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FXM.TO vs. FCCV.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FXM.TO vs. FCCV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar Canada Value Index ETF (FXM.TO) and Fidelity Canadian Value ETF (FCCV.TO).

FXM.TO and FCCV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXM.TO is a passively managed fund by CI Investments that tracks the performance of the Morningstar Canada Target Value Index. It was launched on Feb 13, 2012. FCCV.TO is a passively managed fund by Fidelity that tracks the performance of the Fidelity Canada Canadian Value Index. It was launched on Jun 5, 2020. Both FXM.TO and FCCV.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FXM.TO vs. FCCV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar Canada Value Index ETF (FXM.TO) and Fidelity Canadian Value ETF (FCCV.TO). The values are adjusted to include any dividend payments, if applicable.

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FXM.TO vs. FCCV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
FXM.TO
CI Morningstar Canada Value Index ETF		8.97%38.54%30.05%5.79%-1.19%31.47%23.15%
FCCV.TO
Fidelity Canadian Value ETF		5.92%36.93%15.47%11.16%-3.35%34.98%20.55%

Returns By Period

In the year-to-date period, FXM.TO achieves a 8.97% return, which is significantly higher than FCCV.TO's 5.92% return.

FXM.TO

1D
1.19%
1M
-3.54%
YTD
8.97%
6M
20.63%
1Y
50.77%
3Y*
26.11%
5Y*
18.45%
10Y*
14.20%

FCCV.TO

1D
3.09%
1M
-5.01%
YTD
5.92%
6M
15.59%
1Y
41.67%
3Y*
21.05%
5Y*
17.33%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI Morningstar Canada Value Index ETF

Fidelity Canadian Value ETF

Often compared with FXM.TO:
FXM.TO vs. FCUV.TOFXM.TO vs. FCCM.NEOFXM.TO vs. VDY.TOFXM.TO vs. XDIV.TOFXM.TO vs. XCV.TOFXM.TO vs. XCS.TOFXM.TO vs. XEQT.TO
Often compared with FCCV.TO:
FCCV.TO vs. CCOM.TOFCCV.TO vs. XIC.TOFCCV.TO vs. XDIV.TOFCCV.TO vs. VDY.TOFCCV.TO vs. HEWB.TOFCCV.TO vs. TLV.TOFCCV.TO vs. CLSA.TO

FXM.TO vs. FCCV.TO - Expense Ratio Comparison

FXM.TO has a 0.64% expense ratio, which is higher than FCCV.TO's 0.35% expense ratio.

FXM.TO
CI Morningstar Canada Value Index ETF
FCCV.TO
Fidelity Canadian Value ETF

Return for Risk

FXM.TO vs. FCCV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXM.TO
FXM.TO Risk / Return Rank: 9797
Overall Rank
FXM.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
FXM.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
FXM.TO Omega Ratio Rank: 9898
Omega Ratio Rank
FXM.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
FXM.TO Martin Ratio Rank: 9797
Martin Ratio Rank
FCCV.TO
FCCV.TO Risk / Return Rank: 9595
Overall Rank
FCCV.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
FCCV.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
FCCV.TO Omega Ratio Rank: 9696
Omega Ratio Rank
FCCV.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
FCCV.TO Martin Ratio Rank: 9595
Martin Ratio Rank
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.

FXM.TO vs. FCCV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar Canada Value Index ETF (FXM.TO) and Fidelity Canadian Value ETF (FCCV.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.

FXM.TOFCCV.TODifference

Sharpe ratio

Return per unit of total volatility

3.42

2.50

+0.91

Sortino ratio

Return per unit of downside risk

4.07

3.09

+0.97

Omega ratio

Gain probability vs. loss probability

1.70

1.50

+0.20

Calmar ratio

Return relative to maximum drawdown

4.52

3.76

+0.77

Martin ratio

Return relative to average drawdown

20.67

16.13

+4.54

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXM.TO vs. FCCV.TO - Sharpe Ratio Comparison

The current FXM.TO Sharpe Ratio is 3.42, which is higher than the FCCV.TO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of FXM.TO and FCCV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FXM.TOFCCV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.42

2.50

+0.91

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.30

1.17

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

1.38

-0.58

Correlation

The correlation between FXM.TO and FCCV.TO is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FXM.TO vs. FCCV.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.93%, more than FCCV.TO's 1.74% yield.

TTM20252024202320222021202020192018201720162015
FXM.TO
CI Morningstar Canada Value Index ETF		1.93%1.91%2.17%2.96%2.18%2.19%2.40%2.03%2.52%1.70%1.83%2.24%
FCCV.TO
Fidelity Canadian Value ETF		1.74%1.84%2.59%3.01%2.45%1.66%1.59%0.00%0.00%0.00%0.00%0.00%

Drawdowns

FXM.TO vs. FCCV.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, which is greater than FCCV.TO's maximum drawdown of -19.81%. Use the drawdown chart below to compare losses from any high point for FXM.TO and FCCV.TO.

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Drawdown Indicators

FXM.TOFCCV.TODifference

Max Drawdown

Largest peak-to-trough decline

-46.41%

-19.81%

-26.60%

Max Drawdown (1Y)

Largest decline over 1 year

-11.48%

-11.44%

-0.04%

Max Drawdown (5Y)

Largest decline over 5 years

-16.08%

-19.81%

+3.73%

Max Drawdown (10Y)

Largest decline over 10 years

-46.41%

—

—

Current Drawdown

Current decline from peak

-4.31%

-5.34%

+1.03%

Average Drawdown

Average peak-to-trough decline

-4.72%

-3.61%

-1.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

2.66%

-0.15%

Volatility

FXM.TO vs. FCCV.TO - Volatility Comparison

The current volatility for CI Morningstar Canada Value Index ETF (FXM.TO) is 4.37%, while Fidelity Canadian Value ETF (FCCV.TO) has a volatility of 6.13%. This indicates that FXM.TO experiences smaller price fluctuations and is considered to be less risky than FCCV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXM.TOFCCV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

6.13%

-1.76%

Volatility (6M)

Calculated over the trailing 6-month period

9.87%

12.09%

-2.22%

Volatility (1Y)

Calculated over the trailing 1-year period

14.95%

16.75%

-1.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.29%

14.85%

-0.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.05%

14.82%

+2.23%