PZW.TO vs. FGEP.TO
PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and FGEP.TO (Fidelity Global Equity+ Fund ETF) are both Global Equities funds. PZW.TO is passively managed, while FGEP.TO is actively managed. Over the past year, PZW.TO returned 32.19% vs 31.19% for FGEP.TO. At a 0.34 correlation, their price movements are largely independent.
Performance
PZW.TO vs. FGEP.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PZW.TO having a 17.33% return and FGEP.TO slightly higher at 18.10%.
PZW.TO
- 1D
- 0.29%
- 1M
- 3.40%
- YTD
- 17.33%
- 6M
- 16.85%
- 1Y
- 32.19%
- 3Y*
- 20.71%
- 5Y*
- 10.71%
- 10Y*
- 11.60%
FGEP.TO
- 1D
- 0.26%
- 1M
- 1.39%
- YTD
- 18.10%
- 6M
- 17.82%
- 1Y
- 31.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZW.TO vs. FGEP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF | 17.33% | 18.48% | 7.38% |
FGEP.TO Fidelity Global Equity+ Fund ETF | 18.10% | 17.44% | 9.88% |
Correlation
The correlation between PZW.TO and FGEP.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since May 22, 2024 | 0.34 |
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Return for Risk
PZW.TO vs. FGEP.TO — Risk / Return Rank
PZW.TO
FGEP.TO
PZW.TO vs. FGEP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and Fidelity Global Equity+ Fund ETF (FGEP.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.
| PZW.TO | FGEP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.53 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 4.39 | -0.60 |
| Martin ratioReturn relative to average drawdown | 13.53 | 18.08 | -4.55 |
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Drawdowns
PZW.TO vs. FGEP.TO - Drawdown Comparison
The maximum PZW.TO drawdown since its inception was -32.45%, which is greater than FGEP.TO's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for PZW.TO and FGEP.TO.
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Drawdown Indicators
| PZW.TO | FGEP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.45% | -14.78% | -17.67% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -7.14% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -16.88% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.45% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.17% | +1.17% |
Average DrawdownAverage peak-to-trough decline | -5.72% | -1.62% | -4.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 1.73% | +0.65% |
Volatility
PZW.TO vs. FGEP.TO - Volatility Comparison
The current volatility for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) is 2.90%, while Fidelity Global Equity+ Fund ETF (FGEP.TO) has a volatility of 4.04%. This indicates that PZW.TO experiences smaller price fluctuations and is considered to be less risky than FGEP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZW.TO | FGEP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 4.04% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.41% | 9.01% | +1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.17% | 10.98% | +3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.65% | 12.74% | +1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.90% | 12.74% | +3.16% |
Dividends
PZW.TO vs. FGEP.TO - Dividend Comparison
PZW.TO's dividend yield for the trailing twelve months is around 1.65%, while FGEP.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGEP.TO Fidelity Global Equity+ Fund ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF | 1.65% | 1.97% | 2.12% | 3.23% | 1.90% | 1.93% | 1.52% | 2.26% | 1.78% | 1.57% | 1.09% | 0.96% |
Frequently Asked Questions
PZW.TO and FGEP.TO have a correlation of 0.30, 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: Invesco and Fidelity.
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