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XCS.TO vs. FCMI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCS.TO vs. FCMI.TO

Last updated Jul 16, 2026
Documentation

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and FCMI.TO (Fidelity Canadian Monthly High Income ETF) are both Canada Equities funds. XCS.TO is passively managed, while FCMI.TO is actively managed. Over the past 5 years, XCS.TO returned 11.38%/yr vs 8.04%/yr for FCMI.TO. At a 0.13 correlation, their price movements are largely independent. XCS.TO charges 0.60%/yr vs 0.50%/yr for FCMI.TO.

Performance

XCS.TO vs. FCMI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX SmallCap Index ETF (XCS.TO) and Fidelity Canadian Monthly High Income ETF (FCMI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XCS.TO achieves a 17.01% return, which is significantly higher than FCMI.TO's 9.25% return.

XCS.TO

1D
-0.59%
1M
-3.05%
6M
7.45%
YTD
17.01%
1Y
39.27%
3Y*
24.26%
5Y*
11.38%
10Y*
8.32%

FCMI.TO

1D
0.00%
1M
0.07%
6M
7.41%
YTD
9.25%
1Y
19.31%
3Y*
13.93%
5Y*
8.04%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCS.TO vs. FCMI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
XCS.TO
iShares S&P/TSX SmallCap Index ETF		17.01%37.65%18.11%4.17%-8.97%7.71%13.37%
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 XCS.TO and FCMI.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Jan 16, 2020

0.13

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX SmallCap Index ETF

Fidelity Canadian Monthly High Income ETF

Often compared with XCS.TO:
XCS.TO vs. XCV.TOXCS.TO vs. XMD.TOXCS.TO vs. XCSR.TOXCS.TO vs. XEI.TOXCS.TO vs. VBRXCS.TO vs. XUS.TOXCS.TO vs. VEQT.TO

Return for Risk

XCS.TO vs. FCMI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCS.TO
XCS.TO Risk / Return Rank: 6060
Overall Rank
XCS.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XCS.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XCS.TO Omega Ratio Rank: 6161
Omega Ratio Rank
XCS.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XCS.TO Martin Ratio Rank: 5757
Martin Ratio Rank
FCMI.TO
FCMI.TO Risk / Return Rank: 9595
Overall Rank
FCMI.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
FCMI.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
FCMI.TO Omega Ratio Rank: 9797
Omega Ratio Rank
FCMI.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
FCMI.TO Martin Ratio Rank: 9494
Martin Ratio Rank
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.

XCS.TO vs. FCMI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX SmallCap Index ETF (XCS.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.

XCS.TOFCMI.TODifference
Sharpe ratioReturn per unit of total volatility
1.69
3.03

-1.35

Sortino ratioReturn per unit of downside risk
2.07
4.75

-2.69

Omega ratioGain probability vs. loss probability

1.30

1.80

-0.50

Calmar ratioReturn relative to maximum drawdown

2.71

5.36

-2.66

Martin ratioReturn relative to average drawdown

8.06

20.61

-12.55

XCS.TO vs. FCMI.TO - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 1.69, which is lower than the FCMI.TO Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of XCS.TO and FCMI.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.

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Drawdowns

XCS.TO vs. FCMI.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -62.43%, roughly equal to the maximum FCMI.TO drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for XCS.TO and FCMI.TO.

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Drawdown Indicators

XCS.TOFCMI.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.43%

-63.80%

+1.37%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-3.62%

-10.96%

Max Drawdown (3Y)

Largest decline over 3 years

-15.55%

-6.63%

-8.92%

Max Drawdown (5Y)

Largest decline over 5 years

-35.08%

-10.00%

-25.08%

Max Drawdown (10Y)

Largest decline over 10 years

-51.50%

—

—

Current Drawdown

Current decline from peak

-6.51%

-18.96%

+12.45%

Average Drawdown

Average peak-to-trough decline

-17.44%

-41.60%

+24.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.89%

0.94%

+3.95%

Volatility

XCS.TO vs. FCMI.TO - Volatility Comparison

iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 4.63% compared to Fidelity Canadian Monthly High Income ETF (FCMI.TO) at 2.10%. This indicates that XCS.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

XCS.TOFCMI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.63%

2.10%

+2.53%

Volatility (6M)

Calculated over the trailing 6-month period

18.26%

4.99%

+13.27%

Volatility (1Y)

Calculated over the trailing 1-year period

23.41%

6.39%

+17.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.82%

7.80%

+14.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.34%

22.20%

+2.14%

XCS.TO vs. FCMI.TO - Expense Ratio Comparison

XCS.TO has a 0.60% expense ratio, which is higher than FCMI.TO's 0.50% expense ratio.

Dividends

XCS.TO vs. FCMI.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.30%, less than FCMI.TO's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
XCS.TO
iShares S&P/TSX SmallCap Index ETF		1.30%1.41%1.73%2.59%2.05%1.69%1.98%2.51%2.07%2.05%1.60%2.64%

Frequently Asked Questions

XCS.TO and FCMI.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FCMI.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FCMI.TO is cheaper with a 0.50% expense ratio, compared with 0.60% for XCS.TO.

They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.60% for XCS.TO and 0.50% for FCMI.TO.

Portfolio Optimizer

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