FOVL vs. VBR

Last updated Aug 2, 2026

FOVL (iShares Focused Value Factor ETF) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Their correlation of 0.87 means they have usually moved in the same direction. FOVL charges 0.25%/yr vs 0.05%/yr for VBR.

Performance

FOVL vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and Vanguard Small-Cap Value ETF (VBR). 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*: —

VBR

• 1D: -0.20%
• 1M: 0.58%
• 6M: 10.78%
• YTD: 16.70%
• 1Y: 27.67%
• 3Y*: 14.39%
• 5Y*: 9.74%
• 10Y*: 10.75%
• ALL TIME*: 9.66%

*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)
VBR Vanguard Small-Cap Value ETF	$56.96M	$55.85M	$67.93M

FOVL vs. VBR - 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%
VBR Vanguard Small-Cap Value ETF	16.70%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	8.75%

Correlation

The correlation between FOVL and VBR is 0.06, 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.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.87

Over the past year, the correlation between FOVL and VBR has dropped to 0.06 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

FOVL vs. VBR - Sectors Allocation Comparison

Sectors	FOVL	VBR
Financial Services	44.6%	17.5%
Industrials	12.8%	17.3%
Energy	7.7%	4.3%
Utilities	7.5%	4.9%
Consumer Cyclical	5.2%	13.6%
Consumer Defensive	5.0%	4.2%
Technology	5.0%	10.9%
Healthcare	4.9%	8.4%
Communication Services	4.7%	2.4%
Real Estate	2.6%	11.1%
Basic Materials	-	5.3%

Return for Risk

FOVL vs. VBR — 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.

VBR

VBR Risk / Return Rank: 79
VBR Sharpe Ratio Rank: 77
VBR Sortino Ratio Rank: 80
VBR Omega Ratio Rank: 75
VBR Calmar Ratio Rank: 81
VBR Martin Ratio Rank: 82

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. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and Vanguard Small-Cap Value ETF (VBR). 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	VBR	Difference
Sharpe ratio: Return per unit of total volatility	—	1.75	—
Sortino ratio: Return per unit of downside risk	—	2.58	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.93	—
Martin ratio: Return relative to average drawdown	—	10.70	—

Drawdowns

Drawdown Indicators

	FOVL	VBR	Difference
Max Drawdown Largest peak-to-trough decline	—	-61.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.85%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.28%	—
Current Drawdown Current decline from peak	—	-1.40%	—
Average Drawdown Average peak-to-trough decline	—	-8.21%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.42%	—

Volatility

Volatility by Period

	FOVL	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	14.90%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	19.56%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.66%	—

FOVL vs. VBR - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is higher than VBR's 0.05% 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. VBR - Dividend Comparison

FOVL has not paid dividends to shareholders, while VBR's dividend yield for the trailing twelve months is around 1.77%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VBR Vanguard Small-Cap Value ETF	1.77%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both FOVL and VBR in my portfolio?

FOVL and VBR have a correlation of 0.06, 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 VBR?

On fees, VBR is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOVL or VBR?

VBR is cheaper with a 0.05% expense ratio, compared with 0.25% for FOVL.

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

VBR has the higher dividend yield at 1.77%, compared with 0.00% for FOVL.

What is the main difference between FOVL and VBR?

FOVL is categorized as Mid Cap Value Equities, while VBR is Small Cap Value Equities. FOVL tracks MSCI USA IMI Focused Value Factor Index, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.25% for FOVL and 0.05% for VBR.