FOVL vs. FNDA

Last updated Aug 2, 2026

FOVL (iShares Focused Value Factor ETF) and FNDA (Schwab Fundamental U.S. Small Company ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while FNDA is a Small Cap Blend Equities fund tracking the RAFI Fundamental High Liquidity U.S. Small Index. Both are passively managed. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.25% expense ratio.

Performance

FOVL vs. FNDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and Schwab Fundamental U.S. Small Company ETF (FNDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOVL

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

FNDA

• 1D: -0.09%
• 1M: -1.21%
• 6M: 11.94%
• YTD: 18.48%
• 1Y: 30.92%
• 3Y*: 13.16%
• 5Y*: 8.52%
• 10Y*: 10.90%
• ALL TIME*: 10.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNDA Schwab Fundamental U.S. Small Company ETF	$15.42M	$15.07M	$42.17M

FOVL vs. FNDA - 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%
FNDA Schwab Fundamental U.S. Small Company ETF	18.48%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	9.78%

Correlation

The correlation between FOVL and FNDA is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.84

Over the past year, the correlation between FOVL and FNDA has dropped to 0.05 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

FOVL vs. FNDA - Sectors Allocation Comparison

Sectors	FOVL	FNDA
Financial Services	44.6%	15.5%
Industrials	12.8%	18.6%
Energy	7.7%	5.6%
Utilities	7.5%	2.7%
Consumer Cyclical	5.2%	11.7%
Consumer Defensive	5.0%	4.2%
Technology	5.0%	14.6%
Healthcare	4.9%	7.7%
Communication Services	4.7%	3.8%
Real Estate	2.6%	10.2%
Basic Materials	-	5.1%

Return for Risk

FOVL vs. FNDA — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

FNDA

FNDA Risk / Return Rank: 78
FNDA Sharpe Ratio Rank: 75
FNDA Sortino Ratio Rank: 78
FNDA Omega Ratio Rank: 72
FNDA Calmar Ratio Rank: 83
FNDA Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FOVL vs. FNDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and Schwab Fundamental U.S. Small Company ETF (FNDA). 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	FNDA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.71	—
Sortino ratio: Return per unit of downside risk	—	2.51	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	3.10	—
Martin ratio: Return relative to average drawdown	—	10.14	—

Drawdowns

Drawdown Indicators

	FOVL	FNDA	Difference
Max Drawdown Largest peak-to-trough decline	—	-44.64%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.36%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-25.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.64%	—
Current Drawdown Current decline from peak	—	-2.35%	—
Average Drawdown Average peak-to-trough decline	—	-6.62%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.86%	—

Volatility

Volatility by Period

	FOVL	FNDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	17.02%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	20.71%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.31%	—

FOVL vs. FNDA - Expense Ratio Comparison

Both FOVL and FNDA have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FOVL vs. FNDA - Dividend Comparison

FOVL has not paid dividends to shareholders, while FNDA's dividend yield for the trailing twelve months is around 1.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental U.S. Small Company ETF	1.12%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
FOVL iShares Focused Value Factor ETF	0.00%	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 FNDA in my portfolio?

FOVL and FNDA have a correlation of 0.05, 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 FNDA?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOVL or FNDA?

FOVL and FNDA have the same expense ratio: 0.25% per year.

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

FNDA has the higher dividend yield at 1.12%, compared with 0.00% for FOVL.

What is the main difference between FOVL and FNDA?

FOVL is categorized as Mid Cap Value Equities, while FNDA is Small Cap Blend Equities. FOVL tracks MSCI USA IMI Focused Value Factor Index, while FNDA tracks RAFI Fundamental High Liquidity U.S. Small Index. They also come from different issuers: iShares and Charles Schwab.