PXS.TO vs. FCVH.TO
PXS.TO (Invesco RAFI U.S. Index ETF II CAD) and FCVH.TO (Fidelity U.S. Value Currency Neutral ETF) are both Large Cap Value Equities funds. PXS.TO is passively managed, while FCVH.TO is actively managed. Over the past 5 years, PXS.TO returned 15.82%/yr vs 17.56%/yr for FCVH.TO. At a 0.33 correlation, their price movements are largely independent. PXS.TO charges 0.46%/yr vs 0.38%/yr for FCVH.TO.
Performance
PXS.TO vs. FCVH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PXS.TO achieves a 19.29% return, which is significantly higher than FCVH.TO's 12.84% return.
PXS.TO
- 1D
- 0.26%
- 1M
- 1.10%
- 6M
- 14.80%
- YTD
- 19.29%
- 1Y
- 34.11%
- 3Y*
- 22.54%
- 5Y*
- 15.82%
- 10Y*
- 14.22%
FCVH.TO
- 1D
- -0.68%
- 1M
- 1.04%
- 6M
- 9.88%
- YTD
- 12.84%
- 1Y
- 33.66%
- 3Y*
- 22.59%
- 5Y*
- 17.56%
- 10Y*
- —
PXS.TO vs. FCVH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PXS.TO Invesco RAFI U.S. Index ETF II CAD | 19.29% | 13.64% | 26.23% | 12.41% | -2.47% | 32.84% | 13.42% |
FCVH.TO Fidelity U.S. Value Currency Neutral ETF | 12.84% | 22.93% | 23.75% | 21.51% | -5.48% | 38.33% | 18.26% |
Correlation
The correlation between PXS.TO and FCVH.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2020 | 0.33 |
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Return for Risk
PXS.TO vs. FCVH.TO — Risk / Return Rank
PXS.TO
FCVH.TO
PXS.TO vs. FCVH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI U.S. Index ETF II CAD (PXS.TO) and Fidelity U.S. Value Currency Neutral ETF (FCVH.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.
| PXS.TO | FCVH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.43 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 7.02 | 4.56 | +2.46 |
| Martin ratioReturn relative to average drawdown | 24.93 | 18.28 | +6.65 |
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Drawdowns
PXS.TO vs. FCVH.TO - Drawdown Comparison
The maximum PXS.TO drawdown since its inception was -31.87%, which is greater than FCVH.TO's maximum drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for PXS.TO and FCVH.TO.
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Drawdown Indicators
| PXS.TO | FCVH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.87% | -20.54% | -11.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.88% | -7.41% | +2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -16.36% | -16.34% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -20.54% | +4.18% |
Max Drawdown (10Y)Largest decline over 10 years | -31.87% | — | — |
Current DrawdownCurrent decline from peak | -0.85% | -0.88% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -3.35% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 1.85% | -0.48% |
Volatility
PXS.TO vs. FCVH.TO - Volatility Comparison
The current volatility for Invesco RAFI U.S. Index ETF II CAD (PXS.TO) is 2.19%, while Fidelity U.S. Value Currency Neutral ETF (FCVH.TO) has a volatility of 3.30%. This indicates that PXS.TO experiences smaller price fluctuations and is considered to be less risky than FCVH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PXS.TO | FCVH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 3.30% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 8.05% | 10.59% | -2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.11% | 14.01% | -2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.29% | 17.66% | -4.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.25% | 17.71% | -2.46% |
PXS.TO vs. FCVH.TO - Expense Ratio Comparison
PXS.TO has a 0.46% expense ratio, which is higher than FCVH.TO's 0.38% expense ratio.
Dividends
PXS.TO vs. FCVH.TO - Dividend Comparison
PXS.TO's dividend yield for the trailing twelve months is around 1.20%, more than FCVH.TO's 0.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVH.TO Fidelity U.S. Value Currency Neutral ETF | 0.81% | 1.01% | 1.07% | 0.88% | 2.91% | 1.15% | 3.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PXS.TO Invesco RAFI U.S. Index ETF II CAD | 1.20% | 1.49% | 1.53% | 1.53% | 1.80% | 1.51% | 2.51% | 1.91% | 1.84% | 1.50% | 1.62% | 1.40% |
Frequently Asked Questions
PXS.TO and FCVH.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCVH.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCVH.TO is cheaper with a 0.38% expense ratio, compared with 0.46% for PXS.TO.
They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.46% for PXS.TO and 0.38% for FCVH.TO.
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