FVAL vs. ILCV

Last updated Jul 17, 2026

FVAL (Fidelity Value Factor ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - FVAL tracks the Fidelity U.S. Value Factor Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 5 years, FVAL returned 12.55%/yr vs 12.59%/yr for ILCV. Their correlation of 0.91 suggests significant overlap in exposure. FVAL charges 0.15%/yr vs 0.04%/yr for ILCV.

Performance

FVAL vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and iShares Morningstar Value ETF (ILCV). 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 11.36% return and ILCV slightly higher at 11.70%.

FVAL

• 1D: -0.20%
• 1M: 1.45%
• 6M: 9.89%
• YTD: 11.36%
• 1Y: 26.39%
• 3Y*: 18.91%
• 5Y*: 12.55%
• 10Y*: —

ILCV

• 1D: 0.54%
• 1M: 2.36%
• 6M: 9.34%
• YTD: 11.70%
• 1Y: 26.85%
• 3Y*: 18.32%
• 5Y*: 12.59%
• 10Y*: 11.60%

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

FVAL vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVAL Fidelity Value Factor ETF	11.36%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%
ILCV iShares Morningstar Value ETF	11.70%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between FVAL and ILCV is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.91

The correlation between FVAL and ILCV has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

FVAL vs. ILCV - Sectors Allocation Comparison

Sectors	FVAL	ILCV
Technology	33.2%	24.7%
Financial Services	12.8%	16.5%
Healthcare	10.8%	11.4%
Consumer Cyclical	10.4%	9.6%
Communication Services	9.4%	7.9%
Industrials	8.9%	8.6%
Consumer Defensive	4.6%	7.5%
Energy	3.2%	6.0%
Real Estate	2.6%	2.1%
Utilities	2.1%	3.5%
Basic Materials	1.9%	2.4%

Return for Risk

FVAL vs. ILCV — Risk / Return Rank

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

FVAL

FVAL Risk / Return Rank: 82
FVAL Sharpe Ratio Rank: 86
FVAL Sortino Ratio Rank: 85
FVAL Omega Ratio Rank: 84
FVAL Calmar Ratio Rank: 73
FVAL Martin Ratio Rank: 80

ILCV

ILCV Risk / Return Rank: 92
ILCV Sharpe Ratio Rank: 93
ILCV Sortino Ratio Rank: 93
ILCV Omega Ratio Rank: 92
ILCV Calmar Ratio Rank: 88
ILCV Martin Ratio Rank: 91

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. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and iShares Morningstar Value ETF (ILCV). 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	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.71	-0.49
Sortino ratio: Return per unit of downside risk	3.06	3.81	-0.75
Omega ratio: Gain probability vs. loss probability	1.40	1.50	-0.09
Calmar ratio: Return relative to maximum drawdown	2.97	4.12	-1.15
Martin ratio: Return relative to average drawdown	12.13	16.86	-4.74

FVAL vs. ILCV - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.22, which is comparable to the ILCV Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FVAL and ILCV, 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. ILCV - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for FVAL and ILCV.

Drawdown Indicators

	FVAL	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-58.63%	+21.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-6.55%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-14.95%	-3.44%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-18.58%	-4.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.53%	—
Current Drawdown Current decline from peak	-0.55%	0.00%	-0.55%
Average Drawdown Average peak-to-trough decline	-4.55%	-9.27%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.60%	+0.58%

Volatility

FVAL vs. ILCV - Volatility Comparison

Fidelity Value Factor ETF (FVAL) and iShares Morningstar Value ETF (ILCV) have volatilities of 2.61% and 2.60%, 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	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.60%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.27%	7.29%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	9.95%	+1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.51%	14.20%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	16.62%	+1.43%

FVAL vs. ILCV - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is higher than ILCV's 0.04% 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. ILCV - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.57%, which matches ILCV's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVAL Fidelity Value Factor ETF	1.57%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%	0.00%
ILCV iShares Morningstar Value ETF	1.56%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Frequently Asked Questions

Can I hold both FVAL and ILCV in my portfolio?

FVAL and ILCV have a correlation of 0.87, 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 ILCV?

FVAL has higher volatility (2.61%) compared to ILCV (2.60%). In terms of maximum drawdown, FVAL dropped -37.26% vs ILCV's -58.63%.

Which ETF is better, FVAL or ILCV?

On 5-year performance, ILCV leads with 12.59% vs 12.55% for FVAL. On fees, ILCV is cheaper at 0.04% 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 ILCV?

Over the 5-year period, ILCV has performed better with a 12.59% return vs 12.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.15% for FVAL.

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

FVAL and ILCV have nearly identical dividend yields, around 1.57%.

What is the main difference between FVAL and ILCV?

FVAL tracks Fidelity U.S. Value Factor Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.15% for FVAL and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.71 vs 2.22), 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.