FRTY vs. FOVL

Last updated Jun 25, 2026

FRTY (Alger Mid Cap 40 ETF) and FOVL (iShares Focused Value Factor ETF) are both exchange-traded funds - FRTY is a Mid Cap Growth Equities fund actively managed by Alger Group Holdings LLC, while FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index. FRTY is actively managed, while FOVL is passively managed. At a 0.48 correlation, their price movements are largely independent. FRTY charges 0.60%/yr vs 0.25%/yr for FOVL.

Performance

FRTY vs. FOVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Mid Cap 40 ETF (FRTY) and iShares Focused Value Factor ETF (FOVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FRTY

• 1D: 0.28%
• 1M: 5.92%
• YTD: 11.84%
• 6M: 10.13%
• 1Y: 22.76%
• 3Y*: 23.80%
• 5Y*: 3.68%
• 10Y*: —

FOVL

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

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

FRTY vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRTY Alger Mid Cap 40 ETF	11.84%	12.82%	38.86%	16.81%	-42.23%	2.46%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	18.62%

Correlation

The correlation between FRTY and FOVL is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.48

Over the past year, the correlation between FRTY and FOVL has dropped to 0.08 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

FRTY vs. FOVL - Sectors Allocation Comparison

Sectors	FRTY	FOVL
Technology	32.4%	5.0%
Industrials	26.0%	12.8%
Healthcare	20.0%	4.9%
Communication Services	10.7%	4.7%
Energy	6.6%	7.7%
Financial Services	5.2%	44.6%
Consumer Cyclical	4.0%	5.2%
Utilities	1.7%	7.5%
Consumer Defensive	1.0%	5.0%
Basic Materials	0.0%	-
Real Estate	-	2.6%

Return for Risk

FRTY vs. FOVL — Risk / Return Rank

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

FRTY

FRTY Risk / Return Rank: 25
FRTY Sharpe Ratio Rank: 26
FRTY Sortino Ratio Rank: 25
FRTY Omega Ratio Rank: 24
FRTY Calmar Ratio Rank: 26
FRTY Martin Ratio Rank: 25

FOVL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FRTY vs. FOVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Mid Cap 40 ETF (FRTY) and iShares Focused Value Factor ETF (FOVL). 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.

	FRTY	FOVL	Difference
Sharpe ratio: Return per unit of total volatility	0.85	—	—
Sortino ratio: Return per unit of downside risk	1.28	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.16	—	—
Martin ratio: Return relative to average drawdown	2.99	—	—

Drawdowns

Drawdown Indicators

	FRTY	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-53.15%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-19.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-53.15%	—	—
Current Drawdown Current decline from peak	-2.58%	—	—
Average Drawdown Average peak-to-trough decline	-27.69%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	7.64%	—	—

Volatility

Volatility by Period

	FRTY	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.95%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.43%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.23%	—	—

FRTY vs. FOVL - Expense Ratio Comparison

FRTY has a 0.60% expense ratio, which is higher than FOVL's 0.25% expense ratio.

Dividends

FRTY vs. FOVL - Dividend Comparison

FRTY's dividend yield for the trailing twelve months is around 0.17%, while FOVL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FOVL iShares Focused Value Factor ETF	0.00%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%
FRTY Alger Mid Cap 40 ETF	0.17%	0.19%	0.10%	0.00%	0.00%	5.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRTY and FOVL in my portfolio?

FRTY and FOVL have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FRTY or FOVL?

On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRTY or FOVL?

FOVL is cheaper with a 0.25% expense ratio, compared with 0.60% for FRTY.

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

FRTY has the higher dividend yield at 0.17%, compared with 0.00% for FOVL.

What is the main difference between FRTY and FOVL?

FRTY is categorized as Mid Cap Growth Equities, while FOVL is Mid Cap Value Equities. They also come from different issuers: Alger Group Holdings LLC and iShares. Their fees differ too: 0.60% for FRTY and 0.25% for FOVL.