PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FAB vs. IVOV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAB vs. IVOV

Last updated Jul 14, 2026
Documentation

FAB (First Trust Multi Cap Value AlphaDEX Fund) and IVOV (Vanguard S&P Mid-Cap 400 Value ETF) are both Mid Cap Value Equities funds - FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index while IVOV tracks the S&P MidCap 400 Value Index. Both are passively managed. Over the past 10 years, FAB returned 10.69%/yr vs 10.38%/yr for IVOV. Their correlation of 0.89 suggests significant overlap in exposure. FAB charges 0.64%/yr vs 0.10%/yr for IVOV.

Performance

FAB vs. IVOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi Cap Value AlphaDEX Fund (FAB) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FAB achieves a 16.19% return, which is significantly higher than IVOV's 12.05% return. Both investments have delivered pretty close results over the past 10 years, with FAB having a 10.69% annualized return and IVOV not far behind at 10.38%.

FAB

1D
0.68%
1M
1.62%
6M
11.98%
YTD
16.19%
1Y
24.25%
3Y*
14.54%
5Y*
9.85%
10Y*
10.69%

IVOV

1D
0.01%
1M
0.08%
6M
7.21%
YTD
12.05%
1Y
16.94%
3Y*
12.31%
5Y*
9.17%
10Y*
10.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FAB vs. IVOV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FAB
First Trust Multi Cap Value AlphaDEX Fund		16.19%9.86%7.82%15.81%-6.79%30.83%2.40%23.73%-14.62%14.62%
IVOV
Vanguard S&P Mid-Cap 400 Value ETF		12.05%7.61%11.53%15.38%-7.20%30.50%3.70%25.91%-12.13%12.22%

Correlation

The correlation between FAB and IVOV is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.90

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

0.94

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

0.95

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.89

The correlation between FAB and IVOV has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

FAB vs. IVOV - Sectors Allocation Comparison

Sectors
FAB
IVOV

Financial Services

23.3%
21.0%

Consumer Cyclical

13.6%
13.7%

Industrials

10.2%
17.1%

Energy

9.2%
7.3%

Real Estate

8.5%
9.5%

Technology

8.2%
10.0%

Healthcare

7.2%
3.8%

Utilities

7.0%
4.0%

Consumer Defensive

5.7%
4.9%

Basic Materials

3.7%
7.9%

Communication Services

3.4%
0.5%

Financial Services

FAB
23.3%
IVOV
21.0%

Consumer Cyclical

FAB
13.6%
IVOV
13.7%

Industrials

FAB
10.2%
IVOV
17.1%

Energy

FAB
9.2%
IVOV
7.3%

Real Estate

FAB
8.5%
IVOV
9.5%

Technology

FAB
8.2%
IVOV
10.0%

Healthcare

FAB
7.2%
IVOV
3.8%

Utilities

FAB
7.0%
IVOV
4.0%

Consumer Defensive

FAB
5.7%
IVOV
4.9%

Basic Materials

FAB
3.7%
IVOV
7.9%

Communication Services

FAB
3.4%
IVOV
0.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Multi Cap Value AlphaDEX Fund

Vanguard S&P Mid-Cap 400 Value ETF

Often compared with FAB:
FAB vs. CVARFAB vs. ABLDFAB vs. MTUMFAB vs. FNCMXFAB vs. QQQMFAB vs. IMCVFAB vs. VEGI
Often compared with IVOV:
IVOV vs. VOEIVOV vs. IVOGIVOV vs. VOIVOV vs. MDYVIVOV vs. VIOVIVOV vs. MDYGIVOV vs. VBR

Return for Risk

FAB vs. IVOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAB
FAB Risk / Return Rank: 7575
Overall Rank
FAB Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
FAB Sortino Ratio Rank: 7777
Sortino Ratio Rank
FAB Omega Ratio Rank: 6767
Omega Ratio Rank
FAB Calmar Ratio Rank: 8484
Calmar Ratio Rank
FAB Martin Ratio Rank: 7777
Martin Ratio Rank
IVOV
IVOV Risk / Return Rank: 4040
Overall Rank
IVOV Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
IVOV Sortino Ratio Rank: 4141
Sortino Ratio Rank
IVOV Omega Ratio Rank: 3737
Omega Ratio Rank
IVOV Calmar Ratio Rank: 3939
Calmar Ratio Rank
IVOV Martin Ratio Rank: 4343
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.

FAB vs. IVOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi Cap Value AlphaDEX Fund (FAB) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). 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.

FABIVOVDifference
Sharpe ratioReturn per unit of total volatility
1.80
1.12

+0.67

Sortino ratioReturn per unit of downside risk
2.71
1.74

+0.97

Omega ratioGain probability vs. loss probability

1.32

1.20

+0.11

Calmar ratioReturn relative to maximum drawdown

3.66

1.61

+2.06

Martin ratioReturn relative to average drawdown

11.43

5.54

+5.89

FAB vs. IVOV - Sharpe Ratio Comparison

The current FAB Sharpe Ratio is 1.80, which is higher than the IVOV Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of FAB and IVOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

FAB vs. IVOV - Drawdown Comparison

The maximum FAB drawdown since its inception was -63.29%, which is greater than IVOV's maximum drawdown of -45.99%. Use the drawdown chart below to compare losses from any high point for FAB and IVOV.

Loading charts...

Drawdown Indicators

FABIVOVDifference

Max Drawdown

Largest peak-to-trough decline

-63.29%

-45.99%

-17.30%

Max Drawdown (1Y)

Largest decline over 1 year

-6.65%

-10.58%

+3.93%

Max Drawdown (3Y)

Largest decline over 3 years

-22.91%

-22.61%

-0.30%

Max Drawdown (5Y)

Largest decline over 5 years

-22.91%

-22.61%

-0.30%

Max Drawdown (10Y)

Largest decline over 10 years

-47.08%

-45.99%

-1.09%

Current Drawdown

Current decline from peak

0.00%

-0.78%

+0.78%

Average Drawdown

Average peak-to-trough decline

-9.20%

-5.40%

-3.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

3.06%

-0.93%

Volatility

FAB vs. IVOV - Volatility Comparison

First Trust Multi Cap Value AlphaDEX Fund (FAB) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV) have volatilities of 3.61% and 3.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FABIVOVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

3.59%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

8.57%

10.49%

-1.92%

Volatility (1Y)

Calculated over the trailing 1-year period

13.58%

15.16%

-1.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.64%

19.35%

-0.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.94%

21.65%

+0.29%

FAB vs. IVOV - Expense Ratio Comparison

FAB has a 0.64% expense ratio, which is higher than IVOV's 0.10% expense ratio.

Dividends

FAB vs. IVOV - Dividend Comparison

FAB's dividend yield for the trailing twelve months is around 1.56%, less than IVOV's 1.63% yield.

PositionTTM20252024202320222021202020192018201720162015
FAB
First Trust Multi Cap Value AlphaDEX Fund		1.56%1.57%2.00%1.94%1.80%1.32%1.59%1.75%1.96%1.42%1.40%1.62%
IVOV
Vanguard S&P Mid-Cap 400 Value ETF		1.63%1.82%1.74%1.52%1.97%1.78%2.42%1.75%1.87%1.55%1.51%1.66%

Frequently Asked Questions

FAB and IVOV have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAB has higher volatility (3.61%) compared to IVOV (3.59%). In terms of maximum drawdown, FAB dropped -63.29% vs IVOV's -45.99%.

On 10-year performance, FAB leads with 10.69% vs 10.38% for IVOV. On fees, IVOV is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FAB has performed better with a 10.69% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVOV is cheaper with a 0.10% expense ratio, compared with 0.64% for FAB.

IVOV has the higher dividend yield at 1.63%, compared with 1.56% for FAB.

FAB tracks NASDAQ AlphaDEX Multi Cap Value Index, while IVOV tracks S&P MidCap 400 Value Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.64% for FAB and 0.10% for IVOV.

FAB currently has the higher Sharpe Ratio (1.80 vs 1.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

Find the right allocation for FAB and IVOV

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer