FCQH.TO vs. XMS.TO
FCQH.TO (Fidelity U.S. High Quality Currency Neutral ETF) and XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds. FCQH.TO is actively managed, while XMS.TO is passively managed. Over the past 5 years, FCQH.TO returned 9.60%/yr vs 4.70%/yr for XMS.TO. At a 0.33 correlation, their price movements are largely independent. FCQH.TO charges 0.38%/yr vs 0.33%/yr for XMS.TO.
Performance
FCQH.TO vs. XMS.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 higher than XMS.TO's 2.38% 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*
- —
XMS.TO
- 1D
- 0.44%
- 1M
- 1.93%
- 6M
- 2.91%
- YTD
- 2.38%
- 1Y
- 2.59%
- 3Y*
- 8.27%
- 5Y*
- 4.70%
- 10Y*
- 7.37%
FCQH.TO vs. XMS.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% |
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 2.38% | 3.74% | 14.27% | 7.88% | -11.12% | 21.05% | 1.86% | 21.37% |
Correlation
The correlation between FCQH.TO and XMS.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2019 | 0.33 |
The correlation between FCQH.TO and XMS.TO shifts across timeframes, from 0.28 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCQH.TO vs. XMS.TO — Risk / Return Rank
FCQH.TO
XMS.TO
FCQH.TO vs. XMS.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 MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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 | XMS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.05 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 0.26 | +0.65 |
| Martin ratioReturn relative to average drawdown | 3.77 | 0.61 | +3.15 |
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Drawdowns
FCQH.TO vs. XMS.TO - Drawdown Comparison
The maximum FCQH.TO drawdown since its inception was -30.90%, smaller than the maximum XMS.TO drawdown of -36.87%. Use the drawdown chart below to compare losses from any high point for FCQH.TO and XMS.TO.
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Drawdown Indicators
| FCQH.TO | XMS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.90% | -36.87% | +5.97% |
Max Drawdown (1Y)Largest decline over 1 year | -11.02% | -8.32% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -15.32% | -9.80% | -5.52% |
Max Drawdown (5Y)Largest decline over 5 years | -26.96% | -19.06% | -7.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.87% | — |
Current DrawdownCurrent decline from peak | -0.67% | -2.06% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -5.98% | -4.44% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 3.57% | -0.89% |
Volatility
FCQH.TO vs. XMS.TO - Volatility Comparison
Fidelity U.S. High Quality Currency Neutral ETF (FCQH.TO) has a higher volatility of 4.27% compared to iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) at 3.35%. This indicates that FCQH.TO's price experiences larger fluctuations and is considered to be riskier than XMS.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 | XMS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 3.35% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 11.01% | 6.37% | +4.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 10.25% | +2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.93% | 12.37% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.86% | 15.23% | +20.63% |
FCQH.TO vs. XMS.TO - Expense Ratio Comparison
FCQH.TO has a 0.38% expense ratio, which is higher than XMS.TO's 0.33% expense ratio.
Dividends
FCQH.TO vs. XMS.TO - Dividend Comparison
FCQH.TO's dividend yield for the trailing twelve months is around 0.69%, less than XMS.TO's 1.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 1.19% | 1.10% | 1.24% | 1.41% | 1.22% | 1.02% | 1.71% | 1.44% | 1.58% | 2.02% | 0.94% |
Frequently Asked Questions
FCQH.TO and XMS.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XMS.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XMS.TO is cheaper with a 0.33% expense ratio, compared with 0.38% for FCQH.TO.
They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.38% for FCQH.TO and 0.33% for XMS.TO.
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