FVAL vs. FELV

Last updated Jun 4, 2026

FVAL (Fidelity Value Factor ETF) and FELV (Fidelity Enhanced Large Cap Value ETF) are both Large Cap Value Equities funds from Fidelity. FVAL is passively managed, while FELV is actively managed. Over the past year, FVAL returned 31.42% vs 29.77% for FELV. Their correlation of 0.84 suggests significant overlap in exposure. FVAL charges 0.15%/yr vs 0.18%/yr for FELV.

Performance

FVAL vs. FELV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Fidelity Enhanced Large Cap Value ETF (FELV). 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 lower than FELV's 14.72% return.

FVAL

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

FELV

• 1D: 0.10%
• 1M: 4.99%
• YTD: 14.72%
• 6M: 15.52%
• 1Y: 29.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FVAL vs. FELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FVAL Fidelity Value Factor ETF	11.14%	19.56%	18.05%	6.30%
FELV Fidelity Enhanced Large Cap Value ETF	14.72%	15.80%	15.89%	7.19%

Correlation

The correlation between FVAL and FELV is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.84

The correlation between FVAL and FELV has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

FVAL vs. FELV - Sectors Allocation Comparison

Sectors	FVAL	FELV
Technology	32.6%	19.8%
Financial Services	11.4%	18.4%
Consumer Cyclical	9.9%	7.1%
Communication Services	9.4%	8.2%
Healthcare	9.3%	10.1%
Industrials	8.1%	12.5%
Consumer Defensive	4.3%	4.8%
Energy	4.1%	5.8%
Real Estate	2.4%	3.3%
Basic Materials	1.9%	3.8%
Utilities	1.8%	3.4%

Return for Risk

FVAL vs. FELV — 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

FELV

FELV Risk / Return Rank: 84
FELV Sharpe Ratio Rank: 84
FELV Sortino Ratio Rank: 86
FELV Omega Ratio Rank: 83
FELV Calmar Ratio Rank: 82
FELV Martin Ratio Rank: 87

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. FELV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Fidelity Enhanced Large Cap Value ETF (FELV). 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	FELV	Difference
Sharpe ratio Return per unit of total volatility	2.73	2.79	-0.06
Sortino ratio Return per unit of downside risk	3.78	3.93	-0.14
Omega ratio Gain probability vs. loss probability	1.49	1.51	-0.02
Calmar ratio Return relative to maximum drawdown	3.54	4.36	-0.83
Martin ratio Return relative to average drawdown	15.80	18.85	-3.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FVAL vs. FELV - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.73, which is comparable to the FELV Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of FVAL and FELV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FVAL	FELV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.79	-0.06
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	1.65	-0.84

Drawdowns

FVAL vs. FELV - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, which is greater than FELV's maximum drawdown of -16.08%. Use the drawdown chart below to compare losses from any high point for FVAL and FELV.

Drawdown Indicators

	FVAL	FELV	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-16.08%	-21.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-6.85%	-2.07%
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%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-4.58%	-2.07%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.58%	+0.41%

Volatility

FVAL vs. FELV - Volatility Comparison

Fidelity Value Factor ETF (FVAL) and Fidelity Enhanced Large Cap Value ETF (FELV) have volatilities of 2.70% and 2.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	FELV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	2.79%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	7.88%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	10.72%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	13.40%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	13.40%	+4.71%

FVAL vs. FELV - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is lower than FELV's 0.18% 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

FVAL vs. FELV - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.49%, less than FELV's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FELV Fidelity Enhanced Large Cap Value ETF	1.51%	1.67%	2.02%	0.04%	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 FELV in my portfolio?

FVAL and FELV have a correlation of 0.86, 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 FELV?

FELV has higher volatility (2.79%) compared to FVAL (2.70%). In terms of maximum drawdown, FVAL dropped -37.26% vs FELV's -16.08%.

Which ETF is better, FVAL or FELV?

On 1-year performance, FVAL leads with 31.42% vs 29.77% for FELV. On fees, FVAL is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVAL or FELV?

Over the 1-year period, FVAL has performed better with a 31.42% return vs 29.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or FELV?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.18% for FELV.

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

FELV has the higher dividend yield at 1.51%, compared with 1.49% for FVAL.

What is the main difference between FVAL and FELV?

Their fees differ too: 0.15% for FVAL and 0.18% for FELV.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (2.79 vs 2.73), 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.