FELV vs. FOVL

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Enhanced Large Cap Value ETF (FELV) and iShares Focused Value Factor ETF (FOVL).

FELV and FOVL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FELV is an actively managed fund by Fidelity. It was launched on Nov 20, 2023. FOVL is a passively managed fund by iShares that tracks the performance of the MSCI USA IMI Focused Value Factor Index. It was launched on Mar 19, 2019.

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.

FELV vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	1.19%	15.80%	15.89%	7.19%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	12.90%

Returns By Period

FELV

• 1D: 2.26%
• 1M: -4.75%
• YTD: 1.19%
• 6M: 5.03%
• 1Y: 15.61%
• 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 - 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%.

FOVL

iShares Focused Value Factor ETF

FELV

Fidelity Enhanced Large Cap Value ETF

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: 61
FELV Sharpe Ratio Rank: 57
FELV Sortino Ratio Rank: 57
FELV Omega Ratio Rank: 61
FELV Calmar Ratio Rank: 59
FELV Martin Ratio Rank: 69

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	0.97	—	—
Sortino ratio Return per unit of downside risk	1.44	—	—
Omega ratio Gain probability vs. loss probability	1.22	—	—
Calmar ratio Return relative to maximum drawdown	1.43	—	—
Martin ratio Return relative to average drawdown	6.73	—	—
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	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	—	—

Correlation

The correlation between FELV and FOVL is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FELV vs. FOVL - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.71%, more than FOVL's 0.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FELV Fidelity Enhanced Large Cap Value ETF	1.71%	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%

Drawdowns

Drawdown Indicators

	FELV	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	—	—
Current Drawdown Current decline from peak	-4.75%	—	—
Average Drawdown Average peak-to-trough decline	-2.17%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	—	—

Volatility

Volatility by Period

	FELV	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.58%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.58%	—	—