FFDI vs. ZXM.TO

Last updated Jun 4, 2026

FFDI (Fidelity Fundamental Developed International ETF) and ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) are both exchange-traded funds - FFDI is a Foreign Large Cap Equities fund managed by Fidelity, while ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index. Over the past year, FFDI returned 12.65% vs 31.48% for ZXM.TO. At a 0.50 correlation, their price movements are largely independent. FFDI charges 0.55%/yr vs 0.67%/yr for ZXM.TO.

Performance

FFDI vs. ZXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Developed International ETF (FFDI) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FFDI is traded in USD, while ZXM.TO is traded in CAD. To make them comparable, the ZXM.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FFDI achieves a 6.62% return, which is significantly lower than ZXM.TO's 10.95% return.

FFDI

• 1D: -0.09%
• 1M: 3.81%
• YTD: 6.62%
• 6M: 8.90%
• 1Y: 12.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZXM.TO

• 1D: -1.23%
• 1M: 0.83%
• YTD: 10.95%
• 6M: 14.74%
• 1Y: 31.48%
• 3Y*: 24.26%
• 5Y*: 9.99%
• 10Y*: 12.26%

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

FFDI vs. ZXM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFDI Fidelity Fundamental Developed International ETF	6.62%	26.66%	-2.09%
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	10.95%	42.26%	-0.78%

Correlation

The correlation between FFDI and ZXM.TO is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.50

The correlation between FFDI and ZXM.TO has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.

Return for Risk

FFDI vs. ZXM.TO — Risk / Return Rank

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

FFDI

FFDI Risk / Return Rank: 24
FFDI Sharpe Ratio Rank: 22
FFDI Sortino Ratio Rank: 23
FFDI Omega Ratio Rank: 22
FFDI Calmar Ratio Rank: 24
FFDI Martin Ratio Rank: 29

ZXM.TO

ZXM.TO Risk / Return Rank: 71
ZXM.TO Sharpe Ratio Rank: 69
ZXM.TO Sortino Ratio Rank: 72
ZXM.TO Omega Ratio Rank: 79
ZXM.TO Calmar Ratio Rank: 65
ZXM.TO Martin Ratio Rank: 70

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.

FFDI vs. ZXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Developed International ETF (FFDI) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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.

	FFDI	ZXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.98	-1.23
Sortino ratio: Return per unit of downside risk	1.19	2.85	-1.66
Omega ratio: Gain probability vs. loss probability	1.14	1.40	-0.25
Calmar ratio: Return relative to maximum drawdown	1.07	2.66	-1.59
Martin ratio: Return relative to average drawdown	4.03	11.21	-7.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFDI vs. ZXM.TO - Sharpe Ratio Comparison

The current FFDI Sharpe Ratio is 0.75, which is lower than the ZXM.TO Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FFDI and ZXM.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

	FFDI	ZXM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	1.98	-1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.53	+0.56

Drawdowns

FFDI vs. ZXM.TO - Drawdown Comparison

The maximum FFDI drawdown since its inception was -14.39%, smaller than the maximum ZXM.TO drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for FFDI and ZXM.TO.

Drawdown Indicators

	FFDI	ZXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.39%	-40.99%	+26.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-11.87%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.99%	—
Current Drawdown Current decline from peak	-0.89%	-3.80%	+2.91%
Average Drawdown Average peak-to-trough decline	-2.14%	-8.95%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.81%	+0.33%

Volatility

FFDI vs. ZXM.TO - Volatility Comparison

Fidelity Fundamental Developed International ETF (FFDI) has a higher volatility of 6.15% compared to CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) at 5.66%. This indicates that FFDI's price experiences larger fluctuations and is considered to be riskier than ZXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFDI	ZXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	5.66%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	14.06%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	16.00%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.67%	18.52%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	19.55%	-0.88%

FFDI vs. ZXM.TO - Expense Ratio Comparison

FFDI has a 0.55% expense ratio, which is lower than ZXM.TO's 0.67% expense ratio.

Dividends

FFDI vs. ZXM.TO - Dividend Comparison

FFDI's dividend yield for the trailing twelve months is around 2.07%, less than ZXM.TO's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFDI Fidelity Fundamental Developed International ETF	2.07%	2.16%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	2.25%	2.39%	2.97%	3.57%	5.50%	1.58%	0.86%	1.19%	1.49%	0.89%	1.19%	1.11%

Frequently Asked Questions

Can I hold both FFDI and ZXM.TO in my portfolio?

FFDI and ZXM.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FFDI or ZXM.TO?

On fees, FFDI is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FFDI or ZXM.TO?

FFDI is cheaper with a 0.55% expense ratio, compared with 0.67% for ZXM.TO.

What is the main difference between FFDI and ZXM.TO?

FFDI is categorized as Foreign Large Cap Equities, while ZXM.TO is Momentum. They also come from different issuers: Fidelity and CI Global Asset Management. Their fees differ too: 0.55% for FFDI and 0.67% for ZXM.TO.