FICDX vs. EWC
FICDX (Fidelity Canada Fund) and EWC (iShares MSCI Canada ETF) are both funds - FICDX is a Foreign Large Cap Equities fund managed by Fidelity, while EWC is a Canada Equities fund tracking the MSCI Canada Index. Over the past 10 years, FICDX returned 10.40%/yr vs 11.38%/yr for EWC. Their correlation of 0.85 suggests significant overlap in exposure. FICDX charges 0.80%/yr vs 0.49%/yr for EWC.
Performance
FICDX vs. EWC - Performance Comparison
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Returns By Period
In the year-to-date period, FICDX achieves a 4.52% return, which is significantly lower than EWC's 7.44% return. Over the past 10 years, FICDX has underperformed EWC with an annualized return of 10.40%, while EWC has yielded a comparatively higher 11.38% annualized return.
FICDX
- 1D
- -0.28%
- 1M
- -1.83%
- YTD
- 4.52%
- 6M
- 3.55%
- 1Y
- 14.49%
- 3Y*
- 16.21%
- 5Y*
- 10.25%
- 10Y*
- 10.40%
EWC
- 1D
- -0.38%
- 1M
- -0.97%
- YTD
- 7.44%
- 6M
- 6.24%
- 1Y
- 28.96%
- 3Y*
- 21.74%
- 5Y*
- 11.16%
- 10Y*
- 11.38%
FICDX vs. EWC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FICDX Fidelity Canada Fund | 4.52% | 25.86% | 9.15% | 14.66% | -6.14% | 26.86% | 4.43% | 25.82% | -14.32% | 12.79% |
EWC iShares MSCI Canada ETF | 7.44% | 35.92% | 12.38% | 14.73% | -12.95% | 26.98% | 5.52% | 27.58% | -17.16% | 15.73% |
Correlation
The correlation between FICDX and EWC is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.85 |
The correlation between FICDX and EWC shifts across timeframes, from 0.85 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FICDX vs. EWC — Risk / Return Rank
FICDX
EWC
FICDX vs. EWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Canada Fund (FICDX) and iShares MSCI Canada ETF (EWC). 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.
| FICDX | EWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 3.42 | -1.46 |
| Martin ratioReturn relative to average drawdown | 6.36 | 13.81 | -7.45 |
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Drawdowns
FICDX vs. EWC - Drawdown Comparison
The maximum FICDX drawdown since its inception was -58.09%, roughly equal to the maximum EWC drawdown of -60.75%. Use the drawdown chart below to compare losses from any high point for FICDX and EWC.
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Drawdown Indicators
| FICDX | EWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.09% | -60.75% | +2.66% |
Max Drawdown (1Y)Largest decline over 1 year | -7.60% | -8.51% | +0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -12.06% | -12.97% | +0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -24.81% | +3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -39.85% | -42.66% | +2.81% |
Current DrawdownCurrent decline from peak | -3.70% | -2.55% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -10.51% | -13.12% | +2.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 2.10% | +0.24% |
Volatility
FICDX vs. EWC - Volatility Comparison
The current volatility for Fidelity Canada Fund (FICDX) is 3.97%, while iShares MSCI Canada ETF (EWC) has a volatility of 4.34%. This indicates that FICDX experiences smaller price fluctuations and is considered to be less risky than EWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FICDX | EWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 4.34% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 11.41% | -1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.96% | 14.44% | -1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.99% | 17.29% | -1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.43% | 18.71% | -1.28% |
FICDX vs. EWC - Expense Ratio Comparison
FICDX has a 0.80% expense ratio, which is higher than EWC's 0.49% expense ratio.
Dividends
FICDX vs. EWC - Dividend Comparison
FICDX's dividend yield for the trailing twelve months is around 5.45%, more than EWC's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 1.30% | 1.45% | 2.23% | 2.27% | 2.34% | 1.85% | 2.09% | 2.16% | 2.65% | 1.97% | 1.75% | 2.34% |
FICDX Fidelity Canada Fund | 5.45% | 5.70% | 7.44% | 3.36% | 4.11% | 5.16% | 2.56% | 4.41% | 7.33% | 0.89% | 1.63% | 0.15% |
Frequently Asked Questions
With a correlation of 0.95, FICDX and EWC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EWC has higher volatility (4.34%) compared to FICDX (3.97%). In terms of maximum drawdown, FICDX dropped -58.09% vs EWC's -60.75%.
EWC currently has the higher Sharpe Ratio (2.02 vs 1.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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