FAB vs. FOVL

Last updated Aug 4, 2026

FAB (First Trust Multi Cap Value AlphaDEX Fund) and FOVL (iShares Focused Value Factor ETF) are both Mid Cap Value Equities funds - FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index while FOVL tracks the MSCI USA IMI Focused Value Factor Index. Both are passively managed. Their correlation of 0.88 means they have usually moved in the same direction. FAB charges 0.64%/yr vs 0.25%/yr for FOVL.

Performance

FAB vs. FOVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi Cap Value AlphaDEX Fund (FAB) and iShares Focused Value Factor ETF (FOVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FAB

• 1D: 0.86%
• 1M: 3.54%
• 6M: 13.45%
• YTD: 20.06%
• 1Y: 33.22%
• 3Y*: 14.52%
• 5Y*: 10.61%
• 10Y*: 10.90%
• ALL TIME*: 8.47%

FOVL

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

*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)
FAB First Trust Multi Cap Value AlphaDEX Fund	$2.56M	$3.08M	$1.18M

FAB vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FAB First Trust Multi Cap Value AlphaDEX Fund	20.06%	9.86%	7.82%	15.81%	-6.79%	30.83%	2.40%	9.24%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	7.00%

Correlation

The correlation between FAB and FOVL is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.88

Over the past year, the correlation between FAB and FOVL has dropped to 0.05 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

FAB vs. FOVL - Sectors Allocation Comparison

Sectors	FAB	FOVL
Financial Services	24.3%	44.6%
Consumer Cyclical	14.1%	5.2%
Industrials	10.5%	12.8%
Real Estate	8.7%	2.6%
Energy	8.4%	7.7%
Healthcare	7.4%	4.9%
Technology	7.2%	5.0%
Utilities	7.1%	7.5%
Consumer Defensive	5.7%	5.0%
Basic Materials	3.5%	-
Communication Services	3.1%	4.7%

Return for Risk

FAB vs. FOVL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FAB

FAB Risk / Return Rank: 92
FAB Sharpe Ratio Rank: 92
FAB Sortino Ratio Rank: 94
FAB Omega Ratio Rank: 90
FAB Calmar Ratio Rank: 94
FAB Martin Ratio Rank: 92

FOVL

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FAB vs. FOVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi Cap Value AlphaDEX Fund (FAB) 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.

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.

	FAB	FOVL	Difference
Sharpe ratio: Return per unit of total volatility	2.51	—	—
Sortino ratio: Return per unit of downside risk	3.77	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	5.02	—	—
Martin ratio: Return relative to average drawdown	16.57	—	—

Drawdowns

Drawdown Indicators

	FAB	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-63.29%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.08%	—	—
Current Drawdown Current decline from peak	-0.63%	—	—
Average Drawdown Average peak-to-trough decline	-9.18%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	—	—

Volatility

Volatility by Period

	FAB	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.31%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	—	—

FAB vs. FOVL - Expense Ratio Comparison

FAB has a 0.64% expense ratio, which is higher than FOVL's 0.25% expense ratio.

Dividends

FAB vs. FOVL - Dividend Comparison

FAB's dividend yield for the trailing twelve months is around 1.51%, while FOVL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAB First Trust Multi Cap Value AlphaDEX Fund	1.51%	1.57%	2.00%	1.94%	1.80%	1.32%	1.59%	1.75%	1.96%	1.42%	1.40%	1.62%
FOVL iShares Focused Value Factor ETF	0.00%	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 FAB and FOVL in my portfolio?

FAB and FOVL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAB 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, FAB or FOVL?

FOVL is cheaper with a 0.25% expense ratio, compared with 0.64% for FAB.

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

FAB has the higher dividend yield at 1.51%, compared with 0.00% for FOVL.

What is the main difference between FAB and FOVL?

FAB tracks NASDAQ AlphaDEX Multi Cap Value Index, while FOVL tracks MSCI USA IMI Focused Value Factor Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.64% for FAB and 0.25% for FOVL.