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FCQH.TO vs. XUSC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCQH.TO vs. XUSC.TO

Last updated Jul 16, 2026
Documentation

FCQH.TO (Fidelity U.S. High Quality Currency Neutral ETF) and XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) are both Large Cap Blend Equities funds. FCQH.TO is actively managed, while XUSC.TO is passively managed. Over the past year, FCQH.TO returned 10.06% vs 24.54% for XUSC.TO. A 0.53 correlation means they provide meaningful diversification when combined. FCQH.TO charges 0.38%/yr vs 0.12%/yr for XUSC.TO.

Performance

FCQH.TO vs. XUSC.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 iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO). The values are adjusted to include any dividend payments, if applicable.

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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 XUSC.TO's 13.99% 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*
—

XUSC.TO

1D
-0.27%
1M
0.10%
6M
10.82%
YTD
13.99%
1Y
24.54%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
FCQH.TO
Fidelity U.S. High Quality Currency Neutral ETF		5.08%9.95%4.59%
XUSC.TO
iShares S&P 500 3% Capped Index ETF (CAD Units)		13.99%11.40%10.66%

Correlation

The correlation between FCQH.TO and XUSC.TO is 0.51, 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

0.51

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2024

0.53

The correlation between FCQH.TO and XUSC.TO has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity U.S. High Quality Currency Neutral ETF

iShares S&P 500 3% Capped Index ETF (CAD Units)

Often compared with XUSC.TO:
XUSC.TO vs. ESG.TOXUSC.TO vs. XUS-U.TOXUSC.TO vs. XSP.TOXUSC.TO vs. ZUE.TOXUSC.TO vs. EQL.TOXUSC.TO vs. ZSP.TOXUSC.TO vs. VFV.TO

Return for Risk

FCQH.TO vs. XUSC.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: 2626
Overall Rank
FCQH.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
FCQH.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
FCQH.TO Omega Ratio Rank: 2828
Omega Ratio Rank
FCQH.TO Calmar Ratio Rank: 2323
Calmar Ratio Rank
FCQH.TO Martin Ratio Rank: 3131
Martin Ratio Rank
XUSC.TO
XUSC.TO Risk / Return Rank: 7979
Overall Rank
XUSC.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XUSC.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XUSC.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XUSC.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
XUSC.TO Martin Ratio Rank: 7878
Martin Ratio Rank
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. XUSC.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 S&P 500 3% Capped Index ETF (CAD Units) (XUSC.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.TOXUSC.TODifference
Sharpe ratioReturn per unit of total volatility
0.79
2.04

-1.25

Sortino ratioReturn per unit of downside risk
1.18
2.86

-1.68

Omega ratioGain probability vs. loss probability

1.16

1.37

-0.20

Calmar ratioReturn relative to maximum drawdown

0.92

3.24

-2.33

Martin ratioReturn relative to average drawdown

3.77

11.73

-7.96

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

The current FCQH.TO Sharpe Ratio is 0.79, which is lower than the XUSC.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FCQH.TO and XUSC.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.

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Drawdowns

FCQH.TO vs. XUSC.TO - Drawdown Comparison

The maximum FCQH.TO drawdown since its inception was -30.90%, which is greater than XUSC.TO's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for FCQH.TO and XUSC.TO.

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Drawdown Indicators

FCQH.TOXUSC.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.90%

-18.31%

-12.59%

Max Drawdown (1Y)

Largest decline over 1 year

-11.02%

-7.60%

-3.42%

Max Drawdown (3Y)

Largest decline over 3 years

-15.32%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

—

—

Current Drawdown

Current decline from peak

-0.67%

-1.59%

+0.92%

Average Drawdown

Average peak-to-trough decline

-5.98%

-2.59%

-3.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.10%

+0.58%

Volatility

FCQH.TO vs. XUSC.TO - Volatility Comparison

Fidelity U.S. High Quality Currency Neutral ETF (FCQH.TO) has a higher volatility of 4.27% compared to iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) at 3.44%. This indicates that FCQH.TO's price experiences larger fluctuations and is considered to be riskier than XUSC.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.TOXUSC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.27%

3.44%

+0.83%

Volatility (6M)

Calculated over the trailing 6-month period

11.01%

9.40%

+1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

12.75%

12.09%

+0.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.93%

15.65%

+0.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.86%

15.65%

+20.21%

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

FCQH.TO has a 0.38% expense ratio, which is higher than XUSC.TO's 0.12% expense ratio.

Dividends

FCQH.TO vs. XUSC.TO - Dividend Comparison

FCQH.TO's dividend yield for the trailing twelve months is around 0.69%, less than XUSC.TO's 0.94% yield.

PositionTTM2025202420232022202120202019
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%
XUSC.TO
iShares S&P 500 3% Capped Index ETF (CAD Units)		0.94%0.94%0.24%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FCQH.TO and XUSC.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XUSC.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XUSC.TO is cheaper with a 0.12% 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 0.12% for XUSC.TO.

Portfolio Optimizer

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