FCVH.TO vs. FCMO.NEO

Last updated Jul 16, 2026

FCVH.TO (Fidelity U.S. Value Currency Neutral ETF) and FCMO.NEO (Fidelity US Momentum ETF) are both exchange-traded funds - FCVH.TO is a Large Cap Value Equities fund actively managed by Fidelity, while FCMO.NEO is a Momentum fund tracking the Fidelity Canada U.S. Momentum Index. FCVH.TO is actively managed, while FCMO.NEO is passively managed. Over the past 5 years, FCVH.TO returned 17.72%/yr vs 17.92%/yr for FCMO.NEO. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.38% expense ratio.

Performance

FCVH.TO vs. FCMO.NEO - 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 US Momentum ETF (FCMO.NEO). 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 FCMO.NEO's 20.14% 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*: —

FCMO.NEO

• 1D: -0.65%
• 1M: -1.58%
• 6M: 15.32%
• YTD: 20.14%
• 1Y: 29.41%
• 3Y*: 31.97%
• 5Y*: 17.92%
• 10Y*: —

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

FCVH.TO vs. FCMO.NEO - 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%	18.26%
FCMO.NEO Fidelity US Momentum ETF	20.14%	13.77%	53.26%	13.09%	-14.21%	16.13%	-61.16%

Correlation

The correlation between FCVH.TO and FCMO.NEO 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 5, 2020	0.38

Over the past year, FCVH.TO and FCMO.NEO 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. FCMO.NEO — 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

FCMO.NEO

FCMO.NEO Risk / Return Rank: 58
FCMO.NEO Sharpe Ratio Rank: 53
FCMO.NEO Sortino Ratio Rank: 53
FCMO.NEO Omega Ratio Rank: 55
FCMO.NEO Calmar Ratio Rank: 67
FCMO.NEO Martin Ratio Rank: 63

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. FCMO.NEO - 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 US Momentum ETF (FCMO.NEO). 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	FCMO.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.44	1.48	+0.96
Sortino ratio: Return per unit of downside risk	3.47	2.11	+1.36
Omega ratio: Gain probability vs. loss probability	1.43	1.28	+0.15
Calmar ratio: Return relative to maximum drawdown	4.61	2.71	+1.90
Martin ratio: Return relative to average drawdown	18.48	9.01	+9.46

FCVH.TO vs. FCMO.NEO - Sharpe Ratio Comparison

The current FCVH.TO Sharpe Ratio is 2.44, which is higher than the FCMO.NEO Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of FCVH.TO and FCMO.NEO, 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. FCMO.NEO - Drawdown Comparison

The maximum FCVH.TO drawdown since its inception was -20.54%, smaller than the maximum FCMO.NEO drawdown of -67.39%. Use the drawdown chart below to compare losses from any high point for FCVH.TO and FCMO.NEO.

Drawdown Indicators

	FCVH.TO	FCMO.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-20.54%	-67.39%	+46.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-10.91%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-21.82%	+5.48%
Max Drawdown (5Y) Largest decline over 5 years	-20.54%	-26.93%	+6.39%
Current Drawdown Current decline from peak	-0.20%	-8.56%	+8.36%
Average Drawdown Average peak-to-trough decline	-3.35%	-48.77%	+45.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	3.27%	-1.42%

Volatility

FCVH.TO vs. FCMO.NEO - Volatility Comparison

The current volatility for Fidelity U.S. Value Currency Neutral ETF (FCVH.TO) is 3.25%, while Fidelity US Momentum ETF (FCMO.NEO) has a volatility of 5.56%. This indicates that FCVH.TO experiences smaller price fluctuations and is considered to be less risky than FCMO.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVH.TO	FCMO.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	5.56%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	16.89%	-6.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.01%	19.99%	-5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	18.36%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.71%	32.59%	-14.88%

FCVH.TO vs. FCMO.NEO - Expense Ratio Comparison

Both FCVH.TO and FCMO.NEO have an expense ratio of 0.38%.

Dividends

FCVH.TO vs. FCMO.NEO - Dividend Comparison

FCVH.TO's dividend yield for the trailing twelve months is around 0.81%, more than FCMO.NEO's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FCMO.NEO Fidelity US Momentum ETF	0.30%	0.36%	0.25%	0.00%	0.00%	0.00%	0.28%
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 FCMO.NEO in my portfolio?

FCVH.TO and FCMO.NEO 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 FCMO.NEO?

Both ETFs have the same 0.38% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCVH.TO or FCMO.NEO?

FCVH.TO and FCMO.NEO have the same expense ratio: 0.38% per year.

What is the main difference between FCVH.TO and FCMO.NEO?

FCVH.TO is categorized as Large Cap Value Equities, while FCMO.NEO is Momentum.