TQGM.TO vs. FCIV.TO

Last updated Jul 16, 2026

TQGM.TO (TD Q Global Multifactor ETF) and FCIV.TO (Fidelity International Value ETF) are both exchange-traded funds - TQGM.TO is a Multi-factor fund actively managed by TD, while FCIV.TO is a Foreign Large Cap Equities fund tracking the Fidelity Canada International Value Index. TQGM.TO is actively managed, while FCIV.TO is passively managed. Over the past 5 years, TQGM.TO returned 13.39%/yr vs 16.30%/yr for FCIV.TO. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.45% expense ratio.

Performance

TQGM.TO vs. FCIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q Global Multifactor ETF (TQGM.TO) and Fidelity International Value ETF (FCIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQGM.TO achieves a 14.87% return, which is significantly lower than FCIV.TO's 18.43% return.

TQGM.TO

• 1D: -0.15%
• 1M: 0.08%
• 6M: 10.95%
• YTD: 14.87%
• 1Y: 27.71%
• 3Y*: 21.85%
• 5Y*: 13.39%
• 10Y*: —

FCIV.TO

• 1D: 0.90%
• 1M: 3.02%
• 6M: 12.22%
• YTD: 18.43%
• 1Y: 34.71%
• 3Y*: 22.11%
• 5Y*: 16.30%
• 10Y*: —

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

TQGM.TO vs. FCIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TQGM.TO TD Q Global Multifactor ETF	14.87%	20.97%	25.26%	8.13%	-4.74%	12.19%	5.04%
FCIV.TO Fidelity International Value ETF	18.43%	33.60%	6.89%	22.75%	-0.22%	14.15%	4.49%

Correlation

The correlation between TQGM.TO and FCIV.TO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020	0.44

Over the past year, TQGM.TO and FCIV.TO have become more correlated (0.73) than their long-term average of 0.44, meaning their price movements have been converging.

TQGM.TO vs. FCIV.TO - Sectors Allocation Comparison

Sectors	TQGM.TO	FCIV.TO
Technology	19.6%	7.3%
Financial Services	16.3%	31.2%
Industrials	14.8%	10.7%
Consumer Cyclical	12.5%	8.2%
Consumer Defensive	10.1%	10.2%
Communication Services	8.1%	1.3%
Energy	5.2%	10.4%
Healthcare	4.0%	3.2%
Basic Materials	2.4%	-
Utilities	1.1%	-
Real Estate	0.1%	8.3%

Return for Risk

TQGM.TO vs. FCIV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TQGM.TO

TQGM.TO Risk / Return Rank: 91
TQGM.TO Sharpe Ratio Rank: 91
TQGM.TO Sortino Ratio Rank: 92
TQGM.TO Omega Ratio Rank: 90
TQGM.TO Calmar Ratio Rank: 89
TQGM.TO Martin Ratio Rank: 91

FCIV.TO

FCIV.TO Risk / Return Rank: 88
FCIV.TO Sharpe Ratio Rank: 90
FCIV.TO Sortino Ratio Rank: 87
FCIV.TO Omega Ratio Rank: 88
FCIV.TO Calmar Ratio Rank: 88
FCIV.TO Martin Ratio Rank: 88

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.

TQGM.TO vs. FCIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q Global Multifactor ETF (TQGM.TO) and Fidelity International Value ETF (FCIV.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.

	TQGM.TO	FCIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.37	+0.16
Sortino ratio: Return per unit of downside risk	3.69	3.14	+0.55
Omega ratio: Gain probability vs. loss probability	1.46	1.43	+0.03
Calmar ratio: Return relative to maximum drawdown	4.24	4.06	+0.18
Martin ratio: Return relative to average drawdown	17.23	15.22	+2.01

TQGM.TO vs. FCIV.TO - Sharpe Ratio Comparison

The current TQGM.TO Sharpe Ratio is 2.53, which is comparable to the FCIV.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of TQGM.TO and FCIV.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

TQGM.TO vs. FCIV.TO - Drawdown Comparison

The maximum TQGM.TO drawdown since its inception was -24.34%, roughly equal to the maximum FCIV.TO drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for TQGM.TO and FCIV.TO.

Drawdown Indicators

	TQGM.TO	FCIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.34%	-24.27%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-8.59%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-10.38%	-16.59%	+6.21%
Max Drawdown (5Y) Largest decline over 5 years	-14.62%	-24.27%	+9.65%
Current Drawdown Current decline from peak	-0.87%	-0.65%	-0.22%
Average Drawdown Average peak-to-trough decline	-3.42%	-4.04%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	2.29%	-0.68%

Volatility

TQGM.TO vs. FCIV.TO - Volatility Comparison

The current volatility for TD Q Global Multifactor ETF (TQGM.TO) is 2.31%, while Fidelity International Value ETF (FCIV.TO) has a volatility of 3.11%. This indicates that TQGM.TO experiences smaller price fluctuations and is considered to be less risky than FCIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQGM.TO	FCIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	3.11%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	8.67%	11.29%	-2.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.03%	14.73%	-3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.85%	15.24%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.38%	15.49%	-3.11%

TQGM.TO vs. FCIV.TO - Expense Ratio Comparison

Both TQGM.TO and FCIV.TO have an expense ratio of 0.45%.

Dividends

TQGM.TO vs. FCIV.TO - Dividend Comparison

TQGM.TO's dividend yield for the trailing twelve months is around 1.19%, less than FCIV.TO's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FCIV.TO Fidelity International Value ETF	2.11%	2.09%	2.80%	3.64%	3.45%	2.97%	0.90%
TQGM.TO TD Q Global Multifactor ETF	1.19%	1.36%	2.18%	2.67%	2.82%	2.40%	2.17%

Frequently Asked Questions

Can I hold both TQGM.TO and FCIV.TO in my portfolio?

TQGM.TO and FCIV.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TQGM.TO or FCIV.TO?

Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TQGM.TO or FCIV.TO?

TQGM.TO and FCIV.TO have the same expense ratio: 0.45% per year.

What is the main difference between TQGM.TO and FCIV.TO?

TQGM.TO is categorized as Multi-factor, while FCIV.TO is Foreign Large Cap Equities. They also come from different issuers: TD and Fidelity.