FCUQ.TO vs. ZDY.TO

Last updated Jun 4, 2026

FCUQ.TO (Fidelity U.S. High Quality ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - FCUQ.TO is a Large Cap Blend Equities fund tracking the Fidelity Canada U.S. High Quality Index, while ZDY.TO is a Dividend fund actively managed by BMO. FCUQ.TO is passively managed, while ZDY.TO is actively managed. Over the past 5 years, FCUQ.TO returned 14.68%/yr vs 13.55%/yr for ZDY.TO. A 0.66 correlation means they provide meaningful diversification when combined. FCUQ.TO charges 0.35%/yr vs 0.30%/yr for ZDY.TO.

Performance

FCUQ.TO vs. ZDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity U.S. High Quality ETF (FCUQ.TO) and BMO US Dividend ETF (CAD) (ZDY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCUQ.TO achieves a 7.92% return, which is significantly lower than ZDY.TO's 18.13% return.

FCUQ.TO

• 1D: -0.47%
• 1M: 8.68%
• YTD: 7.92%
• 6M: 4.08%
• 1Y: 14.01%
• 3Y*: 18.73%
• 5Y*: 14.68%
• 10Y*: —

ZDY.TO

• 1D: -0.12%
• 1M: 9.13%
• YTD: 18.13%
• 6M: 10.45%
• 1Y: 26.90%
• 3Y*: 18.28%
• 5Y*: 13.55%
• 10Y*: 11.07%

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

FCUQ.TO vs. ZDY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCUQ.TO Fidelity U.S. High Quality ETF	7.92%	4.67%	32.89%	20.05%	-11.48%	31.73%	13.51%	24.22%
ZDY.TO BMO US Dividend ETF (CAD)	18.13%	4.45%	26.22%	4.58%	1.64%	22.92%	-5.18%	13.58%

Correlation

The correlation between FCUQ.TO and ZDY.TO is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019	0.66

The correlation between FCUQ.TO and ZDY.TO has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

FCUQ.TO vs. ZDY.TO - Sectors Allocation Comparison

Sectors	FCUQ.TO	ZDY.TO
Technology	42.0%	29.0%
Consumer Cyclical	14.8%	5.4%
Industrials	12.4%	4.4%
Consumer Defensive	10.0%	9.5%
Basic Materials	7.3%	1.6%
Financial Services	6.3%	9.5%
Communication Services	4.3%	6.9%
Healthcare	2.8%	11.9%
Energy	-	9.8%
Real Estate	-	5.6%
Utilities	-	6.4%

Return for Risk

FCUQ.TO vs. ZDY.TO — Risk / Return Rank

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

FCUQ.TO

FCUQ.TO Risk / Return Rank: 31
FCUQ.TO Sharpe Ratio Rank: 35
FCUQ.TO Sortino Ratio Rank: 34
FCUQ.TO Omega Ratio Rank: 35
FCUQ.TO Calmar Ratio Rank: 25
FCUQ.TO Martin Ratio Rank: 27

ZDY.TO

ZDY.TO Risk / Return Rank: 71
ZDY.TO Sharpe Ratio Rank: 68
ZDY.TO Sortino Ratio Rank: 62
ZDY.TO Omega Ratio Rank: 72
ZDY.TO Calmar Ratio Rank: 78
ZDY.TO Martin Ratio Rank: 73

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.

FCUQ.TO vs. ZDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. High Quality ETF (FCUQ.TO) and BMO US Dividend ETF (CAD) (ZDY.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.

	FCUQ.TO	ZDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.23	2.28	-1.06
Sortino ratio: Return per unit of downside risk	1.78	2.97	-1.19
Omega ratio: Gain probability vs. loss probability	1.23	1.44	-0.21
Calmar ratio: Return relative to maximum drawdown	1.16	3.98	-2.83
Martin ratio: Return relative to average drawdown	3.79	13.78	-9.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCUQ.TO vs. ZDY.TO - Sharpe Ratio Comparison

The current FCUQ.TO Sharpe Ratio is 1.23, which is lower than the ZDY.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FCUQ.TO and ZDY.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.

Sharpe Ratios by Period

	FCUQ.TO	ZDY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	2.28	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	1.12	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.95	-0.03

Drawdowns

FCUQ.TO vs. ZDY.TO - Drawdown Comparison

The maximum FCUQ.TO drawdown since its inception was -25.36%, smaller than the maximum ZDY.TO drawdown of -33.01%. Use the drawdown chart below to compare losses from any high point for FCUQ.TO and ZDY.TO.

Drawdown Indicators

	FCUQ.TO	ZDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.36%	-33.01%	+7.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-6.78%	-5.36%
Max Drawdown (3Y) Largest decline over 3 years	-16.48%	-15.32%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.73%	-15.32%	-7.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.01%	—
Current Drawdown Current decline from peak	-0.47%	-0.19%	-0.28%
Average Drawdown Average peak-to-trough decline	-4.29%	-3.30%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	1.96%	+1.74%

Volatility

FCUQ.TO vs. ZDY.TO - Volatility Comparison

The current volatility for Fidelity U.S. High Quality ETF (FCUQ.TO) is 3.37%, while BMO US Dividend ETF (CAD) (ZDY.TO) has a volatility of 4.73%. This indicates that FCUQ.TO experiences smaller price fluctuations and is considered to be less risky than ZDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCUQ.TO	ZDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	4.73%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	9.85%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	11.85%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	12.17%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	15.18%	+2.13%

FCUQ.TO vs. ZDY.TO - Expense Ratio Comparison

FCUQ.TO has a 0.35% expense ratio, which is higher than ZDY.TO's 0.30% expense ratio.

Dividends

FCUQ.TO vs. ZDY.TO - Dividend Comparison

FCUQ.TO's dividend yield for the trailing twelve months is around 0.67%, less than ZDY.TO's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCUQ.TO Fidelity U.S. High Quality ETF	0.67%	0.73%	0.77%	0.88%	1.04%	0.79%	1.15%	0.82%	0.00%	0.00%	0.00%	0.00%
ZDY.TO BMO US Dividend ETF (CAD)	1.46%	1.72%	1.97%	2.43%	2.48%	2.33%	3.65%	3.02%	2.80%	2.63%	2.46%	2.54%

Frequently Asked Questions

Can I hold both FCUQ.TO and ZDY.TO in my portfolio?

FCUQ.TO and ZDY.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCUQ.TO or ZDY.TO?

On fees, ZDY.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCUQ.TO or ZDY.TO?

ZDY.TO is cheaper with a 0.30% expense ratio, compared with 0.35% for FCUQ.TO.

What is the main difference between FCUQ.TO and ZDY.TO?

FCUQ.TO is categorized as Large Cap Blend Equities, while ZDY.TO is Dividend. They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.35% for FCUQ.TO and 0.30% for ZDY.TO.