FIVA vs. FDEV

Last updated Jun 4, 2026

FIVA (Fidelity International Value Factor ETF) and FDEV (Fidelity International Multifactor ETF) are both Foreign Large Cap Equities funds from Fidelity - FIVA tracks the Fidelity® International Value Factor Index while FDEV tracks the Fidelity Targeted International Factor Index. Both are passively managed. Over the past 5 years, FIVA returned 12.50%/yr vs 7.01%/yr for FDEV. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

FIVA vs. FDEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Value Factor ETF (FIVA) and Fidelity International Multifactor ETF (FDEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIVA achieves a 12.92% return, which is significantly higher than FDEV's 3.89% return.

FIVA

• 1D: -0.36%
• 1M: 5.48%
• YTD: 12.92%
• 6M: 18.20%
• 1Y: 35.97%
• 3Y*: 22.76%
• 5Y*: 12.50%
• 10Y*: —

FDEV

• 1D: -0.50%
• 1M: -1.71%
• YTD: 3.89%
• 6M: 6.83%
• 1Y: 15.07%
• 3Y*: 14.70%
• 5Y*: 7.01%
• 10Y*: —

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

FIVA vs. FDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FIVA Fidelity International Value Factor ETF	12.92%	45.83%	2.53%	20.38%	-10.37%	15.90%	-1.78%	8.78%
FDEV Fidelity International Multifactor ETF	3.89%	30.36%	5.84%	13.37%	-16.54%	11.00%	5.49%	10.06%

Correlation

The correlation between FIVA and FDEV is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.86

The correlation between FIVA and FDEV has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

FIVA vs. FDEV - Sectors Allocation Comparison

Sectors	FIVA	FDEV
Financial Services	25.5%	21.9%
Industrials	19.3%	15.9%
Technology	11.4%	3.7%
Healthcare	8.6%	13.3%
Basic Materials	7.8%	4.1%
Consumer Cyclical	6.8%	4.5%
Energy	6.1%	10.8%
Consumer Defensive	5.6%	9.5%
Utilities	3.9%	8.1%
Communication Services	3.2%	7.2%
Real Estate	1.8%	-

Return for Risk

FIVA vs. FDEV — Risk / Return Rank

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

FIVA

FIVA Risk / Return Rank: 67
FIVA Sharpe Ratio Rank: 71
FIVA Sortino Ratio Rank: 72
FIVA Omega Ratio Rank: 68
FIVA Calmar Ratio Rank: 61
FIVA Martin Ratio Rank: 65

FDEV

FDEV Risk / Return Rank: 36
FDEV Sharpe Ratio Rank: 35
FDEV Sortino Ratio Rank: 34
FDEV Omega Ratio Rank: 35
FDEV Calmar Ratio Rank: 36
FDEV Martin Ratio Rank: 42

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.

FIVA vs. FDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Value Factor ETF (FIVA) and Fidelity International Multifactor ETF (FDEV). 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.

	FIVA	FDEV	Difference
Sharpe ratio Return per unit of total volatility	2.39	1.28	+1.10
Sortino ratio Return per unit of downside risk	3.31	1.82	+1.49
Omega ratio Gain probability vs. loss probability	1.42	1.23	+0.18
Calmar ratio Return relative to maximum drawdown	3.09	1.79	+1.30
Martin ratio Return relative to average drawdown	12.07	6.78	+5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIVA vs. FDEV - Sharpe Ratio Comparison

The current FIVA Sharpe Ratio is 2.39, which is higher than the FDEV Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FIVA and FDEV, 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

	FIVA	FDEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.28	+1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.51	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.52	-0.04

Drawdowns

FIVA vs. FDEV - Drawdown Comparison

The maximum FIVA drawdown since its inception was -39.76%, which is greater than FDEV's maximum drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for FIVA and FDEV.

Drawdown Indicators

	FIVA	FDEV	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-30.11%	-9.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	-8.46%	-3.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.77%	-10.47%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-28.70%	-29.02%	+0.32%
Current Drawdown Current decline from peak	-0.36%	-4.78%	+4.42%
Average Drawdown Average peak-to-trough decline	-7.78%	-6.29%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.23%	+0.76%

Volatility

FIVA vs. FDEV - Volatility Comparison

Fidelity International Value Factor ETF (FIVA) has a higher volatility of 5.02% compared to Fidelity International Multifactor ETF (FDEV) at 3.61%. This indicates that FIVA's price experiences larger fluctuations and is considered to be riskier than FDEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIVA	FDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	3.61%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	9.68%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.18%	11.90%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.33%	13.90%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	15.33%	+2.57%

FIVA vs. FDEV - Expense Ratio Comparison

Both FIVA and FDEV have an expense ratio of 0.39%.

Dividends

FIVA vs. FDEV - Dividend Comparison

FIVA's dividend yield for the trailing twelve months is around 2.52%, less than FDEV's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FDEV Fidelity International Multifactor ETF	2.83%	2.86%	2.99%	2.80%	2.65%	2.81%	1.88%	2.73%	0.00%
FIVA Fidelity International Value Factor ETF	2.52%	2.68%	3.52%	3.63%	3.62%	3.76%	2.46%	3.61%	3.28%

Frequently Asked Questions

Can I hold both FIVA and FDEV in my portfolio?

FIVA and FDEV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIVA or FDEV?

FIVA has higher volatility (5.02%) compared to FDEV (3.61%). In terms of maximum drawdown, FIVA dropped -39.76% vs FDEV's -30.11%.

Which ETF is better, FIVA or FDEV?

On 5-year performance, FIVA leads with 12.50% vs 7.01% for FDEV. Both ETFs have the same 0.39% expense ratio. On volatility, FDEV has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVA or FDEV?

Over the 5-year period, FIVA has performed better with a 12.50% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVA or FDEV?

FIVA and FDEV have the same expense ratio: 0.39% per year.

Which ETF pays a higher dividend yield, FIVA or FDEV?

FDEV has the higher dividend yield at 2.83%, compared with 2.52% for FIVA.

What is the main difference between FIVA and FDEV?

FIVA tracks Fidelity® International Value Factor Index, while FDEV tracks Fidelity Targeted International Factor Index.

Which has better risk-adjusted returns?

FIVA currently has the higher Sharpe Ratio (2.39 vs 1.28), 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.