FELV vs. FOVL

Last updated Jun 4, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and FOVL (iShares Focused Value Factor ETF) are both exchange-traded funds - FELV is a Large Cap Value Equities fund actively managed by Fidelity, while FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index. FELV is actively managed, while FOVL is passively managed. A 0.70 correlation means they provide meaningful diversification when combined. FELV charges 0.18%/yr vs 0.25%/yr for FOVL.

Performance

FELV vs. FOVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Value ETF (FELV) and iShares Focused Value Factor ETF (FOVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FELV

• 1D: 0.10%
• 1M: 4.99%
• YTD: 14.72%
• 6M: 15.52%
• 1Y: 29.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FOVL

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

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

FELV vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	14.72%	15.80%	15.89%	7.19%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	12.90%

Correlation

The correlation between FELV and FOVL is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.70

Over the past year, the correlation between FELV and FOVL has dropped to 0.32 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

FELV vs. FOVL - Sectors Allocation Comparison

Sectors	FELV	FOVL
Technology	19.8%	5.0%
Financial Services	18.4%	44.6%
Industrials	12.5%	12.8%
Healthcare	10.1%	4.9%
Communication Services	8.2%	4.7%
Consumer Cyclical	7.1%	5.2%
Energy	5.8%	7.7%
Consumer Defensive	4.8%	5.0%
Basic Materials	3.8%	-
Utilities	3.4%	7.5%
Real Estate	3.3%	2.6%

Return for Risk

FELV vs. FOVL — Risk / Return Rank

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

FELV

FELV Risk / Return Rank: 84
FELV Sharpe Ratio Rank: 84
FELV Sortino Ratio Rank: 86
FELV Omega Ratio Rank: 83
FELV Calmar Ratio Rank: 82
FELV Martin Ratio Rank: 87

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.

FELV vs. FOVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) 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.

	FELV	FOVL	Difference
Sharpe ratio: Return per unit of total volatility	2.79	—	—
Sortino ratio: Return per unit of downside risk	3.93	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	4.36	—	—
Martin ratio: Return relative to average drawdown	18.85	—	—
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

	FELV	FOVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	—	—

Drawdowns

Drawdown Indicators

	FELV	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-2.07%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	—	—

Volatility

Volatility by Period

	FELV	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.40%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	—	—

FELV vs. FOVL - Expense Ratio Comparison

FELV has a 0.18% expense ratio, which is lower than FOVL's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FELV vs. FOVL - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.51%, more than FOVL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FELV Fidelity Enhanced Large Cap Value ETF	1.51%	1.67%	2.02%	0.04%	0.00%	0.00%	0.00%	0.00%
FOVL iShares Focused Value Factor ETF	0.55%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%

Frequently Asked Questions

Can I hold both FELV and FOVL in my portfolio?

FELV and FOVL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FELV or FOVL?

On fees, FELV is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FELV or FOVL?

FELV is cheaper with a 0.18% expense ratio, compared with 0.25% for FOVL.

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

FELV has the higher dividend yield at 1.51%, compared with 0.55% for FOVL.

What is the main difference between FELV and FOVL?

FELV is categorized as Large Cap Value Equities, while FOVL is Mid Cap Value Equities. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.18% for FELV and 0.25% for FOVL.