FCNSX vs. QUAL
FCNSX (Fidelity Series Canada Fund) and QUAL (iShares MSCI USA Quality Factor ETF) are both funds - FCNSX is a Foreign Large Cap Equities fund managed by Fidelity, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Over the past 5 years, FCNSX returned 11.73%/yr vs 11.96%/yr for QUAL. A 0.71 correlation means they provide meaningful diversification when combined. FCNSX charges 0.00%/yr vs 0.15%/yr for QUAL.
Performance
FCNSX vs. QUAL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FCNSX having a 8.91% return and QUAL slightly lower at 8.80%.
FCNSX
- 1D
- 0.84%
- 1M
- 2.14%
- YTD
- 8.91%
- 6M
- 12.70%
- 1Y
- 21.97%
- 3Y*
- 19.05%
- 5Y*
- 11.73%
- 10Y*
- —
QUAL
- 1D
- -0.07%
- 1M
- 4.62%
- YTD
- 8.80%
- 6M
- 8.86%
- 1Y
- 21.68%
- 3Y*
- 19.66%
- 5Y*
- 11.96%
- 10Y*
- 14.27%
FCNSX vs. QUAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCNSX Fidelity Series Canada Fund | 8.91% | 28.56% | 9.88% | 15.95% | -6.88% | 28.62% | 4.47% | 27.78% | -15.01% | 10.10% |
QUAL iShares MSCI USA Quality Factor ETF | 8.80% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 11.53% |
Correlation
The correlation between FCNSX and QUAL is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2017 | 0.71 |
The correlation between FCNSX and QUAL has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.
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Return for Risk
FCNSX vs. QUAL — Risk / Return Rank
FCNSX
QUAL
FCNSX vs. QUAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Canada Fund (FCNSX) and iShares MSCI USA Quality Factor ETF (QUAL). 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.
| FCNSX | QUAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 2.41 | +0.54 |
| Martin ratioReturn relative to average drawdown | 10.42 | 11.00 | -0.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCNSX | QUAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.75 | 1.84 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.69 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.80 | -0.16 |
Drawdowns
FCNSX vs. QUAL - Drawdown Comparison
The maximum FCNSX drawdown since its inception was -41.47%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for FCNSX and QUAL.
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Drawdown Indicators
| FCNSX | QUAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.47% | -34.06% | -7.41% |
Max Drawdown (1Y)Largest decline over 1 year | -7.48% | -9.03% | +1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -12.13% | -18.00% | +5.87% |
Max Drawdown (5Y)Largest decline over 5 years | -21.35% | -28.23% | +6.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.06% | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.16% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -4.11% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 1.98% | +0.13% |
Volatility
FCNSX vs. QUAL - Volatility Comparison
Fidelity Series Canada Fund (FCNSX) has a higher volatility of 2.81% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 2.51%. This indicates that FCNSX's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCNSX | QUAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | 2.51% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 9.97% | 9.03% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 11.83% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.26% | 17.33% | -1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.55% | 18.10% | +0.45% |
FCNSX vs. QUAL - Expense Ratio Comparison
FCNSX has a 0.00% expense ratio, which is lower than QUAL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FCNSX vs. QUAL - Dividend Comparison
FCNSX's dividend yield for the trailing twelve months is around 1.89%, more than QUAL's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCNSX Fidelity Series Canada Fund | 1.89% | 2.06% | 3.05% | 3.42% | 3.12% | 2.20% | 2.14% | 2.24% | 2.51% | 1.07% | 0.00% | 0.00% |
QUAL iShares MSCI USA Quality Factor ETF | 0.88% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
Frequently Asked Questions
FCNSX and QUAL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCNSX has higher volatility (2.81%) compared to QUAL (2.51%). In terms of maximum drawdown, FCNSX dropped -41.47% vs QUAL's -34.06%.
QUAL currently has the higher Sharpe Ratio (1.84 vs 1.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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