FVAL vs. FQAL

Last updated Jun 24, 2026

FVAL (Fidelity Value Factor ETF) and FQAL (Fidelity Quality Factor ETF) are both exchange-traded funds - FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index, while FQAL is a Large Cap Growth Equities fund tracking the Fidelity U.S. Quality Factor Index. Both are passively managed. Over the past 5 years, FVAL returned 12.00%/yr vs 11.74%/yr for FQAL. Their correlation of 0.91 suggests significant overlap in exposure. FVAL charges 0.15%/yr vs 0.29%/yr for FQAL.

Performance

FVAL vs. FQAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Fidelity Quality Factor ETF (FQAL). 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 higher than FQAL's 6.05% return.

FVAL

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

FQAL

• 1D: -0.86%
• 1M: -0.99%
• YTD: 6.05%
• 6M: 4.85%
• 1Y: 19.02%
• 3Y*: 18.84%
• 5Y*: 11.74%
• 10Y*: —

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

FVAL vs. FQAL - 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%
FQAL Fidelity Quality Factor ETF	6.05%	16.93%	21.92%	24.20%	-19.70%	32.13%	16.17%	28.12%	-4.39%	23.03%

Correlation

The correlation between FVAL and FQAL is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.91

The correlation between FVAL and FQAL has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

FVAL vs. FQAL - Sectors Allocation Comparison

Sectors	FVAL	FQAL
Technology	36.1%	37.7%
Financial Services	11.7%	11.6%
Consumer Cyclical	10.6%	9.2%
Healthcare	9.7%	8.7%
Communication Services	9.7%	10.0%
Industrials	8.1%	8.8%
Consumer Defensive	4.4%	4.3%
Energy	3.4%	3.5%
Real Estate	2.5%	2.1%
Basic Materials	2.0%	2.1%
Utilities	1.9%	2.0%

Return for Risk

FVAL vs. FQAL — 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

FQAL

FQAL Risk / Return Rank: 51
FQAL Sharpe Ratio Rank: 50
FQAL Sortino Ratio Rank: 50
FQAL Omega Ratio Rank: 49
FQAL Calmar Ratio Rank: 48
FQAL Martin Ratio Rank: 59

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. FQAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Fidelity Quality Factor ETF (FQAL). 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	FQAL	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.66	+0.50
Sortino ratio: Return per unit of downside risk	2.97	2.36	+0.61
Omega ratio: Gain probability vs. loss probability	1.39	1.30	+0.09
Calmar ratio: Return relative to maximum drawdown	2.90	2.27	+0.64
Martin ratio: Return relative to average drawdown	12.33	10.13	+2.20

FVAL vs. FQAL - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.16, which is higher than the FQAL Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FVAL and FQAL, 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. FQAL - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, which is greater than FQAL's maximum drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for FVAL and FQAL.

Drawdown Indicators

	FVAL	FQAL	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-33.71%	-3.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-8.43%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-16.87%	-1.52%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-25.50%	+2.08%
Current Drawdown Current decline from peak	-3.89%	-2.19%	-1.70%
Average Drawdown Average peak-to-trough decline	-4.57%	-4.57%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.88%	+0.22%

Volatility

FVAL vs. FQAL - Volatility Comparison

Fidelity Value Factor ETF (FVAL) has a higher volatility of 4.32% compared to Fidelity Quality Factor ETF (FQAL) at 3.75%. This indicates that FVAL's price experiences larger fluctuations and is considered to be riskier than FQAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	FQAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.75%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	9.06%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	11.54%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	16.23%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	17.57%	+0.53%

FVAL vs. FQAL - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is lower than FQAL's 0.29% expense ratio.

Dividends

FVAL vs. FQAL - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.62%, more than FQAL's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FQAL Fidelity Quality Factor ETF	1.19%	1.12%	1.20%	1.35%	1.52%	1.17%	1.46%	1.55%	1.73%	1.53%	0.43%
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%

Frequently Asked Questions

Can I hold both FVAL and FQAL in my portfolio?

With a correlation of 0.91, FVAL and FQAL 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, FVAL or FQAL?

FVAL has higher volatility (4.32%) compared to FQAL (3.75%). In terms of maximum drawdown, FVAL dropped -37.26% vs FQAL's -33.71%.

Which ETF is better, FVAL or FQAL?

On 5-year performance, FVAL leads with 12.00% vs 11.74% for FQAL. On fees, FVAL is cheaper at 0.15% per year. On volatility, FQAL has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVAL or FQAL?

Over the 5-year period, FVAL has performed better with a 12.00% return vs 11.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or FQAL?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.29% for FQAL.

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

FVAL has the higher dividend yield at 1.62%, compared with 1.19% for FQAL.

What is the main difference between FVAL and FQAL?

FVAL is categorized as Large Cap Value Equities, while FQAL is Large Cap Growth Equities. FVAL tracks Fidelity U.S. Value Factor Index, while FQAL tracks Fidelity U.S. Quality Factor Index. Their fees differ too: 0.15% for FVAL and 0.29% for FQAL.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.16 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.