FCVH.TO vs. FCIV.TO

Last updated Jul 16, 2026

FCVH.TO (Fidelity U.S. Value Currency Neutral ETF) and FCIV.TO (Fidelity International Value ETF) are both exchange-traded funds - FCVH.TO is a Large Cap Value Equities fund actively managed by Fidelity, while FCIV.TO is a Foreign Large Cap Equities fund tracking the Fidelity Canada International Value Index. FCVH.TO is actively managed, while FCIV.TO is passively managed. Over the past 5 years, FCVH.TO returned 17.72%/yr vs 16.30%/yr for FCIV.TO. At a 0.38 correlation, their price movements are largely independent. FCVH.TO charges 0.38%/yr vs 0.45%/yr for FCIV.TO.

Performance

FCVH.TO vs. FCIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity U.S. Value Currency Neutral ETF (FCVH.TO) and Fidelity International Value ETF (FCIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVH.TO achieves a 13.62% return, which is significantly lower than FCIV.TO's 18.43% return.

FCVH.TO

• 1D: 0.53%
• 1M: 1.33%
• 6M: 11.04%
• YTD: 13.62%
• 1Y: 34.00%
• 3Y*: 22.78%
• 5Y*: 17.72%
• 10Y*: —

FCIV.TO

• 1D: 0.90%
• 1M: 3.02%
• 6M: 12.22%
• YTD: 18.43%
• 1Y: 34.71%
• 3Y*: 22.11%
• 5Y*: 16.30%
• 10Y*: —

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

FCVH.TO vs. FCIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCVH.TO Fidelity U.S. Value Currency Neutral ETF	13.62%	22.93%	23.75%	21.51%	-5.48%	38.33%	17.70%
FCIV.TO Fidelity International Value ETF	18.43%	33.60%	6.89%	22.75%	-0.22%	14.15%	4.49%

Correlation

The correlation between FCVH.TO and FCIV.TO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020	0.38

Over the past year, FCVH.TO and FCIV.TO have become more correlated (0.61) than their long-term average of 0.38, meaning their price movements have been converging.

Return for Risk

FCVH.TO vs. FCIV.TO — Risk / Return Rank

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

FCVH.TO

FCVH.TO Risk / Return Rank: 90
FCVH.TO Sharpe Ratio Rank: 90
FCVH.TO Sortino Ratio Rank: 90
FCVH.TO Omega Ratio Rank: 88
FCVH.TO Calmar Ratio Rank: 91
FCVH.TO Martin Ratio Rank: 93

FCIV.TO

FCIV.TO Risk / Return Rank: 88
FCIV.TO Sharpe Ratio Rank: 90
FCIV.TO Sortino Ratio Rank: 87
FCIV.TO Omega Ratio Rank: 88
FCIV.TO Calmar Ratio Rank: 88
FCIV.TO Martin Ratio Rank: 88

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.

FCVH.TO vs. FCIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Value Currency Neutral ETF (FCVH.TO) and Fidelity International Value ETF (FCIV.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.

	FCVH.TO	FCIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.37	+0.07
Sortino ratio: Return per unit of downside risk	3.47	3.14	+0.34
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	4.61	4.06	+0.55
Martin ratio: Return relative to average drawdown	18.48	15.22	+3.25

FCVH.TO vs. FCIV.TO - Sharpe Ratio Comparison

The current FCVH.TO Sharpe Ratio is 2.44, which is comparable to the FCIV.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FCVH.TO and FCIV.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

FCVH.TO vs. FCIV.TO - Drawdown Comparison

The maximum FCVH.TO drawdown since its inception was -20.54%, smaller than the maximum FCIV.TO drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for FCVH.TO and FCIV.TO.

Drawdown Indicators

	FCVH.TO	FCIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.54%	-24.27%	+3.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-8.59%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-16.59%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-20.54%	-24.27%	+3.73%
Current Drawdown Current decline from peak	-0.20%	-0.65%	+0.45%
Average Drawdown Average peak-to-trough decline	-3.35%	-4.04%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.29%	-0.44%

Volatility

FCVH.TO vs. FCIV.TO - Volatility Comparison

Fidelity U.S. Value Currency Neutral ETF (FCVH.TO) and Fidelity International Value ETF (FCIV.TO) have volatilities of 3.25% and 3.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVH.TO	FCIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	3.11%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	11.29%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.01%	14.73%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	15.24%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.71%	15.49%	+2.22%

FCVH.TO vs. FCIV.TO - Expense Ratio Comparison

FCVH.TO has a 0.38% expense ratio, which is lower than FCIV.TO's 0.45% expense ratio.

Dividends

FCVH.TO vs. FCIV.TO - Dividend Comparison

FCVH.TO's dividend yield for the trailing twelve months is around 0.81%, less than FCIV.TO's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FCIV.TO Fidelity International Value ETF	2.11%	2.09%	2.80%	3.64%	3.45%	2.97%	0.90%
FCVH.TO Fidelity U.S. Value Currency Neutral ETF	0.81%	1.01%	1.07%	0.88%	2.91%	1.15%	3.34%

Frequently Asked Questions

Can I hold both FCVH.TO and FCIV.TO in my portfolio?

FCVH.TO and FCIV.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCVH.TO or FCIV.TO?

On fees, FCVH.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCVH.TO or FCIV.TO?

FCVH.TO is cheaper with a 0.38% expense ratio, compared with 0.45% for FCIV.TO.

What is the main difference between FCVH.TO and FCIV.TO?

FCVH.TO is categorized as Large Cap Value Equities, while FCIV.TO is Foreign Large Cap Equities. Their fees differ too: 0.38% for FCVH.TO and 0.45% for FCIV.TO.