FVAL vs. FSKAX

Last updated Jun 14, 2026

FVAL (Fidelity Value Factor ETF) and FSKAX (Fidelity Total Market Index Fund) are both funds - FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FVAL returned 12.03%/yr vs 12.13%/yr for FSKAX. Their correlation of 0.94 suggests significant overlap in exposure. FVAL charges 0.15%/yr vs 0.01%/yr for FSKAX.

Performance

FVAL vs. FSKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Fidelity Total Market Index Fund (FSKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FVAL having a 8.85% return and FSKAX slightly higher at 9.19%.

FVAL

• 1D: 0.31%
• 1M: 0.08%
• YTD: 8.85%
• 6M: 9.47%
• 1Y: 28.21%
• 3Y*: 19.28%
• 5Y*: 12.03%
• 10Y*: —

FSKAX

• 1D: 1.89%
• 1M: -0.76%
• YTD: 9.19%
• 6M: 9.26%
• 1Y: 25.69%
• 3Y*: 20.78%
• 5Y*: 12.13%
• 10Y*: 14.91%

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

FVAL vs. FSKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVAL Fidelity Value Factor ETF	8.85%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%
FSKAX Fidelity Total Market Index Fund	9.19%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%

Correlation

The correlation between FVAL and FSKAX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.94

The correlation between FVAL and FSKAX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FVAL vs. FSKAX — Risk / Return Rank

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

FVAL

FVAL Risk / Return Rank: 78
FVAL Sharpe Ratio Rank: 82
FVAL Sortino Ratio Rank: 81
FVAL Omega Ratio Rank: 80
FVAL Calmar Ratio Rank: 69
FVAL Martin Ratio Rank: 79

FSKAX

FSKAX Risk / Return Rank: 72
FSKAX Sharpe Ratio Rank: 70
FSKAX Sortino Ratio Rank: 66
FSKAX Omega Ratio Rank: 66
FSKAX Calmar Ratio Rank: 74
FSKAX Martin Ratio Rank: 83

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. FSKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Fidelity Total Market Index Fund (FSKAX). 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	FSKAX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.93	+0.34
Sortino ratio: Return per unit of downside risk	3.11	2.63	+0.49
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.03	2.77	+0.26
Martin ratio: Return relative to average drawdown	13.14	12.40	+0.74

FVAL vs. FSKAX - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.27, which is comparable to the FSKAX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FVAL and FSKAX, 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. FSKAX - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, which is greater than FSKAX's maximum drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for FVAL and FSKAX.

Drawdown Indicators

	FVAL	FSKAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-35.01%	-2.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-8.92%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-19.43%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-25.39%	+1.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.01%	—
Current Drawdown Current decline from peak	-2.80%	-2.58%	-0.22%
Average Drawdown Average peak-to-trough decline	-4.57%	-4.01%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.99%	+0.06%

Volatility

FVAL vs. FSKAX - Volatility Comparison

The current volatility for Fidelity Value Factor ETF (FVAL) is 3.98%, while Fidelity Total Market Index Fund (FSKAX) has a volatility of 4.64%. This indicates that FVAL experiences smaller price fluctuations and is considered to be less risky than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	FSKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.64%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	9.99%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	12.79%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	17.49%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	18.49%	-0.38%

FVAL vs. FSKAX - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is higher than FSKAX's 0.02% expense ratio. However, 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. FSKAX - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.52%, more than FSKAX's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSKAX Fidelity Total Market Index Fund	0.96%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%
FVAL Fidelity Value Factor ETF	1.52%	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 FSKAX in my portfolio?

With a correlation of 0.94, FVAL and FSKAX 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 FSKAX?

FSKAX has higher volatility (4.64%) compared to FVAL (3.98%). In terms of maximum drawdown, FVAL dropped -37.26% vs FSKAX's -35.01%.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.27 vs 1.93), 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.