FCQH.TO vs. COW.TO
FCQH.TO (Fidelity U.S. High Quality Currency Neutral ETF) and COW.TO (iShares Global Agriculture Index ETF) are both Large Cap Blend Equities funds. FCQH.TO is actively managed, while COW.TO is passively managed. Over the past 5 years, FCQH.TO returned 9.60%/yr vs 4.75%/yr for COW.TO. At a 0.27 correlation, their price movements are largely independent. FCQH.TO charges 0.38%/yr vs 0.72%/yr for COW.TO.
Performance
FCQH.TO vs. COW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FCQH.TO achieves a 5.08% return, which is significantly lower than COW.TO's 16.05% return.
FCQH.TO
- 1D
- -0.15%
- 1M
- -0.15%
- 6M
- 5.76%
- YTD
- 5.08%
- 1Y
- 10.06%
- 3Y*
- 13.98%
- 5Y*
- 9.60%
- 10Y*
- —
COW.TO
- 1D
- -0.17%
- 1M
- 1.80%
- 6M
- 6.01%
- YTD
- 16.05%
- 1Y
- 4.66%
- 3Y*
- 5.86%
- 5Y*
- 4.75%
- 10Y*
- 8.09%
FCQH.TO vs. COW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FCQH.TO Fidelity U.S. High Quality Currency Neutral ETF | 5.08% | 9.95% | 22.06% | 21.43% | -17.97% | 33.05% | 4.77% | 32.55% |
COW.TO iShares Global Agriculture Index ETF | 16.05% | -4.34% | 5.62% | -8.61% | 12.62% | 19.09% | 11.78% | 18.80% |
Correlation
The correlation between FCQH.TO and COW.TO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2019 | 0.27 |
The correlation between FCQH.TO and COW.TO shifts across timeframes, from 0.08 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCQH.TO vs. COW.TO — Risk / Return Rank
FCQH.TO
COW.TO
FCQH.TO vs. COW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. High Quality Currency Neutral ETF (FCQH.TO) and iShares Global Agriculture Index ETF (COW.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.
| FCQH.TO | COW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.06 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 0.35 | +0.57 |
| Martin ratioReturn relative to average drawdown | 3.77 | 0.81 | +2.95 |
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Drawdowns
FCQH.TO vs. COW.TO - Drawdown Comparison
The maximum FCQH.TO drawdown since its inception was -30.90%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for FCQH.TO and COW.TO.
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Drawdown Indicators
| FCQH.TO | COW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.90% | -55.00% | +24.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.02% | -13.43% | +2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.32% | -14.51% | -0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -26.96% | -29.84% | +2.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.38% | — |
Current DrawdownCurrent decline from peak | -0.67% | -10.46% | +9.79% |
Average DrawdownAverage peak-to-trough decline | -5.98% | -14.67% | +8.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 5.75% | -3.07% |
Volatility
FCQH.TO vs. COW.TO - Volatility Comparison
Fidelity U.S. High Quality Currency Neutral ETF (FCQH.TO) has a higher volatility of 4.27% compared to iShares Global Agriculture Index ETF (COW.TO) at 2.31%. This indicates that FCQH.TO's price experiences larger fluctuations and is considered to be riskier than COW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCQH.TO | COW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 2.31% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 11.01% | 11.19% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 15.80% | -3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.93% | 18.86% | -2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.86% | 21.81% | +14.05% |
FCQH.TO vs. COW.TO - Expense Ratio Comparison
FCQH.TO has a 0.38% expense ratio, which is lower than COW.TO's 0.72% expense ratio.
Dividends
FCQH.TO vs. COW.TO - Dividend Comparison
FCQH.TO's dividend yield for the trailing twelve months is around 0.69%, less than COW.TO's 1.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COW.TO iShares Global Agriculture Index ETF | 1.37% | 2.46% | 1.43% | 1.62% | 2.01% | 0.69% | 1.13% | 1.13% | 1.18% | 0.63% | 1.21% | 1.96% |
FCQH.TO Fidelity U.S. High Quality Currency Neutral ETF | 0.69% | 0.58% | 0.80% | 0.87% | 1.13% | 0.80% | 1.18% | 0.88% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCQH.TO and COW.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCQH.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCQH.TO is cheaper with a 0.38% expense ratio, compared with 0.72% for COW.TO.
They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.38% for FCQH.TO and 0.72% for COW.TO.
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