XMI.TO vs. FCIM.NEO

Last updated Jul 25, 2026

XMI.TO (iShares MSCI Min Vol EAFE Index ETF) and FCIM.NEO (Fidelity International Momentum Index ETF) are both Foreign Large Cap Equities funds - XMI.TO tracks the MSCI EAFE Minimum Volatility Index while FCIM.NEO tracks the Fidelity Canada International Momentum Index. Both are passively managed. Over the past 5 years, XMI.TO returned 8.34%/yr vs 16.78%/yr for FCIM.NEO. A 0.53 correlation means they provide meaningful diversification when combined. XMI.TO charges 0.40%/yr vs 0.45%/yr for FCIM.NEO.

Performance

XMI.TO vs. FCIM.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and Fidelity International Momentum Index ETF (FCIM.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMI.TO achieves a 9.90% return, which is significantly lower than FCIM.NEO's 17.96% return.

XMI.TO

• 1D: 1.23%
• 1M: 3.55%
• 6M: 7.91%
• YTD: 9.90%
• 1Y: 14.17%
• 3Y*: 15.24%
• 5Y*: 8.34%
• 10Y*: 6.30%
• ALL TIME*: 9.10%

FCIM.NEO

• 1D: 0.39%
• 1M: -4.08%
• 6M: 9.54%
• YTD: 17.96%
• 1Y: 31.44%
• 3Y*: 28.81%
• 5Y*: 16.78%
• 10Y*: —
• ALL TIME*: 17.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCIM.NEO Fidelity International Momentum Index ETF	CA$2.39M	CA$2.17M	CA$2.26M
XMI.TO iShares MSCI Min Vol EAFE Index ETF	CA$47.75K	CA$79.69K	CA$218.68K

XMI.TO vs. FCIM.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XMI.TO iShares MSCI Min Vol EAFE Index ETF	9.90%	19.69%	13.51%	9.32%	-10.50%	7.01%	2.71%
FCIM.NEO Fidelity International Momentum Index ETF	17.96%	37.03%	25.38%	16.54%	-12.40%	10.86%	18.15%

Correlation

The correlation between XMI.TO and FCIM.NEO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020	0.53

The correlation between XMI.TO and FCIM.NEO has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

Return for Risk

XMI.TO vs. FCIM.NEO — Risk / Return Rank

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

XMI.TO

XMI.TO Risk / Return Rank: 60
XMI.TO Sharpe Ratio Rank: 59
XMI.TO Sortino Ratio Rank: 57
XMI.TO Omega Ratio Rank: 60
XMI.TO Calmar Ratio Rank: 66
XMI.TO Martin Ratio Rank: 57

FCIM.NEO

FCIM.NEO Risk / Return Rank: 71
FCIM.NEO Sharpe Ratio Rank: 70
FCIM.NEO Sortino Ratio Rank: 74
FCIM.NEO Omega Ratio Rank: 74
FCIM.NEO Calmar Ratio Rank: 68
FCIM.NEO Martin Ratio Rank: 70

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.

XMI.TO vs. FCIM.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and Fidelity International Momentum Index ETF (FCIM.NEO). 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.

	XMI.TO	FCIM.NEO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.59	-0.22
Sortino ratio: Return per unit of downside risk	1.95	2.41	-0.46
Omega ratio: Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.33	2.39	-0.07
Martin ratio: Return relative to average drawdown	6.63	8.55	-1.92

XMI.TO vs. FCIM.NEO - Sharpe Ratio Comparison

The current XMI.TO Sharpe Ratio is 1.37, which is comparable to the FCIM.NEO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of XMI.TO and FCIM.NEO, 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

XMI.TO vs. FCIM.NEO - Drawdown Comparison

The maximum XMI.TO drawdown since its inception was -23.08%, smaller than the maximum FCIM.NEO drawdown of -26.89%. Use the drawdown chart below to compare losses from any high point for XMI.TO and FCIM.NEO.

Drawdown Indicators

	XMI.TO	FCIM.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-23.08%	-26.89%	+3.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.12%	-13.21%	+7.09%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-13.21%	+5.24%
Max Drawdown (5Y) Largest decline over 5 years	-21.18%	-26.89%	+5.71%
Max Drawdown (10Y) Largest decline over 10 years	-23.08%	—	—
Current Drawdown Current decline from peak	0.00%	-7.47%	+7.47%
Average Drawdown Average peak-to-trough decline	-4.02%	-5.39%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	3.69%	-1.55%

Volatility

XMI.TO vs. FCIM.NEO - Volatility Comparison

The current volatility for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) is 2.80%, while Fidelity International Momentum Index ETF (FCIM.NEO) has a volatility of 7.10%. This indicates that XMI.TO experiences smaller price fluctuations and is considered to be less risky than FCIM.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMI.TO	FCIM.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	7.10%	-4.30%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	17.78%	-9.51%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	19.87%	-9.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	17.64%	-7.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.36%	16.98%	-5.62%

XMI.TO vs. FCIM.NEO - Expense Ratio Comparison

XMI.TO has a 0.40% expense ratio, which is lower than FCIM.NEO's 0.45% expense ratio.

Dividends

XMI.TO vs. FCIM.NEO - Dividend Comparison

XMI.TO's dividend yield for the trailing twelve months is around 2.60%, more than FCIM.NEO's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCIM.NEO Fidelity International Momentum Index ETF	1.35%	1.59%	1.26%	1.70%	1.86%	2.70%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%
XMI.TO iShares MSCI Min Vol EAFE Index ETF	2.60%	2.69%	2.64%	2.56%	1.98%	1.93%	1.16%	3.74%	2.93%	2.07%	3.29%	2.02%

Frequently Asked Questions

Can I hold both XMI.TO and FCIM.NEO in my portfolio?

XMI.TO and FCIM.NEO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMI.TO or FCIM.NEO?

On fees, XMI.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMI.TO or FCIM.NEO?

XMI.TO is cheaper with a 0.40% expense ratio, compared with 0.45% for FCIM.NEO.

What is the main difference between XMI.TO and FCIM.NEO?

XMI.TO tracks MSCI EAFE Minimum Volatility Index, while FCIM.NEO tracks Fidelity Canada International Momentum Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.40% for XMI.TO and 0.45% for FCIM.NEO.