FOVL vs. QVAL

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Focused Value Factor ETF (FOVL) and Alpha Architect U.S. Quantitative Value ETF (QVAL).

FOVL and QVAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FOVL is a passively managed fund by iShares that tracks the performance of the MSCI USA IMI Focused Value Factor Index. It was launched on Mar 19, 2019. QVAL is an actively managed fund by Alpha Architect. It was launched on Oct 22, 2014.

Performance

FOVL vs. QVAL - Performance Comparison

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

FOVL vs. QVAL - 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%
QVAL Alpha Architect U.S. Quantitative Value ETF	7.30%	10.98%	12.21%	28.40%	-11.80%	34.40%	-5.93%	8.46%

Returns By Period

FOVL

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

QVAL

• 1D: 2.26%
• 1M: -2.23%
• YTD: 7.30%
• 6M: 12.78%
• 1Y: 24.34%
• 3Y*: 17.50%
• 5Y*: 11.66%
• 10Y*: 10.16%

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

FOVL vs. QVAL - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is lower than QVAL's 0.28% expense ratio.

QVAL

Alpha Architect U.S. Quantitative Value ETF

FOVL

iShares Focused Value Factor ETF

Return for Risk

FOVL vs. QVAL — Risk / Return Rank

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

QVAL

QVAL Risk / Return Rank: 72
QVAL Sharpe Ratio Rank: 71
QVAL Sortino Ratio Rank: 76
QVAL Omega Ratio Rank: 72
QVAL Calmar Ratio Rank: 70
QVAL Martin Ratio Rank: 74

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. QVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and Alpha Architect U.S. Quantitative Value ETF (QVAL). 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	QVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.21	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.46	—

Correlation

The correlation between FOVL and QVAL is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FOVL vs. QVAL - Dividend Comparison

FOVL's dividend yield for the trailing twelve months is around 0.55%, less than QVAL's 1.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
QVAL Alpha Architect U.S. Quantitative Value ETF	1.56%	1.44%	1.72%	1.76%	2.00%	1.23%	1.86%	1.99%	1.64%	1.08%	1.30%

Drawdowns

Drawdown Indicators

	FOVL	QVAL	Difference
Max Drawdown Largest peak-to-trough decline	—	-51.49%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-14.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.49%	—
Current Drawdown Current decline from peak	—	-2.87%	—
Average Drawdown Average peak-to-trough decline	—	-7.91%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.39%	—

Volatility

Volatility by Period

	FOVL	QVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	20.19%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	21.64%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.80%	—