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FOVL vs. FNDA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FOVL vs. FNDA

Last updated Jun 24, 2026

FOVL (iShares Focused Value Factor ETF) and FNDA (Schwab Fundamental US Small Co. Index 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 Russell RAFI Small Company US. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. 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 US Small Co. Index ETF (FNDA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

FOVL

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

FNDA

1D
-0.46%
1M
3.11%
YTD
17.04%
6M
15.17%
1Y
31.82%
3Y*
16.60%
5Y*
7.48%
10Y*
11.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FOVL vs. FNDA - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
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 US Small Co. Index ETF		17.04%7.44%9.00%20.29%-14.83%31.12%8.44%9.78%

Correlation

The correlation between FOVL and FNDA is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

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

0.84

Over the past year, the correlation between FOVL and FNDA has dropped to 0.28 - 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%
14.1%

Industrials

12.8%
19.3%

Energy

7.7%
5.5%

Utilities

7.5%
2.7%

Consumer Cyclical

5.2%
12.2%

Consumer Defensive

5.0%
3.9%

Technology

5.0%
16.2%

Healthcare

4.9%
7.1%

Communication Services

4.7%
4.0%

Real Estate

2.6%
9.8%

Basic Materials

-

5.2%

Financial Services

FOVL
44.6%
FNDA
14.1%

Industrials

FOVL
12.8%
FNDA
19.3%

Energy

FOVL
7.7%
FNDA
5.5%

Utilities

FOVL
7.5%
FNDA
2.7%

Consumer Cyclical

FOVL
5.2%
FNDA
12.2%

Consumer Defensive

FOVL
5.0%
FNDA
3.9%

Technology

FOVL
5.0%
FNDA
16.2%

Healthcare

FOVL
4.9%
FNDA
7.1%

Communication Services

FOVL
4.7%
FNDA
4.0%

Real Estate

FOVL
2.6%
FNDA
9.8%

Basic Materials

FOVL

-

FNDA
5.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Focused Value Factor ETF

Schwab Fundamental US Small Co. Index ETF

Often compared with FOVL:
FOVL vs. VOOFOVL vs. VTVFOVL vs. QVALFOVL vs. FELVFOVL vs. FRTYFOVL vs. DONFOVL vs. IMCV
Often compared with FNDA:
FNDA vs. SCHAFNDA vs. FNDCFNDA vs. VBKFNDA vs. IFRAFNDA vs. SPYFNDA vs. IGFFNDA vs. LRGF

Return for Risk

FOVL vs. FNDA — 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.

FNDA
FNDA Risk / Return Rank: 6060
Overall Rank
FNDA Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
FNDA Sortino Ratio Rank: 5959
Sortino Ratio Rank
FNDA Omega Ratio Rank: 5252
Omega Ratio Rank
FNDA Calmar Ratio Rank: 7171
Calmar Ratio Rank
FNDA Martin Ratio Rank: 6464
Martin Ratio Rank
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. 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 US Small Co. Index 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.

FOVLFNDADifference
Sharpe ratioReturn per unit of total volatility

—

1.84

—

Sortino ratioReturn per unit of downside risk

—

2.66

—

Omega ratioGain probability vs. loss probability

—

1.32

—

Calmar ratioReturn relative to maximum drawdown

—

3.41

—

Martin ratioReturn relative to average drawdown

—

11.04

—

FOVL vs. FNDA - Sharpe Ratio Comparison

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Drawdowns

FOVL vs. FNDA - Drawdown Comparison

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Drawdown Indicators

FOVLFNDADifference

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

—

-1.13%

—

Average Drawdown

Average peak-to-trough decline

—

-6.67%

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

2.89%

—

Volatility

FOVL vs. FNDA - Volatility Comparison

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Volatility by Period

FOVLFNDADifference

Volatility (1M)

Calculated over the trailing 1-month period

—

4.97%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

12.21%

—

Volatility (1Y)

Calculated over the trailing 1-year period

—

17.38%

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

—

20.89%

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

—

22.36%

—

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 1.07%.

PositionTTM20252024202320222021202020192018201720162015
FNDA
Schwab Fundamental US Small Co. Index ETF		1.07%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

FOVL and FNDA have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

FNDA has the higher dividend yield at 1.07%, compared with 0.00% for FOVL.

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 Russell RAFI Small Company US. They also come from different issuers: iShares and Charles Schwab.

Portfolio Optimizer

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