FFLV vs. FVAL

Last updated Jun 4, 2026

FFLV (Fidelity Fundamental Large Cap Value ETF) and FVAL (Fidelity Value Factor ETF) are both Large Cap Value Equities funds from Fidelity. FFLV is actively managed, while FVAL is passively managed. Over the past year, FFLV returned 27.22% vs 31.42% for FVAL. A 0.79 correlation means they provide meaningful diversification when combined. FFLV charges 0.38%/yr vs 0.15%/yr for FVAL.

Performance

FFLV vs. FVAL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FFLV having a 11.22% return and FVAL slightly lower at 11.14%.

FFLV

• 1D: -0.24%
• 1M: 2.24%
• YTD: 11.22%
• 6M: 12.86%
• 1Y: 27.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FVAL

• 1D: -0.59%
• 1M: 5.54%
• YTD: 11.14%
• 6M: 12.79%
• 1Y: 31.42%
• 3Y*: 20.96%
• 5Y*: 12.53%
• 10Y*: —

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

FFLV vs. FVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFLV Fidelity Fundamental Large Cap Value ETF	11.22%	16.04%	8.04%
FVAL Fidelity Value Factor ETF	11.14%	19.56%	14.29%

Correlation

The correlation between FFLV and FVAL is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Feb 27, 2024	0.79

The correlation between FFLV and FVAL has been stable across timeframes, ranging from 0.79 to 0.79 - a consistent structural relationship.

Return for Risk

FFLV vs. FVAL — Risk / Return Rank

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

FFLV

FFLV Risk / Return Rank: 74
FFLV Sharpe Ratio Rank: 73
FFLV Sortino Ratio Rank: 76
FFLV Omega Ratio Rank: 70
FFLV Calmar Ratio Rank: 74
FFLV Martin Ratio Rank: 76

FVAL

FVAL Risk / Return Rank: 79
FVAL Sharpe Ratio Rank: 82
FVAL Sortino Ratio Rank: 83
FVAL Omega Ratio Rank: 81
FVAL Calmar Ratio Rank: 70
FVAL Martin Ratio Rank: 79

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.

FFLV vs. FVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Value ETF (FFLV) and Fidelity Value Factor ETF (FVAL). 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.

	FFLV	FVAL	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.73	-0.33
Sortino ratio: Return per unit of downside risk	3.48	3.78	-0.30
Omega ratio: Gain probability vs. loss probability	1.43	1.49	-0.06
Calmar ratio: Return relative to maximum drawdown	3.78	3.54	+0.24
Martin ratio: Return relative to average drawdown	14.71	15.80	-1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFLV vs. FVAL - Sharpe Ratio Comparison

The current FFLV Sharpe Ratio is 2.41, which is comparable to the FVAL Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of FFLV and FVAL, 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

	FFLV	FVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.73	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.81	+0.31

Drawdowns

FFLV vs. FVAL - Drawdown Comparison

The maximum FFLV drawdown since its inception was -16.71%, smaller than the maximum FVAL drawdown of -37.26%. Use the drawdown chart below to compare losses from any high point for FFLV and FVAL.

Drawdown Indicators

	FFLV	FVAL	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-37.26%	+20.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-8.92%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.39%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.42%	—
Current Drawdown Current decline from peak	-0.27%	-0.75%	+0.48%
Average Drawdown Average peak-to-trough decline	-3.00%	-4.58%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.99%	-0.13%

Volatility

FFLV vs. FVAL - Volatility Comparison

Fidelity Fundamental Large Cap Value ETF (FFLV) and Fidelity Value Factor ETF (FVAL) have volatilities of 2.79% and 2.70%, 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.

Volatility by Period

	FFLV	FVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.70%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	8.64%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	11.56%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	16.48%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	18.11%	-3.89%

FFLV vs. FVAL - Expense Ratio Comparison

FFLV has a 0.38% expense ratio, which is higher than FVAL's 0.15% expense ratio.

Dividends

FFLV vs. FVAL - Dividend Comparison

FFLV's dividend yield for the trailing twelve months is around 1.46%, less than FVAL's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FFLV Fidelity Fundamental Large Cap Value ETF	1.46%	1.60%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FVAL Fidelity Value Factor ETF	1.49%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%

Frequently Asked Questions

Can I hold both FFLV and FVAL in my portfolio?

FFLV and FVAL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFLV or FVAL?

FFLV has higher volatility (2.79%) compared to FVAL (2.70%). In terms of maximum drawdown, FFLV dropped -16.71% vs FVAL's -37.26%.

Which ETF is better, FFLV or FVAL?

On 1-year performance, FVAL leads with 31.42% vs 27.22% for FFLV. On fees, FVAL is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFLV or FVAL?

Over the 1-year period, FVAL has performed better with a 31.42% return vs 27.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFLV or FVAL?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.38% for FFLV.

Which ETF pays a higher dividend yield, FFLV or FVAL?

FVAL has the higher dividend yield at 1.49%, compared with 1.46% for FFLV.

What is the main difference between FFLV and FVAL?

Their fees differ too: 0.38% for FFLV and 0.15% for FVAL.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.73 vs 2.41), 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.