FDVV vs. FDVLX

Last updated Jun 9, 2026

FDVV (Fidelity High Dividend ETF) and FDVLX (Fidelity Value Fund) are both funds - FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index, while FDVLX is a Mid Cap Value Equities fund managed by Fidelity. Over the past 5 years, FDVV returned 13.25%/yr vs 13.58%/yr for FDVLX. Their correlation of 0.88 suggests significant overlap in exposure. FDVV charges 0.29%/yr vs 0.79%/yr for FDVLX.

Performance

FDVV vs. FDVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Dividend ETF (FDVV) and Fidelity Value Fund (FDVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDVV achieves a 7.59% return, which is significantly lower than FDVLX's 15.53% return.

FDVV

• 1D: -0.21%
• 1M: 1.68%
• YTD: 7.59%
• 6M: 7.85%
• 1Y: 22.32%
• 3Y*: 19.56%
• 5Y*: 13.25%
• 10Y*: —

FDVLX

• 1D: -1.91%
• 1M: -0.00%
• YTD: 15.53%
• 6M: 16.99%
• 1Y: 32.00%
• 3Y*: 24.85%
• 5Y*: 13.58%
• 10Y*: 13.59%

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

FDVV vs. FDVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDVV Fidelity High Dividend ETF	7.59%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	24.07%	-1.26%	14.00%
FDVLX Fidelity Value Fund	15.53%	11.32%	30.11%	19.57%	-9.07%	35.30%	9.33%	31.68%	-17.58%	14.11%

Correlation

The correlation between FDVV and FDVLX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.88

The correlation between FDVV and FDVLX shifts across timeframes, from 0.77 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FDVV vs. FDVLX — Risk / Return Rank

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

FDVV

FDVV Risk / Return Rank: 69
FDVV Sharpe Ratio Rank: 77
FDVV Sortino Ratio Rank: 78
FDVV Omega Ratio Rank: 77
FDVV Calmar Ratio Rank: 54
FDVV Martin Ratio Rank: 61

FDVLX

FDVLX Risk / Return Rank: 61
FDVLX Sharpe Ratio Rank: 55
FDVLX Sortino Ratio Rank: 56
FDVLX Omega Ratio Rank: 48
FDVLX Calmar Ratio Rank: 78
FDVLX Martin Ratio Rank: 68

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.

FDVV vs. FDVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Dividend ETF (FDVV) and Fidelity Value Fund (FDVLX). 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.

	FDVV	FDVLX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.08	+0.15
Sortino ratio: Return per unit of downside risk	3.12	2.99	+0.12
Omega ratio: Gain probability vs. loss probability	1.41	1.36	+0.05
Calmar ratio: Return relative to maximum drawdown	2.41	3.40	-0.99
Martin ratio: Return relative to average drawdown	10.00	12.49	-2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDVV vs. FDVLX - Sharpe Ratio Comparison

The current FDVV Sharpe Ratio is 2.23, which is comparable to the FDVLX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of FDVV and FDVLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDVV	FDVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.08	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.51	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.57	+0.22

Drawdowns

FDVV vs. FDVLX - Drawdown Comparison

The maximum FDVV drawdown since its inception was -40.25%, smaller than the maximum FDVLX drawdown of -66.91%. Use the drawdown chart below to compare losses from any high point for FDVV and FDVLX.

Drawdown Indicators

	FDVV	FDVLX	Difference
Max Drawdown Largest peak-to-trough decline	-40.25%	-66.91%	+26.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-9.90%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-31.45%	+15.55%
Max Drawdown (5Y) Largest decline over 5 years	-20.18%	-31.45%	+11.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.66%	—
Current Drawdown Current decline from peak	-1.85%	-1.91%	+0.06%
Average Drawdown Average peak-to-trough decline	-3.80%	-9.02%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.69%	-0.45%

Volatility

FDVV vs. FDVLX - Volatility Comparison

The current volatility for Fidelity High Dividend ETF (FDVV) is 2.96%, while Fidelity Value Fund (FDVLX) has a volatility of 4.31%. This indicates that FDVV experiences smaller price fluctuations and is considered to be less risky than FDVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDVV	FDVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	4.31%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	11.57%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	10.07%	16.18%	-6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	26.56%	-11.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	25.19%	-8.20%

FDVV vs. FDVLX - Expense Ratio Comparison

FDVV has a 0.29% expense ratio, which is lower than FDVLX's 0.79% expense ratio.

Dividends

FDVV vs. FDVLX - Dividend Comparison

FDVV's dividend yield for the trailing twelve months is around 2.74%, less than FDVLX's 8.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDVLX Fidelity Value Fund	8.70%	10.05%	33.05%	3.71%	7.08%	9.79%	0.98%	3.34%	16.25%	3.38%	1.26%	10.97%
FDVV Fidelity High Dividend ETF	2.74%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%	0.00%

Frequently Asked Questions

Can I hold both FDVV and FDVLX in my portfolio?

FDVV and FDVLX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDVV or FDVLX?

FDVLX has higher volatility (4.31%) compared to FDVV (2.96%). In terms of maximum drawdown, FDVV dropped -40.25% vs FDVLX's -66.91%.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (2.23 vs 2.08), 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.