MCSM.TO vs. FCMI.TO
MCSM.TO (Manulife Multifactor Canadian SMID Cap Index ETF) and FCMI.TO (Fidelity Canadian Monthly High Income ETF) are both Canada Equities funds. Both are actively managed. Over the past 5 years, MCSM.TO returned 11.72%/yr vs 8.04%/yr for FCMI.TO. At a 0.11 correlation, their price movements are largely independent.
Performance
MCSM.TO vs. FCMI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MCSM.TO achieves a 11.32% return, which is significantly higher than FCMI.TO's 9.25% return.
MCSM.TO
- 1D
- 0.46%
- 1M
- -1.44%
- 6M
- 4.24%
- YTD
- 11.32%
- 1Y
- 32.76%
- 3Y*
- 19.58%
- 5Y*
- 11.72%
- 10Y*
- —
FCMI.TO
- 1D
- 0.00%
- 1M
- 0.07%
- 6M
- 7.41%
- YTD
- 9.25%
- 1Y
- 19.31%
- 3Y*
- 13.93%
- 5Y*
- 8.04%
- 10Y*
- —
MCSM.TO vs. FCMI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MCSM.TO Manulife Multifactor Canadian SMID Cap Index ETF | 11.32% | 39.56% | 4.39% | 6.83% | 1.07% | 17.32% | 11.55% |
FCMI.TO Fidelity Canadian Monthly High Income ETF | 9.25% | 15.02% | 13.11% | 5.49% | -5.32% | 15.26% | -50.19% |
Correlation
The correlation between MCSM.TO and FCMI.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020 | 0.11 |
The correlation between MCSM.TO and FCMI.TO shifts across timeframes, from 0.11 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MCSM.TO vs. FCMI.TO — Risk / Return Rank
MCSM.TO
FCMI.TO
MCSM.TO vs. FCMI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.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.
| MCSM.TO | FCMI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.80 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 5.36 | -3.10 |
| Martin ratioReturn relative to average drawdown | 5.33 | 20.61 | -15.28 |
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Drawdowns
MCSM.TO vs. FCMI.TO - Drawdown Comparison
The maximum MCSM.TO drawdown since its inception was -42.80%, smaller than the maximum FCMI.TO drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for MCSM.TO and FCMI.TO.
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Drawdown Indicators
| MCSM.TO | FCMI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.80% | -63.80% | +21.00% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -3.62% | -10.92% |
Max Drawdown (3Y)Largest decline over 3 years | -22.65% | -6.63% | -16.02% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | -10.00% | -12.93% |
Current DrawdownCurrent decline from peak | -8.40% | -18.96% | +10.56% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -41.60% | +35.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 0.94% | +5.22% |
Volatility
MCSM.TO vs. FCMI.TO - Volatility Comparison
Manulife Multifactor Canadian SMID Cap Index ETF (MCSM.TO) has a higher volatility of 4.94% compared to Fidelity Canadian Monthly High Income ETF (FCMI.TO) at 2.10%. This indicates that MCSM.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.
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Volatility by Period
| MCSM.TO | FCMI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 2.10% | +2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 17.07% | 4.99% | +12.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.62% | 6.39% | +19.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.04% | 7.80% | +42.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.71% | 22.20% | +27.51% |
Dividends
MCSM.TO vs. FCMI.TO - Dividend Comparison
MCSM.TO's dividend yield for the trailing twelve months is around 1.78%, less than FCMI.TO's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FCMI.TO Fidelity Canadian Monthly High Income ETF | 3.28% | 3.38% | 3.63% | 4.09% | 3.73% | 2.76% | 6.22% | 0.00% | 0.00% |
MCSM.TO Manulife Multifactor Canadian SMID Cap Index ETF | 1.78% | 1.63% | 1.82% | 2.15% | 2.05% | 1.23% | 1.05% | 1.41% | 1.43% |
Frequently Asked Questions
MCSM.TO and FCMI.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Manulife and Fidelity.
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