FXM.TO vs. FCMI.TO

Last updated Aug 2, 2026

FXM.TO (CI Morningstar Canada Value Index ETF) and FCMI.TO (Fidelity Canadian Monthly High Income ETF) are both Canada Equities funds. FXM.TO is passively managed, while FCMI.TO is actively managed. Over the past 5 years, FXM.TO returned 19.13%/yr vs 8.20%/yr for FCMI.TO. Their 0.16 correlation means their historical movements had little consistent relationship. FXM.TO charges 0.64%/yr vs 0.50%/yr for FCMI.TO.

Performance

FXM.TO vs. FCMI.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 Monthly High Income ETF (FCMI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXM.TO achieves a 18.11% return, which is significantly higher than FCMI.TO's 9.45% return.

FXM.TO

• 1D: -0.58%
• 1M: 3.42%
• 6M: 14.85%
• YTD: 18.11%
• 1Y: 45.40%
• 3Y*: 27.60%
• 5Y*: 19.13%
• 10Y*: 14.71%
• ALL TIME*: 13.03%

FCMI.TO

• 1D: 0.00%
• 1M: 1.29%
• 6M: 7.34%
• YTD: 9.45%
• 1Y: 18.98%
• 3Y*: 14.00%
• 5Y*: 8.20%
• 10Y*: —
• ALL TIME*: -3.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCMI.TO Fidelity Canadian Monthly High Income ETF	CA$46.04K	CA$34.60K	CA$26.27K
FXM.TO CI Morningstar Canada Value Index ETF	CA$211.28K	CA$184.82K	CA$281.27K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FXM.TO CI Morningstar Canada Value Index ETF	18.11%	38.54%	30.05%	5.79%	-1.19%	31.47%	7.47%
FCMI.TO Fidelity Canadian Monthly High Income ETF	9.45%	15.02%	13.11%	5.49%	-5.32%	15.26%	-50.19%

Correlation

The correlation between FXM.TO and FCMI.TO is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.18
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.16

FXM.TO vs. FCMI.TO - Sectors Allocation Comparison

Sectors	FXM.TO	FCMI.TO
Basic Materials	16.3%	11.3%
Energy	14.8%	20.6%
Financial Services	14.7%	22.8%
Utilities	14.2%	7.6%
Consumer Cyclical	10.4%	10.5%
Communication Services	9.2%	5.6%
Consumer Defensive	6.9%	1.7%
Technology	6.8%	5.8%
Real Estate	3.6%	6.8%
Industrials	3.2%	5.6%
Healthcare	-	1.8%

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

FXM.TO

FXM.TO Risk / Return Rank: 97
FXM.TO Sharpe Ratio Rank: 98
FXM.TO Sortino Ratio Rank: 97
FXM.TO Omega Ratio Rank: 97
FXM.TO Calmar Ratio Rank: 95
FXM.TO Martin Ratio Rank: 96

FCMI.TO

FCMI.TO Risk / Return Rank: 96
FCMI.TO Sharpe Ratio Rank: 96
FCMI.TO Sortino Ratio Rank: 96
FCMI.TO Omega Ratio Rank: 97
FCMI.TO Calmar Ratio Rank: 95
FCMI.TO Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FXM.TO vs. FCMI.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 Monthly High Income ETF (FCMI.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.

	FXM.TO	FCMI.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.99	2.96	+1.04
Sortino ratio: Return per unit of downside risk	5.14	4.59	+0.55
Omega ratio: Gain probability vs. loss probability	1.75	1.77	-0.02
Calmar ratio: Return relative to maximum drawdown	5.51	5.21	+0.30
Martin ratio: Return relative to average drawdown	21.50	19.97	+1.53

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

The current FXM.TO Sharpe Ratio is 3.99, which is higher than the FCMI.TO Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of FXM.TO and FCMI.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

FXM.TO vs. FCMI.TO - Drawdown Comparison

The maximum FXM.TO drawdown since its inception was -46.41%, smaller than the maximum FCMI.TO drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for FXM.TO and FCMI.TO.

Drawdown Indicators

	FXM.TO	FCMI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.41%	-63.80%	+17.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	-3.62%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-12.44%	-6.63%	-5.81%
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	-10.00%	-6.08%
Max Drawdown (10Y) Largest decline over 10 years	-46.41%	—	—
Current Drawdown Current decline from peak	-0.65%	-18.80%	+18.15%
Average Drawdown Average peak-to-trough decline	-4.64%	-41.51%	+36.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.94%	+1.14%

Volatility

FXM.TO vs. FCMI.TO - Volatility Comparison

CI Morningstar Canada Value Index ETF (FXM.TO) has a higher volatility of 2.53% compared to Fidelity Canadian Monthly High Income ETF (FCMI.TO) at 2.05%. This indicates that FXM.TO's price experiences larger fluctuations and is considered to be riskier than FCMI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXM.TO	FCMI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	2.05%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	4.92%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	6.43%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	7.80%	+6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	22.16%	-5.28%

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

FXM.TO has a 0.64% expense ratio, which is higher than FCMI.TO's 0.50% expense ratio.

Dividends

FXM.TO vs. FCMI.TO - Dividend Comparison

FXM.TO's dividend yield for the trailing twelve months is around 1.72%, less than FCMI.TO's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCMI.TO Fidelity Canadian Monthly High Income ETF	2.94%	3.38%	3.63%	4.09%	3.73%	2.76%	6.22%	0.00%	0.00%	0.00%	0.00%	0.00%
FXM.TO CI Morningstar Canada Value Index ETF	1.72%	1.91%	2.17%	2.96%	2.18%	2.19%	2.40%	2.04%	2.52%	1.70%	1.83%	2.24%

Frequently Asked Questions

Can I hold both FXM.TO and FCMI.TO in my portfolio?

FXM.TO and FCMI.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FXM.TO or FCMI.TO?

On fees, FCMI.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXM.TO or FCMI.TO?

FCMI.TO is cheaper with a 0.50% expense ratio, compared with 0.64% for FXM.TO.

What is the main difference between FXM.TO and FCMI.TO?

They also come from different issuers: CI and Fidelity. Their fees differ too: 0.64% for FXM.TO and 0.50% for FCMI.TO.