FOVL vs. FAB

Last updated Jun 4, 2026

FOVL (iShares Focused Value Factor ETF) and FAB (First Trust Multi Cap Value AlphaDEX Fund) are both Mid Cap Value Equities funds - FOVL tracks the MSCI USA IMI Focused Value Factor Index while FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index. Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. FOVL charges 0.25%/yr vs 0.64%/yr for FAB.

Performance

FOVL vs. FAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and First Trust Multi Cap Value AlphaDEX Fund (FAB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOVL

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

FAB

• 1D: -0.79%
• 1M: 0.77%
• YTD: 10.72%
• 6M: 11.08%
• 1Y: 26.09%
• 3Y*: 15.20%
• 5Y*: 7.87%
• 10Y*: 10.39%

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

FOVL vs. FAB - 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%	6.22%
FAB First Trust Multi Cap Value AlphaDEX Fund	10.72%	9.86%	7.82%	15.81%	-6.79%	30.83%	2.40%	8.81%

Correlation

The correlation between FOVL and FAB is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.89

Over the past year, the correlation between FOVL and FAB has dropped to 0.36 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

FOVL vs. FAB - Sectors Allocation Comparison

Sectors	FOVL	FAB
Financial Services	44.6%	23.9%
Industrials	12.8%	12.0%
Energy	7.7%	8.3%
Utilities	7.5%	6.2%
Consumer Cyclical	5.2%	13.9%
Consumer Defensive	5.0%	5.9%
Technology	5.0%	7.9%
Healthcare	4.9%	7.1%
Communication Services	4.7%	2.7%
Real Estate	2.6%	7.7%
Basic Materials	-	3.9%

Return for Risk

FOVL vs. FAB — Risk / Return Rank

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

FAB

FAB Risk / Return Rank: 63
FAB Sharpe Ratio Rank: 56
FAB Sortino Ratio Rank: 62
FAB Omega Ratio Rank: 54
FAB Calmar Ratio Rank: 78
FAB Martin Ratio Rank: 67

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. FAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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.

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

Sharpe Ratios by Period

	FOVL	FAB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.91	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.34	—

Drawdowns

Drawdown Indicators

	FOVL	FAB	Difference
Max Drawdown Largest peak-to-trough decline	—	-63.29%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.65%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.08%	—
Current Drawdown Current decline from peak	—	-0.98%	—
Average Drawdown Average peak-to-trough decline	—	-9.25%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.14%	—

Volatility

Volatility by Period

	FOVL	FAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	13.81%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.72%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.06%	—

FOVL vs. FAB - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is lower than FAB's 0.64% expense ratio.

Dividends

FOVL vs. FAB - Dividend Comparison

FOVL's dividend yield for the trailing twelve months is around 0.55%, less than FAB's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAB First Trust Multi Cap Value AlphaDEX Fund	1.59%	1.57%	2.00%	1.94%	1.80%	1.32%	1.59%	1.75%	1.96%	1.42%	1.40%	1.62%
FOVL iShares Focused Value Factor ETF	0.55%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FOVL and FAB in my portfolio?

FOVL and FAB have a correlation of 0.36, 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 FAB?

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 FAB?

FOVL is cheaper with a 0.25% expense ratio, compared with 0.64% for FAB.

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

FAB has the higher dividend yield at 1.59%, compared with 0.55% for FOVL.

What is the main difference between FOVL and FAB?

FOVL tracks MSCI USA IMI Focused Value Factor Index, while FAB tracks NASDAQ AlphaDEX Multi Cap Value Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for FOVL and 0.64% for FAB.