FFLV vs. SPYV

Last updated Jun 4, 2026

FFLV (Fidelity Fundamental Large Cap Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - FFLV is a Large Cap Value Equities fund actively managed by Fidelity, while SPYV is a S&P 500 fund tracking the S&P 500 Value. FFLV is actively managed, while SPYV is passively managed. Over the past year, FFLV returned 27.22% vs 21.26% for SPYV. Their correlation of 0.92 suggests significant overlap in exposure. FFLV charges 0.38%/yr vs 0.04%/yr for SPYV.

Performance

FFLV vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Large Cap Value ETF (FFLV) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFLV achieves a 11.22% return, which is significantly higher than SPYV's 7.46% return.

FFLV

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

SPYV

• 1D: -0.36%
• 1M: 2.22%
• YTD: 7.46%
• 6M: 7.77%
• 1Y: 21.26%
• 3Y*: 15.72%
• 5Y*: 10.68%
• 10Y*: 11.90%

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

FFLV vs. SPYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFLV Fidelity Fundamental Large Cap Value ETF	11.22%	16.04%	8.04%
SPYV SPDR Portfolio S&P 500 Value ETF	7.46%	13.18%	9.13%

Correlation

The correlation between FFLV and SPYV is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Feb 27, 2024	0.92

The correlation between FFLV and SPYV has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

FFLV vs. SPYV — 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

SPYV

SPYV Risk / Return Rank: 66
SPYV Sharpe Ratio Rank: 63
SPYV Sortino Ratio Rank: 64
SPYV Omega Ratio Rank: 63
SPYV Calmar Ratio Rank: 68
SPYV 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.

FFLV vs. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Value ETF (FFLV) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.17	+0.23
Sortino ratio: Return per unit of downside risk	3.48	3.05	+0.43
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	3.78	3.43	+0.34
Martin ratio: Return relative to average drawdown	14.71	13.16	+1.55
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. SPYV - Sharpe Ratio Comparison

The current FFLV Sharpe Ratio is 2.41, which is comparable to the SPYV Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FFLV and SPYV, 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	SPYV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.17	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.42	+0.69

Drawdowns

FFLV vs. SPYV - Drawdown Comparison

The maximum FFLV drawdown since its inception was -16.71%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for FFLV and SPYV.

Drawdown Indicators

	FFLV	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-58.45%	+41.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-6.22%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.89%	—
Current Drawdown Current decline from peak	-0.27%	-0.57%	+0.30%
Average Drawdown Average peak-to-trough decline	-3.00%	-8.72%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.62%	+0.24%

Volatility

FFLV vs. SPYV - Volatility Comparison

Fidelity Fundamental Large Cap Value ETF (FFLV) has a higher volatility of 2.79% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 1.98%. This indicates that FFLV's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLV	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	1.98%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	7.04%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	9.84%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	14.40%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	16.94%	-2.72%

FFLV vs. SPYV - Expense Ratio Comparison

FFLV has a 0.38% expense ratio, which is higher than SPYV's 0.04% expense ratio.

Dividends

FFLV vs. SPYV - Dividend Comparison

FFLV's dividend yield for the trailing twelve months is around 1.46%, less than SPYV's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
SPYV SPDR Portfolio S&P 500 Value ETF	1.70%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both FFLV and SPYV in my portfolio?

With a correlation of 0.91, FFLV and SPYV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FFLV or SPYV?

FFLV has higher volatility (2.79%) compared to SPYV (1.98%). In terms of maximum drawdown, FFLV dropped -16.71% vs SPYV's -58.45%.

Which ETF is better, FFLV or SPYV?

On 1-year performance, FFLV leads with 27.22% vs 21.26% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFLV or SPYV?

Over the 1-year period, FFLV has performed better with a 27.22% return vs 21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFLV or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.38% for FFLV.

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

SPYV has the higher dividend yield at 1.70%, compared with 1.46% for FFLV.

What is the main difference between FFLV and SPYV?

FFLV is categorized as Large Cap Value Equities, while SPYV is S&P 500. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.38% for FFLV and 0.04% for SPYV.

Which has better risk-adjusted returns?

FFLV currently has the higher Sharpe Ratio (2.41 vs 2.17), 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.