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XCV.TO vs. FIE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCV.TO vs. FIE.TO

Last updated Jun 14, 2026

XCV.TO (iShares Canadian Value Index ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both Canada Equities funds from iShares - XCV.TO tracks the Morningstar Canada GR CAD while FIE.TO tracks the Morningstar Can Equity Tgt Alloc NR CAD. Both are passively managed. Over the past 10 years, XCV.TO returned 13.88%/yr vs 11.99%/yr for FIE.TO. A 0.71 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.85%/yr for FIE.TO.

Performance

XCV.TO vs. FIE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Value Index ETF (XCV.TO) and iShares Canadian Financial Monthly Income ETF (FIE.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, XCV.TO achieves a 22.37% return, which is significantly higher than FIE.TO's 12.21% return. Over the past 10 years, XCV.TO has outperformed FIE.TO with an annualized return of 13.88%, while FIE.TO has yielded a comparatively lower 11.99% annualized return.

XCV.TO

1D
0.64%
1M
5.49%
YTD
22.37%
6M
20.31%
1Y
47.19%
3Y*
28.48%
5Y*
18.73%
10Y*
13.88%

FIE.TO

1D
0.64%
1M
5.26%
YTD
12.21%
6M
10.27%
1Y
31.71%
3Y*
24.56%
5Y*
12.62%
10Y*
11.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCV.TO vs. FIE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCV.TO
iShares Canadian Value Index ETF		22.37%32.30%21.41%9.62%1.98%32.81%-2.43%18.14%-11.06%8.85%
FIE.TO
iShares Canadian Financial Monthly Income ETF		12.21%24.36%27.62%12.58%-14.35%27.34%1.33%18.97%-9.12%12.01%

Correlation

The correlation between XCV.TO and FIE.TO is 0.72, 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

0.72

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

0.74

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

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.72

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2010

0.71

The correlation between XCV.TO and FIE.TO has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

iShares Canadian Value Index ETF

iShares Canadian Financial Monthly Income ETF

Often compared with XCV.TO:
XCV.TO vs. XDIV.TOXCV.TO vs. XCS.TOXCV.TO vs. XEQT.TOXCV.TO vs. VCE.TOXCV.TO vs. DGROXCV.TO vs. FCUV.TOXCV.TO vs. CDZ.TO
Often compared with FIE.TO:
FIE.TO vs. XEI.TOFIE.TO vs. XEQT.TOFIE.TO vs. XDIV.TOFIE.TO vs. XFN.TOFIE.TO vs. HMAX.TOFIE.TO vs. VDY.TOFIE.TO vs. FTN.TO

Return for Risk

XCV.TO vs. FIE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCV.TO
XCV.TO Risk / Return Rank: 9898
Overall Rank
XCV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XCV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XCV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XCV.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XCV.TO Martin Ratio Rank: 9898
Martin Ratio Rank
FIE.TO
FIE.TO Risk / Return Rank: 9191
Overall Rank
FIE.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
FIE.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
FIE.TO Omega Ratio Rank: 9595
Omega Ratio Rank
FIE.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
FIE.TO Martin Ratio Rank: 8282
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.

XCV.TO vs. FIE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and iShares Canadian Financial Monthly Income ETF (FIE.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.

XCV.TOFIE.TODifference
Sharpe ratioReturn per unit of total volatility
5.26
3.44

+1.82

Sortino ratioReturn per unit of downside risk
6.99
4.66

+2.33

Omega ratioGain probability vs. loss probability

2.08

1.67

+0.42

Calmar ratioReturn relative to maximum drawdown

12.42

4.32

+8.10

Martin ratioReturn relative to average drawdown

46.72

14.05

+32.67

XCV.TO vs. FIE.TO - Sharpe Ratio Comparison

The current XCV.TO Sharpe Ratio is 5.26, which is higher than the FIE.TO Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of XCV.TO and FIE.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

XCV.TO vs. FIE.TO - Drawdown Comparison

The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than FIE.TO's maximum drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for XCV.TO and FIE.TO.

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Drawdown Indicators

XCV.TOFIE.TODifference

Max Drawdown

Largest peak-to-trough decline

-52.45%

-42.24%

-10.21%

Max Drawdown (1Y)

Largest decline over 1 year

-3.84%

-7.19%

+3.35%

Max Drawdown (3Y)

Largest decline over 3 years

-9.71%

-10.70%

+0.99%

Max Drawdown (5Y)

Largest decline over 5 years

-18.06%

-22.93%

+4.87%

Max Drawdown (10Y)

Largest decline over 10 years

-41.18%

-42.24%

+1.06%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.61%

-4.89%

-1.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

2.21%

-1.19%

Volatility

XCV.TO vs. FIE.TO - Volatility Comparison

iShares Canadian Value Index ETF (XCV.TO) has a higher volatility of 3.23% compared to iShares Canadian Financial Monthly Income ETF (FIE.TO) at 2.93%. This indicates that XCV.TO's price experiences larger fluctuations and is considered to be riskier than FIE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCV.TOFIE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.23%

2.93%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

7.72%

7.86%

-0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

9.08%

9.04%

+0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.84%

10.56%

+2.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

14.08%

+1.45%

XCV.TO vs. FIE.TO - Expense Ratio Comparison

XCV.TO has a 0.55% expense ratio, which is lower than FIE.TO's 0.85% expense ratio.

Dividends

XCV.TO vs. FIE.TO - Dividend Comparison

XCV.TO's dividend yield for the trailing twelve months is around 2.27%, less than FIE.TO's 4.44% yield.

PositionTTM20252024202320222021202020192018201720162015
FIE.TO
iShares Canadian Financial Monthly Income ETF		4.44%4.94%5.83%6.98%7.31%5.92%7.10%6.65%7.38%6.28%6.59%7.43%
XCV.TO
iShares Canadian Value Index ETF		2.27%2.78%3.84%4.00%3.28%2.18%3.46%3.16%3.23%2.49%2.57%3.26%

Frequently Asked Questions

XCV.TO and FIE.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCV.TO is cheaper with a 0.55% expense ratio, compared with 0.85% for FIE.TO.

XCV.TO tracks Morningstar Canada GR CAD, while FIE.TO tracks Morningstar Can Equity Tgt Alloc NR CAD. Their fees differ too: 0.55% for XCV.TO and 0.85% for FIE.TO.

Portfolio Optimizer

Find the right allocation for XCV.TO and FIE.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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