FOVL vs. SPY

Last updated Jun 4, 2026

FOVL (iShares Focused Value Factor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. A 0.66 correlation means they provide meaningful diversification when combined. FOVL charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

FOVL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOVL

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

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

FOVL vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	14.68%

Correlation

The correlation between FOVL and SPY is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.66

Over the past year, the correlation between FOVL and SPY has dropped to 0.26 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

FOVL vs. SPY - Sectors Allocation Comparison

Sectors	FOVL	SPY
Financial Services	44.6%	11.8%
Industrials	12.8%	7.8%
Energy	7.7%	3.6%
Utilities	7.5%	2.4%
Consumer Cyclical	5.2%	10.3%
Consumer Defensive	5.0%	4.8%
Technology	5.0%	35.9%
Healthcare	4.9%	8.4%
Communication Services	4.7%	11.3%
Real Estate	2.6%	1.9%
Basic Materials	-	1.8%

Return for Risk

FOVL vs. SPY — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.59	—

Drawdowns

Drawdown Indicators

	FOVL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	—	-0.70%	—
Average Drawdown Average peak-to-trough decline	—	-9.05%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	FOVL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.83%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.05%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.94%	—

FOVL vs. SPY - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FOVL vs. SPY - Dividend Comparison

FOVL's dividend yield for the trailing twelve months is around 0.55%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FOVL and SPY in my portfolio?

FOVL and SPY have a correlation of 0.26, 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 SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOVL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for FOVL.

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

SPY has the higher dividend yield at 0.98%, compared with 0.55% for FOVL.

What is the main difference between FOVL and SPY?

FOVL is categorized as Mid Cap Value Equities, while SPY is S&P 500. FOVL tracks MSCI USA IMI Focused Value Factor Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for FOVL and 0.09% for SPY.