FCNS.NEO vs. FCUV.TO

Last updated Jul 25, 2026

FCNS.NEO (Fidelity All-in-One Conservative ETF) and FCUV.TO (Fidelity U.S. Value ETF) are both exchange-traded funds - FCNS.NEO is a Diversified Portfolio fund actively managed by Fidelity, while FCUV.TO is a Large Cap Value Equities fund tracking the Fidelity Canada U.S. Value Index. FCNS.NEO is actively managed, while FCUV.TO is passively managed. Over the past year, FCNS.NEO returned 11.65% vs 33.78% for FCUV.TO. A 0.68 correlation means they provide meaningful diversification when combined. FCNS.NEO charges 0.40%/yr vs 0.38%/yr for FCUV.TO.

Performance

FCNS.NEO vs. FCUV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity All-in-One Conservative ETF (FCNS.NEO) and Fidelity U.S. Value ETF (FCUV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCNS.NEO achieves a 5.61% return, which is significantly lower than FCUV.TO's 18.19% return.

FCNS.NEO

• 1D: 0.47%
• 1M: -0.08%
• 6M: 3.89%
• YTD: 5.61%
• 1Y: 11.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.36%

FCUV.TO

• 1D: 0.65%
• 1M: 1.95%
• 6M: 15.78%
• YTD: 18.19%
• 1Y: 33.78%
• 3Y*: 24.64%
• 5Y*: 21.13%
• 10Y*: —
• ALL TIME*: 23.03%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCNS.NEO Fidelity All-in-One Conservative ETF	CA$2.87M	CA$3.68M	CA$3.34M
FCUV.TO Fidelity U.S. Value ETF	CA$2.56M	CA$2.22M	CA$1.95M

FCNS.NEO vs. FCUV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FCNS.NEO Fidelity All-in-One Conservative ETF	5.61%	9.95%	9.08%
FCUV.TO Fidelity U.S. Value ETF	18.19%	14.83%	13.56%

Correlation

The correlation between FCNS.NEO and FCUV.TO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.68

The correlation between FCNS.NEO and FCUV.TO has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

Return for Risk

FCNS.NEO vs. FCUV.TO — Risk / Return Rank

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

FCNS.NEO

FCNS.NEO Risk / Return Rank: 74
FCNS.NEO Sharpe Ratio Rank: 74
FCNS.NEO Sortino Ratio Rank: 77
FCNS.NEO Omega Ratio Rank: 75
FCNS.NEO Calmar Ratio Rank: 68
FCNS.NEO Martin Ratio Rank: 74

FCUV.TO

FCUV.TO Risk / Return Rank: 91
FCUV.TO Sharpe Ratio Rank: 90
FCUV.TO Sortino Ratio Rank: 90
FCUV.TO Omega Ratio Rank: 89
FCUV.TO Calmar Ratio Rank: 94
FCUV.TO Martin Ratio Rank: 93

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.

FCNS.NEO vs. FCUV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity All-in-One Conservative ETF (FCNS.NEO) 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.

	FCNS.NEO	FCUV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.24	-0.54
Sortino ratio: Return per unit of downside risk	2.50	3.13	-0.63
Omega ratio: Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	2.41	5.07	-2.65
Martin ratio: Return relative to average drawdown	9.35	16.85	-7.50

FCNS.NEO vs. FCUV.TO - Sharpe Ratio Comparison

The current FCNS.NEO Sharpe Ratio is 1.70, which is comparable to the FCUV.TO Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of FCNS.NEO 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.

Drawdowns

FCNS.NEO vs. FCUV.TO - Drawdown Comparison

The maximum FCNS.NEO drawdown since its inception was -6.45%, smaller than the maximum FCUV.TO drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for FCNS.NEO and FCUV.TO.

Drawdown Indicators

	FCNS.NEO	FCUV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.45%	-16.47%	+10.02%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-6.70%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.47%	—
Current Drawdown Current decline from peak	-1.61%	-1.28%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.89%	-2.49%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	2.01%	-0.76%

Volatility

FCNS.NEO vs. FCUV.TO - Volatility Comparison

The current volatility for Fidelity All-in-One Conservative ETF (FCNS.NEO) is 2.90%, while Fidelity U.S. Value ETF (FCUV.TO) has a volatility of 4.49%. This indicates that FCNS.NEO 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.

Volatility by Period

	FCNS.NEO	FCUV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	4.49%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	11.00%	-5.18%
Volatility (1Y) Calculated over the trailing 1-year period	6.88%	15.14%	-8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.92%	15.39%	-8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	14.85%	-7.93%

FCNS.NEO vs. FCUV.TO - Expense Ratio Comparison

FCNS.NEO has a 0.40% expense ratio, which is higher than FCUV.TO's 0.38% expense ratio.

Dividends

FCNS.NEO vs. FCUV.TO - Dividend Comparison

FCNS.NEO's dividend yield for the trailing twelve months is around 1.96%, more than FCUV.TO's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FCNS.NEO Fidelity All-in-One Conservative ETF	1.96%	2.07%	1.71%	0.00%	0.00%	0.00%	0.00%
FCUV.TO Fidelity U.S. Value ETF	0.87%	1.14%	1.03%	1.43%	2.71%	1.10%	3.42%

Frequently Asked Questions

Can I hold both FCNS.NEO and FCUV.TO in my portfolio?

FCNS.NEO and FCUV.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCNS.NEO or FCUV.TO?

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.

Which ETF is cheaper, FCNS.NEO or FCUV.TO?

FCUV.TO is cheaper with a 0.38% expense ratio, compared with 0.40% for FCNS.NEO.

What is the main difference between FCNS.NEO and FCUV.TO?

FCNS.NEO is categorized as Diversified Portfolio, while FCUV.TO is Large Cap Value Equities. Their fees differ too: 0.40% for FCNS.NEO and 0.38% for FCUV.TO.