO.NEO tracks the Fidelity Canada U.S. Momentum Index while ZXM.TO tracks the Morningstar Developed Markets ex-North America Target Momentum Index. Both are passively managed. Over the past 3 years, FCMO.NEO returned 33.56%/yr vs 25.55%/yr for ZXM.TO. At a 0.28 correlation, their price movements are largely independent. FCMO.NEO charges 0.38%/yr vs 0.67%/yr for ZXM.TO.

Performance

FCMO.NEO vs. ZXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity US Momentum ETF (FCMO.NEO) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCMO.NEO achieves a 21.49% return, which is significantly higher than ZXM.TO's 12.14% return.

FCMO.NEO

• 1D: 0.78%
• 1M: 6.86%
• YTD: 21.49%
• 6M: 18.05%
• 1Y: 37.84%
• 3Y*: 33.56%
• 5Y*: —
• 10Y*: —

ZXM.TO

• 1D: -0.17%
• 1M: 0.99%
• YTD: 12.14%
• 6M: 14.09%
• 1Y: 33.42%
• 3Y*: 25.55%
• 5Y*: 13.07%
• 10Y*: 12.96%

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

FCMO.NEO vs. ZXM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCMO.NEO Fidelity US Momentum ETF	21.49%	14.07%	53.26%	13.09%	-14.21%	18.26%
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	12.14%	35.75%	21.41%	14.22%	-20.61%	10.57%

Correlation

The correlation between FCMO.NEO and ZXM.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.28

Return for Risk

FCMO.NEO vs. ZXM.TO — Risk / Return Rank

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

FCMO.NEO

FCMO.NEO Risk / Return Rank: 65
FCMO.NEO Sharpe Ratio Rank: 63
FCMO.NEO Sortino Ratio Rank: 62
FCMO.NEO Omega Ratio Rank: 61
FCMO.NEO Calmar Ratio Rank: 71
FCMO.NEO Martin Ratio Rank: 67

ZXM.TO

ZXM.TO Risk / Return Rank: 73
ZXM.TO Sharpe Ratio Rank: 72
ZXM.TO Sortino Ratio Rank: 74
ZXM.TO Omega Ratio Rank: 81
ZXM.TO Calmar Ratio Rank: 66
ZXM.TO Martin Ratio Rank: 71

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.

FCMO.NEO vs. ZXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity US Momentum ETF (FCMO.NEO) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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.

	FCMO.NEO	ZXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.30	-0.22
Sortino ratio: Return per unit of downside risk	2.85	3.28	-0.43
Omega ratio: Gain probability vs. loss probability	1.37	1.48	-0.11
Calmar ratio: Return relative to maximum drawdown	3.48	3.24	+0.24
Martin ratio: Return relative to average drawdown	12.06	12.97	-0.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCMO.NEO vs. ZXM.TO - Sharpe Ratio Comparison

The current FCMO.NEO Sharpe Ratio is 2.08, which is comparable to the ZXM.TO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of FCMO.NEO and ZXM.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.

Sharpe Ratios by Period

	FCMO.NEO	ZXM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.30	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.74	+0.61

Drawdowns

FCMO.NEO vs. ZXM.TO - Drawdown Comparison

The maximum FCMO.NEO drawdown since its inception was -26.93%, smaller than the maximum ZXM.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for FCMO.NEO and ZXM.TO.

Drawdown Indicators

	FCMO.NEO	ZXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-35.22%	+8.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-10.35%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-21.77%	-12.74%	-9.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.22%	—
Current Drawdown Current decline from peak	0.00%	-2.62%	+2.62%
Average Drawdown Average peak-to-trough decline	-6.35%	-6.44%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.58%	+0.57%

Volatility

FCMO.NEO vs. ZXM.TO - Volatility Comparison

Fidelity US Momentum ETF (FCMO.NEO) has a higher volatility of 6.69% compared to CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) at 5.27%. This indicates that FCMO.NEO's price experiences larger fluctuations and is considered to be riskier than ZXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCMO.NEO	ZXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.69%	5.27%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	15.18%	12.92%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	14.60%	+3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	15.96%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.70%	16.70%	+5.00%

FCMO.NEO vs. ZXM.TO - Expense Ratio Comparison

FCMO.NEO has a 0.38% expense ratio, which is lower than ZXM.TO's 0.67% expense ratio.

Dividends

FCMO.NEO vs. ZXM.TO - Dividend Comparison

FCMO.NEO's dividend yield for the trailing twelve months is around 0.30%, less than ZXM.TO's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCMO.NEO Fidelity US Momentum ETF	0.30%	0.36%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	2.26%	2.39%	2.97%	3.57%	5.50%	1.58%	0.86%	1.19%	1.49%	0.89%	1.19%	1.11%

Frequently Asked Questions

Can I hold both FCMO.NEO and ZXM.TO in my portfolio?

FCMO.NEO and ZXM.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCMO.NEO or ZXM.TO?

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

Which ETF is cheaper, FCMO.NEO or ZXM.TO?

FCMO.NEO is cheaper with a 0.38% expense ratio, compared with 0.67% for ZXM.TO.

What is the main difference between FCMO.NEO and ZXM.TO?

FCMO.NEO tracks Fidelity Canada U.S. Momentum Index, while ZXM.TO tracks Morningstar Developed Markets ex-North America Target Momentum Index. They also come from different issuers: Fidelity and CI Global Asset Management. Their fees differ too: 0.38% for FCMO.NEO and 0.67% for ZXM.TO.