VCNS.TO vs. FCNVX

Last updated Jun 4, 2026

VCNS.TO (Vanguard Conservative ETF Portfolio) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both funds - VCNS.TO is a Diversified Portfolio fund actively managed by Vanguard, while FCNVX is a Total Bond Market fund managed by Fidelity. Over the past 5 years, VCNS.TO returned 4.95%/yr vs 6.39%/yr for FCNVX. At a correlation of -0.17, they often move in opposite directions. Both charge a 0.25% expense ratio.

Performance

VCNS.TO vs. FCNVX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Conservative ETF Portfolio (VCNS.TO) and Fidelity Conservative Income Bond Institutional Class (FCNVX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VCNS.TO is traded in CAD, while FCNVX is traded in USD. To make them comparable, the FCNVX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VCNS.TO achieves a 5.71% return, which is significantly higher than FCNVX's 2.38% return.

VCNS.TO

• 1D: -0.26%
• 1M: 3.27%
• YTD: 5.71%
• 6M: 3.72%
• 1Y: 12.22%
• 3Y*: 9.78%
• 5Y*: 4.95%
• 10Y*: —

FCNVX

• 1D: 0.31%
• 1M: 1.92%
• YTD: 2.38%
• 6M: 1.04%
• 1Y: 5.15%
• 3Y*: 6.11%
• 5Y*: 6.39%
• 10Y*: 3.28%

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

VCNS.TO vs. FCNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VCNS.TO Vanguard Conservative ETF Portfolio	5.71%	8.13%	9.74%	10.32%	-11.72%	5.79%	9.46%	12.04%	257.13%
FCNVX Fidelity Conservative Income Bond Institutional Class	2.38%	-0.28%	14.48%	3.53%	8.03%	-0.96%	-0.61%	-2.06%	13.12%

Correlation

The correlation between VCNS.TO and FCNVX is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Feb 2, 2018	-0.17

Return for Risk

VCNS.TO vs. FCNVX — Risk / Return Rank

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

VCNS.TO

VCNS.TO Risk / Return Rank: 56
VCNS.TO Sharpe Ratio Rank: 57
VCNS.TO Sortino Ratio Rank: 57
VCNS.TO Omega Ratio Rank: 61
VCNS.TO Calmar Ratio Rank: 50
VCNS.TO Martin Ratio Rank: 57

FCNVX

FCNVX Risk / Return Rank: 99
FCNVX Sharpe Ratio Rank: 97
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX Martin Ratio Rank: 100

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.

VCNS.TO vs. FCNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Conservative ETF Portfolio (VCNS.TO) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.

	VCNS.TO	FCNVX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.12	+0.85
Sortino ratio: Return per unit of downside risk	2.78	1.60	+1.18
Omega ratio: Gain probability vs. loss probability	1.38	1.20	+0.17
Calmar ratio: Return relative to maximum drawdown	2.53	1.38	+1.15
Martin ratio: Return relative to average drawdown	10.00	3.94	+6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCNS.TO vs. FCNVX - Sharpe Ratio Comparison

The current VCNS.TO Sharpe Ratio is 1.97, which is higher than the FCNVX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of VCNS.TO and FCNVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VCNS.TO	FCNVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.12	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	1.00	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.59	-0.34

Drawdowns

VCNS.TO vs. FCNVX - Drawdown Comparison

The maximum VCNS.TO drawdown since its inception was -18.04%, which is greater than FCNVX's maximum drawdown of -15.47%. Use the drawdown chart below to compare losses from any high point for VCNS.TO and FCNVX.

Drawdown Indicators

	VCNS.TO	FCNVX	Difference
Max Drawdown Largest peak-to-trough decline	-18.04%	-15.47%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-3.80%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-7.44%	-5.25%	-2.19%
Max Drawdown (5Y) Largest decline over 5 years	-15.73%	-5.25%	-10.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.47%	—
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-3.04%	-4.85%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.32%	-0.10%

Volatility

VCNS.TO vs. FCNVX - Volatility Comparison

Vanguard Conservative ETF Portfolio (VCNS.TO) has a higher volatility of 2.44% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.57%. This indicates that VCNS.TO's price experiences larger fluctuations and is considered to be riskier than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCNS.TO	FCNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	0.57%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	5.31%	3.50%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	6.22%	4.68%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.82%	6.44%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.48%	6.79%	+84.69%

VCNS.TO vs. FCNVX - Expense Ratio Comparison

Both VCNS.TO and FCNVX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VCNS.TO vs. FCNVX - Dividend Comparison

VCNS.TO's dividend yield for the trailing twelve months is around 2.43%, less than FCNVX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNVX Fidelity Conservative Income Bond Institutional Class	4.15%	4.41%	5.17%	4.97%	1.24%	0.24%	0.99%	2.45%	2.21%	1.30%	1.01%	0.48%
VCNS.TO Vanguard Conservative ETF Portfolio	2.43%	2.54%	2.58%	2.57%	2.28%	2.09%	1.88%	2.28%	75.90%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCNS.TO and FCNVX in my portfolio?

VCNS.TO and FCNVX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.