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ZVU.TO vs. FCVH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZVU.TO vs. FCVH.TO

Last updated Jul 16, 2026
Documentation

ZVU.TO (BMO MSCI USA Value ETF) and FCVH.TO (Fidelity U.S. Value Currency Neutral ETF) are both Large Cap Value Equities funds. ZVU.TO is passively managed, while FCVH.TO is actively managed. Over the past 5 years, ZVU.TO returned 18.11%/yr vs 17.72%/yr for FCVH.TO. At a 0.37 correlation, their price movements are largely independent. ZVU.TO charges 0.33%/yr vs 0.38%/yr for FCVH.TO.

Performance

ZVU.TO vs. FCVH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA Value ETF (ZVU.TO) and Fidelity U.S. Value Currency Neutral ETF (FCVH.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, ZVU.TO achieves a 44.84% return, which is significantly higher than FCVH.TO's 13.62% return.

ZVU.TO

1D
-1.55%
1M
-3.80%
6M
36.71%
YTD
44.84%
1Y
74.57%
3Y*
31.77%
5Y*
18.11%
10Y*
—

FCVH.TO

1D
0.53%
1M
1.33%
6M
11.04%
YTD
13.62%
1Y
34.00%
3Y*
22.78%
5Y*
17.72%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZVU.TO vs. FCVH.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZVU.TO
BMO MSCI USA Value ETF		44.84%26.27%15.99%11.16%-9.46%28.55%9.97%
FCVH.TO
Fidelity U.S. Value Currency Neutral ETF		13.62%22.93%23.75%21.51%-5.48%38.33%18.26%

Correlation

The correlation between ZVU.TO and FCVH.TO is 0.57, 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

0.57

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

0.41

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

0.40

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2020

0.37

Over the past year, ZVU.TO and FCVH.TO have become more correlated (0.57) than their long-term average of 0.37, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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BMO MSCI USA Value ETF

Fidelity U.S. Value Currency Neutral ETF

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Return for Risk

ZVU.TO vs. FCVH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZVU.TO
ZVU.TO Risk / Return Rank: 9696
Overall Rank
ZVU.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZVU.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
ZVU.TO Omega Ratio Rank: 9595
Omega Ratio Rank
ZVU.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
ZVU.TO Martin Ratio Rank: 9797
Martin Ratio Rank
FCVH.TO
FCVH.TO Risk / Return Rank: 9090
Overall Rank
FCVH.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
FCVH.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
FCVH.TO Omega Ratio Rank: 8888
Omega Ratio Rank
FCVH.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
FCVH.TO Martin Ratio Rank: 9393
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.

ZVU.TO vs. FCVH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA Value ETF (ZVU.TO) and Fidelity U.S. Value Currency Neutral ETF (FCVH.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.

ZVU.TOFCVH.TODifference
Sharpe ratioReturn per unit of total volatility
3.32
2.44

+0.87

Sortino ratioReturn per unit of downside risk
4.11
3.47

+0.63

Omega ratioGain probability vs. loss probability

1.61

1.43

+0.18

Calmar ratioReturn relative to maximum drawdown

12.33

4.61

+7.72

Martin ratioReturn relative to average drawdown

35.59

18.48

+17.12

ZVU.TO vs. FCVH.TO - Sharpe Ratio Comparison

The current ZVU.TO Sharpe Ratio is 3.32, which is higher than the FCVH.TO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of ZVU.TO and FCVH.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

ZVU.TO vs. FCVH.TO - Drawdown Comparison

The maximum ZVU.TO drawdown since its inception was -34.24%, which is greater than FCVH.TO's maximum drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for ZVU.TO and FCVH.TO.

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Drawdown Indicators

ZVU.TOFCVH.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.24%

-20.54%

-13.70%

Max Drawdown (1Y)

Largest decline over 1 year

-6.08%

-7.41%

+1.33%

Max Drawdown (3Y)

Largest decline over 3 years

-16.25%

-16.34%

+0.09%

Max Drawdown (5Y)

Largest decline over 5 years

-20.28%

-20.54%

+0.26%

Current Drawdown

Current decline from peak

-4.73%

-0.20%

-4.53%

Average Drawdown

Average peak-to-trough decline

-5.96%

-3.35%

-2.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

1.85%

+0.25%

Volatility

ZVU.TO vs. FCVH.TO - Volatility Comparison

BMO MSCI USA Value ETF (ZVU.TO) has a higher volatility of 5.93% compared to Fidelity U.S. Value Currency Neutral ETF (FCVH.TO) at 3.25%. This indicates that ZVU.TO's price experiences larger fluctuations and is considered to be riskier than FCVH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZVU.TOFCVH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.93%

3.25%

+2.68%

Volatility (6M)

Calculated over the trailing 6-month period

15.18%

10.57%

+4.61%

Volatility (1Y)

Calculated over the trailing 1-year period

22.61%

14.01%

+8.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.30%

17.66%

-0.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.56%

17.71%

+0.85%

ZVU.TO vs. FCVH.TO - Expense Ratio Comparison

ZVU.TO has a 0.33% expense ratio, which is lower than FCVH.TO's 0.38% expense ratio.

Dividends

ZVU.TO vs. FCVH.TO - Dividend Comparison

ZVU.TO's dividend yield for the trailing twelve months is around 1.20%, more than FCVH.TO's 0.81% yield.

PositionTTM202520242023202220212020201920182017
FCVH.TO
Fidelity U.S. Value Currency Neutral ETF		0.81%1.01%1.07%0.88%2.91%1.15%3.34%0.00%0.00%0.00%
ZVU.TO
BMO MSCI USA Value ETF		1.20%1.62%2.24%2.69%2.58%1.99%2.51%2.07%2.09%0.60%

Frequently Asked Questions

ZVU.TO and FCVH.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZVU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZVU.TO is cheaper with a 0.33% expense ratio, compared with 0.38% for FCVH.TO.

They also come from different issuers: BMO and Fidelity. Their fees differ too: 0.33% for ZVU.TO and 0.38% for FCVH.TO.

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