DON vs. FOVL

Last updated Jun 4, 2026

DON (WisdomTree US MidCap Dividend ETF) and FOVL (iShares Focused Value Factor ETF) are both Mid Cap Value Equities funds - DON tracks the WisdomTree U.S. MidCap Dividend Index while FOVL tracks the MSCI USA IMI Focused Value Factor Index. Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. DON charges 0.38%/yr vs 0.25%/yr for FOVL.

Performance

DON vs. FOVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US MidCap Dividend ETF (DON) and iShares Focused Value Factor ETF (FOVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DON

• 1D: -0.45%
• 1M: 0.47%
• YTD: 7.24%
• 6M: 6.89%
• 1Y: 14.24%
• 3Y*: 13.37%
• 5Y*: 7.54%
• 10Y*: 9.16%

FOVL

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DON vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DON WisdomTree US MidCap Dividend ETF	7.24%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	8.66%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	6.22%

Correlation

The correlation between DON and FOVL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.89

Over the past year, the correlation between DON and FOVL has dropped to 0.35 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

DON vs. FOVL - Sectors Allocation Comparison

Sectors	DON	FOVL
Financial Services	21.1%	44.6%
Industrials	17.1%	12.8%
Consumer Cyclical	11.5%	5.2%
Real Estate	9.3%	2.6%
Energy	7.9%	7.7%
Utilities	6.9%	7.5%
Basic Materials	6.4%	-
Technology	4.5%	5.0%
Communication Services	3.9%	4.7%
Consumer Defensive	3.6%	5.0%
Healthcare	2.4%	4.9%

Return for Risk

DON vs. FOVL — Risk / Return Rank

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

DON

DON Risk / Return Rank: 31
DON Sharpe Ratio Rank: 30
DON Sortino Ratio Rank: 31
DON Omega Ratio Rank: 27
DON Calmar Ratio Rank: 31
DON Martin Ratio Rank: 32

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.

DON vs. FOVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US MidCap Dividend ETF (DON) and iShares Focused Value Factor ETF (FOVL). 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.

	DON	FOVL	Difference
Sharpe ratio: Return per unit of total volatility	1.10	—	—
Sortino ratio: Return per unit of downside risk	1.71	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.58	—	—
Martin ratio: Return relative to average drawdown	4.93	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DON	FOVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	—	—

Drawdowns

Drawdown Indicators

	DON	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	—	—
Current Drawdown Current decline from peak	-1.93%	—	—
Average Drawdown Average peak-to-trough decline	-7.90%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	—	—

Volatility

Volatility by Period

	DON	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.97%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	—	—

DON vs. FOVL - Expense Ratio Comparison

DON has a 0.38% expense ratio, which is higher than FOVL's 0.25% expense ratio.

Dividends

DON vs. FOVL - Dividend Comparison

DON's dividend yield for the trailing twelve months is around 2.36%, more than FOVL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DON WisdomTree US MidCap Dividend ETF	2.36%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%
FOVL iShares Focused Value Factor ETF	0.55%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DON and FOVL in my portfolio?

DON and FOVL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DON or FOVL?

On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DON or FOVL?

FOVL is cheaper with a 0.25% expense ratio, compared with 0.38% for DON.

Which ETF pays a higher dividend yield, DON or FOVL?

DON has the higher dividend yield at 2.36%, compared with 0.55% for FOVL.

What is the main difference between DON and FOVL?

DON tracks WisdomTree U.S. MidCap Dividend Index, while FOVL tracks MSCI USA IMI Focused Value Factor Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.38% for DON and 0.25% for FOVL.