FVAL vs. DHLX

Last updated Jun 4, 2026

FVAL (Fidelity Value Factor ETF) and DHLX (Diamond Hill Large Cap Concentrated ETF) are both Large Cap Value Equities funds - FVAL tracks the Fidelity U.S. Value Factor Index while DHLX tracks the Actively Managed. Both are passively managed. A 0.57 correlation means they provide meaningful diversification when combined. FVAL charges 0.15%/yr vs 0.55%/yr for DHLX.

Performance

FVAL vs. DHLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Diamond Hill Large Cap Concentrated ETF (DHLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVAL achieves a 11.14% return, which is significantly higher than DHLX's -1.10% return.

FVAL

• 1D: -0.59%
• 1M: 5.54%
• YTD: 11.14%
• 6M: 12.79%
• 1Y: 31.42%
• 3Y*: 20.96%
• 5Y*: 12.53%
• 10Y*: —

DHLX

• 1D: -0.38%
• 1M: -3.18%
• YTD: -1.10%
• 6M: 1.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FVAL vs. DHLX - Yearly Performance Comparison

	2026 (YTD)	2025
FVAL Fidelity Value Factor ETF	11.14%	5.76%
DHLX Diamond Hill Large Cap Concentrated ETF	-1.10%	1.24%

Correlation

The correlation between FVAL and DHLX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.57

Return for Risk

FVAL vs. DHLX — Risk / Return Rank

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

FVAL

FVAL Risk / Return Rank: 79
FVAL Sharpe Ratio Rank: 82
FVAL Sortino Ratio Rank: 83
FVAL Omega Ratio Rank: 81
FVAL Calmar Ratio Rank: 70
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.

FVAL vs. DHLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Diamond Hill Large Cap Concentrated ETF (DHLX). 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.

	FVAL	DHLX	Difference
Sharpe ratio Return per unit of total volatility	2.73	—	—
Sortino ratio Return per unit of downside risk	3.78	—	—
Omega ratio Gain probability vs. loss probability	1.49	—	—
Calmar ratio Return relative to maximum drawdown	3.54	—	—
Martin ratio Return relative to average drawdown	15.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FVAL	DHLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.02	+0.79

Drawdowns

FVAL vs. DHLX - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, which is greater than DHLX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for FVAL and DHLX.

Drawdown Indicators

	FVAL	DHLX	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-8.40%	-28.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	—	—
Current Drawdown Current decline from peak	-0.75%	-4.97%	+4.22%
Average Drawdown Average peak-to-trough decline	-4.58%	-2.36%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	—	—

Volatility

Volatility by Period

	FVAL	DHLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	11.43%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	11.43%	+5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	11.43%	+6.68%

FVAL vs. DHLX - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is lower than DHLX's 0.55% expense ratio.

Dividends

FVAL vs. DHLX - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.49%, more than DHLX's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DHLX Diamond Hill Large Cap Concentrated ETF	0.41%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FVAL Fidelity Value Factor ETF	1.49%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%

Frequently Asked Questions

Can I hold both FVAL and DHLX in my portfolio?

FVAL and DHLX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FVAL or DHLX?

On fees, FVAL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FVAL or DHLX?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.55% for DHLX.

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

FVAL has the higher dividend yield at 1.49%, compared with 0.41% for DHLX.

What is the main difference between FVAL and DHLX?

FVAL tracks Fidelity U.S. Value Factor Index, while DHLX tracks Actively Managed. They also come from different issuers: Fidelity and Diamond Hill. Their fees differ too: 0.15% for FVAL and 0.55% for DHLX.