FOVL vs. DVLU

Last updated Jun 24, 2026

FOVL (iShares Focused Value Factor ETF) and DVLU (First Trust Dorsey Wright Momentum & Value ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while DVLU is a Momentum fund tracking the Dorsey Wright Momentum Plus Value Index. Both are passively managed. Their correlation of 0.80 suggests significant overlap in exposure. FOVL charges 0.25%/yr vs 0.60%/yr for DVLU.

Performance

FOVL vs. DVLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and First Trust Dorsey Wright Momentum & Value ETF (DVLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOVL

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

DVLU

• 1D: 0.30%
• 1M: 4.14%
• YTD: 10.79%
• 6M: 8.85%
• 1Y: 36.17%
• 3Y*: 21.46%
• 5Y*: 12.25%
• 10Y*: —

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

FOVL vs. DVLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	7.00%
DVLU First Trust Dorsey Wright Momentum & Value ETF	10.79%	23.67%	13.36%	18.84%	-9.73%	41.67%	-6.68%	11.61%

Correlation

The correlation between FOVL and DVLU is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.80

Over the past year, the correlation between FOVL and DVLU has dropped to 0.22 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

FOVL vs. DVLU — Risk / Return Rank

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

FOVL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DVLU

DVLU Risk / Return Rank: 70
DVLU Sharpe Ratio Rank: 76
DVLU Sortino Ratio Rank: 74
DVLU Omega Ratio Rank: 71
DVLU Calmar Ratio Rank: 65
DVLU Martin Ratio Rank: 64

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.

FOVL vs. DVLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and First Trust Dorsey Wright Momentum & Value ETF (DVLU). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FOVL	DVLU	Difference
Sharpe ratio: Return per unit of total volatility	—	2.22	—
Sortino ratio: Return per unit of downside risk	—	3.06	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	2.97	—
Martin ratio: Return relative to average drawdown	—	10.71	—

Drawdowns

Drawdown Indicators

	FOVL	DVLU	Difference
Max Drawdown Largest peak-to-trough decline	—	-53.26%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-12.24%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.86%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.86%	—
Current Drawdown Current decline from peak	—	-0.65%	—
Average Drawdown Average peak-to-trough decline	—	-8.73%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.39%	—

Volatility

Volatility by Period

	FOVL	DVLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.43%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	21.39%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	25.73%	—

FOVL vs. DVLU - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is lower than DVLU's 0.60% expense ratio.

Dividends

FOVL vs. DVLU - Dividend Comparison

FOVL has not paid dividends to shareholders, while DVLU's dividend yield for the trailing twelve months is around 0.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DVLU First Trust Dorsey Wright Momentum & Value ETF	0.62%	0.73%	1.06%	1.34%	2.18%	1.33%	1.34%	1.71%	0.58%
FOVL iShares Focused Value Factor ETF	0.00%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%	0.00%

Frequently Asked Questions

Can I hold both FOVL and DVLU in my portfolio?

FOVL and DVLU have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FOVL or DVLU?

On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOVL or DVLU?

FOVL is cheaper with a 0.25% expense ratio, compared with 0.60% for DVLU.

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

DVLU has the higher dividend yield at 0.62%, compared with 0.00% for FOVL.

What is the main difference between FOVL and DVLU?

FOVL is categorized as Mid Cap Value Equities, while DVLU is Momentum. FOVL tracks MSCI USA IMI Focused Value Factor Index, while DVLU tracks Dorsey Wright Momentum Plus Value Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for FOVL and 0.60% for DVLU.