FSKAX vs. FVAL

Last updated Jun 13, 2026

FSKAX (Fidelity Total Market Index Fund) and FVAL (Fidelity Value Factor ETF) are both funds - FSKAX is a Large Cap Blend Equities fund managed by Fidelity, while FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index. Over the past 5 years, FSKAX returned 12.13%/yr vs 12.03%/yr for FVAL. Their correlation of 0.94 suggests significant overlap in exposure. FSKAX charges 0.01%/yr vs 0.15%/yr for FVAL.

Performance

FSKAX vs. FVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Market Index Fund (FSKAX) and Fidelity Value Factor ETF (FVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FSKAX having a 9.19% return and FVAL slightly lower at 8.85%.

FSKAX

• 1D: 1.89%
• 1M: -0.76%
• YTD: 9.19%
• 6M: 9.26%
• 1Y: 25.69%
• 3Y*: 20.78%
• 5Y*: 12.13%
• 10Y*: 14.91%

FVAL

• 1D: 0.31%
• 1M: 0.08%
• YTD: 8.85%
• 6M: 9.47%
• 1Y: 28.21%
• 3Y*: 19.28%
• 5Y*: 12.03%
• 10Y*: —

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

FSKAX vs. FVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSKAX Fidelity Total Market Index Fund	9.19%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%
FVAL Fidelity Value Factor ETF	8.85%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%

Correlation

The correlation between FSKAX and FVAL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.94

The correlation between FSKAX and FVAL has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FSKAX vs. FVAL — Risk / Return Rank

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

FSKAX

FSKAX Risk / Return Rank: 72
FSKAX Sharpe Ratio Rank: 70
FSKAX Sortino Ratio Rank: 66
FSKAX Omega Ratio Rank: 66
FSKAX Calmar Ratio Rank: 74
FSKAX Martin Ratio Rank: 83

FVAL

FVAL Risk / Return Rank: 78
FVAL Sharpe Ratio Rank: 82
FVAL Sortino Ratio Rank: 81
FVAL Omega Ratio Rank: 80
FVAL Calmar Ratio Rank: 69
FVAL Martin Ratio Rank: 79

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.

FSKAX vs. FVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Market Index Fund (FSKAX) and Fidelity Value Factor ETF (FVAL). 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.

	FSKAX	FVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.27	-0.34
Sortino ratio: Return per unit of downside risk	2.63	3.11	-0.49
Omega ratio: Gain probability vs. loss probability	1.35	1.41	-0.06
Calmar ratio: Return relative to maximum drawdown	2.77	3.03	-0.26
Martin ratio: Return relative to average drawdown	12.40	13.14	-0.74

FSKAX vs. FVAL - Sharpe Ratio Comparison

The current FSKAX Sharpe Ratio is 1.93, which is comparable to the FVAL Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FSKAX and FVAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSKAX vs. FVAL - Drawdown Comparison

The maximum FSKAX drawdown since its inception was -35.01%, smaller than the maximum FVAL drawdown of -37.26%. Use the drawdown chart below to compare losses from any high point for FSKAX and FVAL.

Drawdown Indicators

	FSKAX	FVAL	Difference
Max Drawdown Largest peak-to-trough decline	-35.01%	-37.26%	+2.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-8.92%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.43%	-18.39%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-23.42%	-1.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.01%	—	—
Current Drawdown Current decline from peak	-2.58%	-2.80%	+0.22%
Average Drawdown Average peak-to-trough decline	-4.01%	-4.57%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.05%	-0.06%

Volatility

FSKAX vs. FVAL - Volatility Comparison

Fidelity Total Market Index Fund (FSKAX) has a higher volatility of 4.64% compared to Fidelity Value Factor ETF (FVAL) at 3.98%. This indicates that FSKAX's price experiences larger fluctuations and is considered to be riskier than FVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSKAX	FVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	3.98%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	9.16%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	11.90%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	16.53%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	18.11%	+0.38%

FSKAX vs. FVAL - Expense Ratio Comparison

FSKAX has a 0.02% expense ratio, which is lower than FVAL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSKAX vs. FVAL - Dividend Comparison

FSKAX's dividend yield for the trailing twelve months is around 0.96%, less than FVAL's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSKAX Fidelity Total Market Index Fund	0.96%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%
FVAL Fidelity Value Factor ETF	1.52%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%	0.00%

Frequently Asked Questions

Can I hold both FSKAX and FVAL in my portfolio?

With a correlation of 0.94, FSKAX and FVAL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FSKAX or FVAL?

FSKAX has higher volatility (4.64%) compared to FVAL (3.98%). In terms of maximum drawdown, FSKAX dropped -35.01% vs FVAL's -37.26%.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.27 vs 1.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.