DHLX vs. FVAL

Last updated Apr 2, 2026

Compare and contrast key facts about Diamond Hill Large Cap Concentrated ETF (DHLX) and Fidelity Value Factor ETF (FVAL).

DHLX and FVAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DHLX is a passively managed fund by Diamond Hill that tracks the performance of the Actively Managed. It was launched on Feb 26, 2021. FVAL is a passively managed fund by Fidelity that tracks the performance of the Fidelity U.S. Value Factor Index. It was launched on Sep 12, 2016. Both DHLX and FVAL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DHLX vs. FVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Concentrated ETF (DHLX) and Fidelity Value Factor ETF (FVAL). The values are adjusted to include any dividend payments, if applicable.

DHLX vs. FVAL - Yearly Performance Comparison

	2026 (YTD)	2025
DHLX Diamond Hill Large Cap Concentrated ETF	-2.84%	1.24%
FVAL Fidelity Value Factor ETF	-2.89%	5.76%

Returns By Period

The year-to-date returns for both stocks are quite close, with DHLX having a -2.84% return and FVAL slightly lower at -2.89%.

DHLX

• 1D: 0.31%
• 1M: -6.17%
• YTD: -2.84%
• 6M: -1.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FVAL

• 1D: 0.11%
• 1M: -3.14%
• YTD: -2.89%
• 6M: 1.88%
• 1Y: 18.50%
• 3Y*: 16.83%
• 5Y*: 10.98%
• 10Y*: —

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

DHLX vs. FVAL - Expense Ratio Comparison

DHLX has a 0.55% expense ratio, which is higher than FVAL's 0.15% expense ratio.

DHLX

Diamond Hill Large Cap Concentrated ETF

FVAL

Fidelity Value Factor ETF

Return for Risk

DHLX vs. FVAL — Risk / Return Rank

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

FVAL

FVAL Risk / Return Rank: 57
FVAL Sharpe Ratio Rank: 53
FVAL Sortino Ratio Rank: 58
FVAL Omega Ratio Rank: 60
FVAL Calmar Ratio Rank: 53
FVAL Martin Ratio Rank: 61

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.

DHLX vs. FVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Concentrated ETF (DHLX) and Fidelity Value Factor ETF (FVAL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DHLX	FVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.02	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.73	-1.01

Correlation

The correlation between DHLX and FVAL is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DHLX vs. FVAL - Dividend Comparison

DHLX's dividend yield for the trailing twelve months is around 0.42%, less than FVAL's 1.70% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DHLX Diamond Hill Large Cap Concentrated ETF	0.42%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FVAL Fidelity Value Factor ETF	1.70%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%

Drawdowns

DHLX vs. FVAL - Drawdown Comparison

The maximum DHLX drawdown since its inception was -8.40%, smaller than the maximum FVAL drawdown of -37.26%. Use the drawdown chart below to compare losses from any high point for DHLX and FVAL.

Drawdown Indicators

	DHLX	FVAL	Difference
Max Drawdown Largest peak-to-trough decline	-8.40%	-37.26%	+28.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.42%	—
Current Drawdown Current decline from peak	-6.64%	-5.67%	-0.97%
Average Drawdown Average peak-to-trough decline	-1.91%	-4.65%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.70%	—

Volatility

Volatility by Period

	DHLX	FVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.68%	18.14%	-6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	16.49%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	18.20%	-6.52%