FVAL vs. DEEP

Last updated Aug 2, 2026

FVAL (Fidelity Value Factor ETF) and DEEP (Roundhill Acquirers Deep Value ETF) are both exchange-traded funds - FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index, while DEEP is a Small Cap Value Equities fund tracking the DEEP-US - Acquirers Deep Value Index. Both are passively managed. Over the past 5 years, FVAL returned 12.35%/yr vs 6.11%/yr for DEEP. Their 0.77 correlation means they have sometimes moved together and sometimes differently. FVAL charges 0.15%/yr vs 0.80%/yr for DEEP.

Performance

FVAL vs. DEEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Roundhill Acquirers Deep Value ETF (DEEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVAL achieves a 12.26% return, which is significantly lower than DEEP's 19.12% return.

FVAL

• 1D: 0.57%
• 1M: 2.54%
• 6M: 9.88%
• YTD: 12.26%
• 1Y: 28.47%
• 3Y*: 18.46%
• 5Y*: 12.35%
• 10Y*: —
• ALL TIME*: 14.57%

DEEP

• 1D: -0.37%
• 1M: -1.08%
• 6M: 11.91%
• YTD: 19.12%
• 1Y: 33.15%
• 3Y*: 7.89%
• 5Y*: 6.11%
• 10Y*: 8.12%
• ALL TIME*: 7.27%

*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)
DEEP Roundhill Acquirers Deep Value ETF	$74.38K	$59.26K	$48.50K
FVAL Fidelity Value Factor ETF	$5.44M	$3.65M	$2.95M

FVAL vs. DEEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVAL Fidelity Value Factor ETF	12.26%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%
DEEP Roundhill Acquirers Deep Value ETF	19.12%	5.69%	-2.97%	22.37%	-17.71%	35.66%	-9.96%	12.54%	-7.17%	27.19%

Correlation

The correlation between FVAL and DEEP is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.77

The correlation between FVAL and DEEP shifts across timeframes, from 0.67 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

FVAL vs. DEEP - Sectors Allocation Comparison

Sectors	FVAL	DEEP
Technology	33.6%	6.2%
Financial Services	12.5%	9.6%
Healthcare	10.7%	7.2%
Consumer Cyclical	10.4%	25.3%
Communication Services	9.4%	6.3%
Industrials	9.1%	22.9%
Consumer Defensive	4.6%	9.8%
Energy	3.2%	7.2%
Real Estate	2.6%	3.1%
Utilities	2.0%	-
Basic Materials	1.9%	5.6%

Return for Risk

FVAL vs. DEEP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FVAL

FVAL Risk / Return Rank: 87
FVAL Sharpe Ratio Rank: 90
FVAL Sortino Ratio Rank: 89
FVAL Omega Ratio Rank: 88
FVAL Calmar Ratio Rank: 82
FVAL Martin Ratio Rank: 86

DEEP

DEEP Risk / Return Rank: 70
DEEP Sharpe Ratio Rank: 73
DEEP Sortino Ratio Rank: 75
DEEP Omega Ratio Rank: 66
DEEP Calmar Ratio Rank: 74
DEEP Martin Ratio Rank: 64

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.

FVAL vs. DEEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Roundhill Acquirers Deep Value ETF (DEEP). 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.

	FVAL	DEEP	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.66	+0.56
Sortino ratio: Return per unit of downside risk	3.03	2.42	+0.62
Omega ratio: Gain probability vs. loss probability	1.40	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	3.02	2.57	+0.44
Martin ratio: Return relative to average drawdown	12.33	7.75	+4.58

FVAL vs. DEEP - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.22, which is higher than the DEEP Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FVAL and DEEP, 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

FVAL vs. DEEP - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, smaller than the maximum DEEP drawdown of -52.52%. Use the drawdown chart below to compare losses from any high point for FVAL and DEEP.

Drawdown Indicators

	FVAL	DEEP	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-52.52%	+15.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-11.87%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-28.40%	+10.01%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-28.40%	+4.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-52.52%	—
Current Drawdown Current decline from peak	0.00%	-2.71%	+2.71%
Average Drawdown Average peak-to-trough decline	-4.54%	-10.27%	+5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	3.94%	-1.76%

Volatility

FVAL vs. DEEP - Volatility Comparison

The current volatility for Fidelity Value Factor ETF (FVAL) is 2.90%, while Roundhill Acquirers Deep Value ETF (DEEP) has a volatility of 4.45%. This indicates that FVAL experiences smaller price fluctuations and is considered to be less risky than DEEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	DEEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	4.45%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	12.35%	-3.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	18.45%	-6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	21.53%	-5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	24.20%	-6.17%

FVAL vs. DEEP - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is lower than DEEP's 0.80% expense ratio.

Dividends

FVAL vs. DEEP - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.56%, less than DEEP's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEEP Roundhill Acquirers Deep Value ETF	1.92%	1.78%	1.96%	1.67%	1.28%	1.43%	4.03%	3.49%	1.51%	2.01%	3.14%	3.98%
FVAL Fidelity Value Factor ETF	1.56%	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 FVAL and DEEP in my portfolio?

FVAL and DEEP have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FVAL or DEEP?

DEEP has higher volatility (4.45%) compared to FVAL (2.90%). In terms of maximum drawdown, FVAL dropped -37.26% vs DEEP's -52.52%.

Which ETF is better, FVAL or DEEP?

On 5-year performance, FVAL leads with 12.35% vs 6.11% for DEEP. On fees, FVAL is cheaper at 0.15% per year. On volatility, FVAL has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVAL or DEEP?

Over the 5-year period, FVAL has performed better with a 12.35% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or DEEP?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.80% for DEEP.

Which ETF pays a higher dividend yield, FVAL or DEEP?

DEEP has the higher dividend yield at 1.92%, compared with 1.56% for FVAL.

What is the main difference between FVAL and DEEP?

FVAL is categorized as Large Cap Value Equities, while DEEP is Small Cap Value Equities. FVAL tracks Fidelity U.S. Value Factor Index, while DEEP tracks DEEP-US - Acquirers Deep Value Index. They also come from different issuers: Fidelity and Exchange Traded Concepts. Their fees differ too: 0.15% for FVAL and 0.80% for DEEP.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.22 vs 1.66), 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.