FCQH.TO vs. ZEQL.TO

Last updated Jul 16, 2026

FCQH.TO (Fidelity U.S. High Quality Currency Neutral ETF) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both Large Cap Blend Equities funds. FCQH.TO is actively managed, while ZEQL.TO is passively managed. At a 0.49 correlation, their price movements are largely independent. FCQH.TO charges 0.38%/yr vs 0.05%/yr for ZEQL.TO.

Performance

FCQH.TO vs. ZEQL.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 Equal Weight Index ETF (CAD Units) (ZEQL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FCQH.TO

• 1D: -0.15%
• 1M: -0.15%
• 6M: 5.76%
• YTD: 5.08%
• 1Y: 10.06%
• 3Y*: 13.98%
• 5Y*: 9.60%
• 10Y*: —

ZEQL.TO

• 1D: -0.54%
• 1M: 0.70%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)
FCQH.TO Fidelity U.S. High Quality Currency Neutral ETF	5.45%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	9.63%

Correlation

The correlation between FCQH.TO and ZEQL.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.49

Return for Risk

FCQH.TO vs. ZEQL.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: 26
FCQH.TO Sharpe Ratio Rank: 26
FCQH.TO Sortino Ratio Rank: 25
FCQH.TO Omega Ratio Rank: 28
FCQH.TO Calmar Ratio Rank: 23
FCQH.TO Martin Ratio Rank: 31

ZEQL.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ZEQL.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 Equal Weight Index ETF (CAD Units) (ZEQL.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	ZEQL.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.79	—	—
Sortino ratio: Return per unit of downside risk	1.18	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	0.92	—	—
Martin ratio: Return relative to average drawdown	3.77	—	—

Drawdowns

FCQH.TO vs. ZEQL.TO - Drawdown Comparison

The maximum FCQH.TO drawdown since its inception was -30.90%, which is greater than ZEQL.TO's maximum drawdown of -6.12%. Use the drawdown chart below to compare losses from any high point for FCQH.TO and ZEQL.TO.

Drawdown Indicators

	FCQH.TO	ZEQL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.90%	-6.12%	-24.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	—	—
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%	-4.17%	+3.50%
Average Drawdown Average peak-to-trough decline	-5.98%	-1.65%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	—	—

Volatility

Volatility by Period

	FCQH.TO	ZEQL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	13.59%	-0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	13.59%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.86%	13.59%	+22.27%

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

FCQH.TO has a 0.38% expense ratio, which is higher than ZEQL.TO's 0.05% expense ratio.

Dividends

FCQH.TO vs. ZEQL.TO - Dividend Comparison

FCQH.TO's dividend yield for the trailing twelve months is around 0.69%, which matches ZEQL.TO's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

FCQH.TO and ZEQL.TO have a correlation of 0.49, 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 ZEQL.TO?

On fees, ZEQL.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.38% for FCQH.TO.

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

They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.38% for FCQH.TO and 0.05% for ZEQL.TO.