FCQH.TO vs. ESGY.TO

Last updated Jul 25, 2026

FCQH.TO (Fidelity U.S. High Quality Currency Neutral ETF) and ESGY.TO (BMO MSCI USA Selection Equity Index ETF) are both exchange-traded funds - FCQH.TO is a Quality Factor fund actively managed by Fidelity, while ESGY.TO is a Large Cap Blend Equities fund tracking the MSCI USA Selection Index. FCQH.TO is actively managed, while ESGY.TO is passively managed. Over the past 5 years, FCQH.TO returned 8.90%/yr vs 14.45%/yr for ESGY.TO. At a 0.45 correlation, their price movements are largely independent. FCQH.TO charges 0.38%/yr vs 0.23%/yr for ESGY.TO.

Performance

FCQH.TO vs. ESGY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity U.S. High Quality Currency Neutral ETF (FCQH.TO) and BMO MSCI USA Selection Equity Index ETF (ESGY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCQH.TO achieves a 3.83% return, which is significantly lower than ESGY.TO's 9.51% return.

FCQH.TO

• 1D: -0.48%
• 1M: 1.59%
• 6M: 4.40%
• YTD: 3.83%
• 1Y: 8.31%
• 3Y*: 12.75%
• 5Y*: 8.90%
• 10Y*: —
• ALL TIME*: 13.39%

ESGY.TO

• 1D: 0.19%
• 1M: -0.88%
• 6M: 7.44%
• YTD: 9.51%
• 1Y: 20.46%
• 3Y*: 21.11%
• 5Y*: 14.45%
• 10Y*: —
• ALL TIME*: 15.76%

*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)
ESGY.TO BMO MSCI USA Selection Equity Index ETF	CA$61.83K	CA$62.00K	CA$52.95K
FCQH.TO Fidelity U.S. High Quality Currency Neutral ETF	CA$36.02K	CA$32.28K	CA$34.96K

FCQH.TO vs. ESGY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCQH.TO Fidelity U.S. High Quality Currency Neutral ETF	3.83%	9.95%	22.06%	21.43%	-17.97%	33.05%	4.77%
ESGY.TO BMO MSCI USA Selection Equity Index ETF	9.51%	13.67%	33.83%	26.54%	-15.46%	30.67%	11.27%

Correlation

The correlation between FCQH.TO and ESGY.TO is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.45

The correlation between FCQH.TO and ESGY.TO has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

FCQH.TO vs. ESGY.TO - Sectors Allocation Comparison

Sectors	FCQH.TO	ESGY.TO
Technology	44.6%	36.3%
Industrials	12.3%	8.5%
Consumer Defensive	10.1%	5.4%
Consumer Cyclical	9.1%	9.4%
Basic Materials	5.9%	2.0%
Financial Services	5.6%	10.5%
Communication Services	3.3%	13.3%
Healthcare	3.2%	9.7%
Real Estate	1.6%	2.1%
Energy	-	1.9%
Utilities	-	0.9%

Return for Risk

FCQH.TO vs. ESGY.TO — Risk / Return Rank

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

FCQH.TO

FCQH.TO Risk / Return Rank: 28
FCQH.TO Sharpe Ratio Rank: 28
FCQH.TO Sortino Ratio Rank: 26
FCQH.TO Omega Ratio Rank: 29
FCQH.TO Calmar Ratio Rank: 25
FCQH.TO Martin Ratio Rank: 32

ESGY.TO

ESGY.TO Risk / Return Rank: 65
ESGY.TO Sharpe Ratio Rank: 70
ESGY.TO Sortino Ratio Rank: 72
ESGY.TO Omega Ratio Rank: 70
ESGY.TO Calmar Ratio Rank: 54
ESGY.TO Martin Ratio Rank: 58

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.

FCQH.TO vs. ESGY.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 BMO MSCI USA Selection Equity Index ETF (ESGY.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	ESGY.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.61	-0.96
Sortino ratio: Return per unit of downside risk	1.00	2.35	-1.36
Omega ratio: Gain probability vs. loss probability	1.14	1.30	-0.16
Calmar ratio: Return relative to maximum drawdown	0.76	1.93	-1.18
Martin ratio: Return relative to average drawdown	3.10	6.94	-3.84

FCQH.TO vs. ESGY.TO - Sharpe Ratio Comparison

The current FCQH.TO Sharpe Ratio is 0.66, which is lower than the ESGY.TO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FCQH.TO and ESGY.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

FCQH.TO vs. ESGY.TO - Drawdown Comparison

The maximum FCQH.TO drawdown since its inception was -30.90%, which is greater than ESGY.TO's maximum drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for FCQH.TO and ESGY.TO.

Drawdown Indicators

	FCQH.TO	ESGY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.90%	-26.36%	-4.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-10.62%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.32%	-20.83%	+5.51%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-22.89%	-4.07%
Current Drawdown Current decline from peak	-1.85%	-3.59%	+1.74%
Average Drawdown Average peak-to-trough decline	-5.96%	-5.23%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.96%	-0.27%

Volatility

FCQH.TO vs. ESGY.TO - Volatility Comparison

The current volatility for Fidelity U.S. High Quality Currency Neutral ETF (FCQH.TO) is 2.55%, while BMO MSCI USA Selection Equity Index ETF (ESGY.TO) has a volatility of 3.27%. This indicates that FCQH.TO experiences smaller price fluctuations and is considered to be less risky than ESGY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCQH.TO	ESGY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	3.27%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	10.69%	9.86%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	12.77%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	15.61%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.79%	16.81%	+18.98%

FCQH.TO vs. ESGY.TO - Expense Ratio Comparison

FCQH.TO has a 0.38% expense ratio, which is higher than ESGY.TO's 0.23% expense ratio.

Dividends

FCQH.TO vs. ESGY.TO - Dividend Comparison

FCQH.TO's dividend yield for the trailing twelve months is around 0.70%, more than ESGY.TO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ESGY.TO BMO MSCI USA Selection Equity Index ETF	0.63%	0.66%	0.79%	1.16%	1.34%	1.12%	1.44%	0.00%
FCQH.TO Fidelity U.S. High Quality Currency Neutral ETF	0.70%	0.58%	0.80%	0.87%	1.13%	0.80%	1.18%	0.88%

Frequently Asked Questions

Can I hold both FCQH.TO and ESGY.TO in my portfolio?

FCQH.TO and ESGY.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCQH.TO or ESGY.TO?

On fees, ESGY.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCQH.TO or ESGY.TO?

ESGY.TO is cheaper with a 0.23% expense ratio, compared with 0.38% for FCQH.TO.

What is the main difference between FCQH.TO and ESGY.TO?

FCQH.TO is categorized as Quality Factor, while ESGY.TO is Large Cap Blend Equities. They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.38% for FCQH.TO and 0.23% for ESGY.TO.