ZDM.TO vs. FCIQ.TO
ZDM.TO (BMO MSCI EAFE Hedged to CAD Index ETF) and FCIQ.TO (Fidelity International High Quality ETF) are both International Equity funds. ZDM.TO is passively managed, while FCIQ.TO is actively managed. Over the past 5 years, ZDM.TO returned 12.50%/yr vs 6.75%/yr for FCIQ.TO. A 0.68 correlation means they provide meaningful diversification when combined. ZDM.TO charges 0.22%/yr vs 0.45%/yr for FCIQ.TO.
Performance
ZDM.TO vs. FCIQ.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ZDM.TO having a 12.44% return and FCIQ.TO slightly higher at 12.55%.
ZDM.TO
- 1D
- 0.13%
- 1M
- 1.16%
- 6M
- 7.93%
- YTD
- 12.44%
- 1Y
- 24.57%
- 3Y*
- 17.15%
- 5Y*
- 12.50%
- 10Y*
- 10.86%
FCIQ.TO
- 1D
- 0.90%
- 1M
- 2.68%
- 6M
- 7.49%
- YTD
- 12.55%
- 1Y
- 13.05%
- 3Y*
- 13.45%
- 5Y*
- 6.75%
- 10Y*
- —
ZDM.TO vs. FCIQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZDM.TO BMO MSCI EAFE Hedged to CAD Index ETF | 12.44% | 20.34% | 12.72% | 18.62% | -5.78% | 18.93% | 0.25% | 15.36% |
FCIQ.TO Fidelity International High Quality ETF | 12.55% | 11.87% | 11.21% | 17.76% | -16.23% | 5.22% | 25.89% | 18.15% |
Correlation
The correlation between ZDM.TO and FCIQ.TO is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2019 | 0.68 |
The correlation between ZDM.TO and FCIQ.TO has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.
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Return for Risk
ZDM.TO vs. FCIQ.TO — Risk / Return Rank
ZDM.TO
FCIQ.TO
ZDM.TO vs. FCIQ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) and Fidelity International High Quality ETF (FCIQ.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.
| ZDM.TO | FCIQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.16 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 1.47 | +1.04 |
| Martin ratioReturn relative to average drawdown | 10.36 | 4.02 | +6.33 |
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Drawdowns
ZDM.TO vs. FCIQ.TO - Drawdown Comparison
The maximum ZDM.TO drawdown since its inception was -33.45%, roughly equal to the maximum FCIQ.TO drawdown of -32.88%. Use the drawdown chart below to compare losses from any high point for ZDM.TO and FCIQ.TO.
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Drawdown Indicators
| ZDM.TO | FCIQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.45% | -32.88% | -0.57% |
Max Drawdown (1Y)Largest decline over 1 year | -9.82% | -8.91% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -14.07% | -13.41% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -15.63% | -32.88% | +17.25% |
Max Drawdown (10Y)Largest decline over 10 years | -33.45% | — | — |
Current DrawdownCurrent decline from peak | -1.13% | -1.23% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -5.14% | -6.85% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 3.25% | -0.87% |
Volatility
ZDM.TO vs. FCIQ.TO - Volatility Comparison
The current volatility for BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) is 3.18%, while Fidelity International High Quality ETF (FCIQ.TO) has a volatility of 3.76%. This indicates that ZDM.TO experiences smaller price fluctuations and is considered to be less risky than FCIQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZDM.TO | FCIQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 3.76% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 11.46% | 12.52% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.61% | 15.16% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.88% | 14.78% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.63% | 16.56% | -0.93% |
ZDM.TO vs. FCIQ.TO - Expense Ratio Comparison
ZDM.TO has a 0.22% expense ratio, which is lower than FCIQ.TO's 0.45% expense ratio.
Dividends
ZDM.TO vs. FCIQ.TO - Dividend Comparison
ZDM.TO's dividend yield for the trailing twelve months is around 1.90%, more than FCIQ.TO's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCIQ.TO Fidelity International High Quality ETF | 1.18% | 1.59% | 1.64% | 1.94% | 2.54% | 1.56% | 0.54% | 1.42% | 0.00% | 0.00% | 0.00% | 0.00% |
ZDM.TO BMO MSCI EAFE Hedged to CAD Index ETF | 1.90% | 2.13% | 2.71% | 2.97% | 3.20% | 2.38% | 2.80% | 2.97% | 3.29% | 2.47% | 3.30% | 2.53% |
Frequently Asked Questions
ZDM.TO and FCIQ.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZDM.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZDM.TO is cheaper with a 0.22% expense ratio, compared with 0.45% for FCIQ.TO.
They also come from different issuers: BMO and Fidelity. Their fees differ too: 0.22% for ZDM.TO and 0.45% for FCIQ.TO.
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