FVAL vs. DLN

Last updated Jun 24, 2026

FVAL (Fidelity Value Factor ETF) and DLN (WisdomTree U.S. LargeCap Dividend Fund) are both Large Cap Value Equities funds - FVAL tracks the Fidelity U.S. Value Factor Index while DLN tracks the WisdomTree U.S. LargeCap Dividend Index. Both are passively managed. Over the past 5 years, FVAL returned 12.00%/yr vs 12.49%/yr for DLN. Their correlation of 0.90 suggests significant overlap in exposure. FVAL charges 0.15%/yr vs 0.28%/yr for DLN.

Performance

FVAL vs. DLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and WisdomTree U.S. LargeCap Dividend Fund (DLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVAL achieves a 7.62% return, which is significantly lower than DLN's 9.95% return.

FVAL

• 1D: -0.92%
• 1M: -1.49%
• YTD: 7.62%
• 6M: 6.75%
• 1Y: 25.79%
• 3Y*: 19.21%
• 5Y*: 12.00%
• 10Y*: —

DLN

• 1D: -0.13%
• 1M: 0.05%
• YTD: 9.95%
• 6M: 9.49%
• 1Y: 21.42%
• 3Y*: 18.12%
• 5Y*: 12.49%
• 10Y*: 12.86%

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

FVAL vs. DLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVAL Fidelity Value Factor ETF	7.62%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%
DLN WisdomTree U.S. LargeCap Dividend Fund	9.95%	15.53%	19.66%	9.95%	-3.78%	25.60%	4.59%	28.91%	-5.82%	18.22%

Correlation

The correlation between FVAL and DLN is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.90

The correlation between FVAL and DLN shifts across timeframes, from 0.80 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

FVAL vs. DLN - Sectors Allocation Comparison

Sectors	FVAL	DLN
Technology	36.1%	22.8%
Financial Services	11.7%	17.4%
Consumer Cyclical	10.6%	4.9%
Healthcare	9.7%	12.6%
Communication Services	9.7%	7.5%
Industrials	8.1%	7.8%
Consumer Defensive	4.4%	8.9%
Energy	3.4%	7.9%
Real Estate	2.5%	3.9%
Basic Materials	2.0%	1.0%
Utilities	1.9%	5.5%

Return for Risk

FVAL vs. DLN — Risk / Return Rank

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

FVAL

FVAL Risk / Return Rank: 68
FVAL Sharpe Ratio Rank: 70
FVAL Sortino Ratio Rank: 68
FVAL Omega Ratio Rank: 69
FVAL Calmar Ratio Rank: 61
FVAL Martin Ratio Rank: 70

DLN

DLN Risk / Return Rank: 78
DLN Sharpe Ratio Rank: 79
DLN Sortino Ratio Rank: 81
DLN Omega Ratio Rank: 77
DLN Calmar Ratio Rank: 73
DLN 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. DLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and WisdomTree U.S. LargeCap Dividend Fund (DLN). 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	DLN	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.39	-0.23
Sortino ratio: Return per unit of downside risk	2.97	3.40	-0.43
Omega ratio: Gain probability vs. loss probability	1.39	1.43	-0.04
Calmar ratio: Return relative to maximum drawdown	2.90	3.53	-0.62
Martin ratio: Return relative to average drawdown	12.33	14.80	-2.46

FVAL vs. DLN - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.16, which is comparable to the DLN Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FVAL and DLN, 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. DLN - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, smaller than the maximum DLN drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for FVAL and DLN.

Drawdown Indicators

	FVAL	DLN	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-57.84%	+20.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-6.10%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-13.71%	-4.68%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-16.26%	-7.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.82%	—
Current Drawdown Current decline from peak	-3.89%	-1.12%	-2.77%
Average Drawdown Average peak-to-trough decline	-4.57%	-7.50%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.45%	+0.65%

Volatility

FVAL vs. DLN - Volatility Comparison

Fidelity Value Factor ETF (FVAL) has a higher volatility of 4.32% compared to WisdomTree U.S. LargeCap Dividend Fund (DLN) at 2.78%. This indicates that FVAL's price experiences larger fluctuations and is considered to be riskier than DLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	DLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	2.78%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	7.00%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	9.03%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	13.27%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	16.14%	+1.96%

FVAL vs. DLN - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is lower than DLN's 0.28% expense ratio.

Dividends

FVAL vs. DLN - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.62%, less than DLN's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLN WisdomTree U.S. LargeCap Dividend Fund	1.79%	1.90%	2.00%	2.43%	2.53%	2.01%	2.66%	2.51%	2.90%	2.33%	2.64%	2.80%
FVAL Fidelity Value Factor ETF	1.62%	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 DLN in my portfolio?

FVAL and DLN have a correlation of 0.80, 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 DLN?

FVAL has higher volatility (4.32%) compared to DLN (2.78%). In terms of maximum drawdown, FVAL dropped -37.26% vs DLN's -57.84%.

Which ETF is better, FVAL or DLN?

On 5-year performance, DLN leads with 12.49% vs 12.00% for FVAL. On fees, FVAL is cheaper at 0.15% per year. On volatility, DLN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVAL or DLN?

Over the 5-year period, DLN has performed better with a 12.49% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or DLN?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.28% for DLN.

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

DLN has the higher dividend yield at 1.79%, compared with 1.62% for FVAL.

What is the main difference between FVAL and DLN?

FVAL tracks Fidelity U.S. Value Factor Index, while DLN tracks WisdomTree U.S. LargeCap Dividend Index. They also come from different issuers: Fidelity and WisdomTree. Their fees differ too: 0.15% for FVAL and 0.28% for DLN.

Which has better risk-adjusted returns?

DLN currently has the higher Sharpe Ratio (2.39 vs 2.16), 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.