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FVAL vs. IWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FVAL vs. IWX

Last updated Aug 2, 2026
Documentation

FVAL (Fidelity Value Factor ETF) and IWX (iShares Russell Top 200 Value ETF) are both Large Cap Value Equities funds - FVAL tracks the Fidelity U.S. Value Factor Index while IWX tracks the Russell Top 200 Value Index. Both are passively managed. Over the past 5 years, FVAL returned 12.35%/yr vs 12.65%/yr for IWX. Their correlation of 0.88 means they have usually moved in the same direction. FVAL charges 0.15%/yr vs 0.20%/yr for IWX.

Performance

FVAL vs. IWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and iShares Russell Top 200 Value ETF (IWX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FVAL achieves a 12.26% return, which is significantly lower than IWX's 20.90% return.

FVAL

1D
0.57%
1M
2.54%
6M
9.88%
YTD
12.26%
1Y
28.47%
3Y*
18.46%
5Y*
12.35%
10Y*
—
ALL TIME*
14.57%

IWX

1D
0.74%
1M
2.59%
6M
15.57%
YTD
20.90%
1Y
34.92%
3Y*
18.98%
5Y*
12.65%
10Y*
12.13%
ALL TIME*
11.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FVAL

Fidelity Value Factor ETF
$5.44M$3.65M$2.95M

IWX

iShares Russell Top 200 Value ETF
$55.11M$49.72M$33.93M

FVAL vs. IWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FVAL
Fidelity Value Factor ETF		12.26%19.56%18.05%23.10%-14.40%30.33%9.08%30.33%-7.87%22.49%
IWX
iShares Russell Top 200 Value ETF		20.90%18.23%14.89%10.45%-5.33%23.33%1.46%25.82%-6.53%14.05%

Correlation

The correlation between FVAL and IWX is 0.80, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.80

Correlation (3Y)
Balances recent behavior with more history.

0.81

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.87

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2016

0.88

The correlation between FVAL and IWX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

FVAL vs. IWX - Sectors Allocation Comparison

Sectors
FVAL
IWX

Technology

33.6%
22.6%

Financial Services

12.5%
20.0%

Healthcare

10.7%
13.6%

Consumer Cyclical

10.4%
11.6%

Communication Services

9.4%
3.5%

Industrials

9.1%
8.3%

Consumer Defensive

4.6%
8.2%

Energy

3.2%
5.1%

Real Estate

2.6%
1.8%

Utilities

2.0%
2.6%

Basic Materials

1.9%
2.8%

Technology

FVAL
33.6%
IWX
22.6%

Financial Services

FVAL
12.5%
IWX
20.0%

Healthcare

FVAL
10.7%
IWX
13.6%

Consumer Cyclical

FVAL
10.4%
IWX
11.6%

Communication Services

FVAL
9.4%
IWX
3.5%

Industrials

FVAL
9.1%
IWX
8.3%

Consumer Defensive

FVAL
4.6%
IWX
8.2%

Energy

FVAL
3.2%
IWX
5.1%

Real Estate

FVAL
2.6%
IWX
1.8%

Utilities

FVAL
2.0%
IWX
2.6%

Basic Materials

FVAL
1.9%
IWX
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Value Factor ETF

iShares Russell Top 200 Value ETF

Often compared with FVAL:
FVAL vs. VTVFVAL vs. DEEPFVAL vs. SCHDFVAL vs. VOOFVAL vs. HEROFVAL vs. RWLFVAL vs. DGRO
Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. SPYV

Return for Risk

FVAL vs. IWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FVAL
FVAL Risk / Return Rank: 8787
Overall Rank
FVAL Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
FVAL Sortino Ratio Rank: 8989
Sortino Ratio Rank
FVAL Omega Ratio Rank: 8888
Omega Ratio Rank
FVAL Calmar Ratio Rank: 8282
Calmar Ratio Rank
FVAL Martin Ratio Rank: 8686
Martin Ratio Rank
IWX
IWX Risk / Return Rank: 9595
Overall Rank
IWX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWX Omega Ratio Rank: 9595
Omega Ratio Rank
IWX Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWX Martin Ratio Rank: 9696
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FVAL vs. IWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and iShares Russell Top 200 Value ETF (IWX). 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.

FVALIWXDifference
Sharpe ratioReturn per unit of total volatility
2.22
3.10

-0.88

Sortino ratioReturn per unit of downside risk
3.03
4.28

-1.25

Omega ratioGain probability vs. loss probability

1.40

1.55

-0.16

Calmar ratioReturn relative to maximum drawdown

3.02

5.05

-2.03

Martin ratioReturn relative to average drawdown

12.33

22.22

-9.88

FVAL vs. IWX - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.22, which is comparable to the IWX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of FVAL and IWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FVAL vs. IWX - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, roughly equal to the maximum IWX drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for FVAL and IWX.

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Drawdown Indicators

FVALIWXDifference

Max Drawdown

Largest peak-to-trough decline

-37.26%

-35.76%

-1.50%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-6.59%

-2.33%

Max Drawdown (3Y)

Largest decline over 3 years

-18.39%

-13.37%

-5.02%

Max Drawdown (5Y)

Largest decline over 5 years

-23.42%

-18.13%

-5.29%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.76%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.54%

-3.79%

-0.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

1.50%

+0.68%

Volatility

FVAL vs. IWX - Volatility Comparison

The current volatility for Fidelity Value Factor ETF (FVAL) is 2.90%, while iShares Russell Top 200 Value ETF (IWX) has a volatility of 3.10%. This indicates that FVAL experiences smaller price fluctuations and is considered to be less risky than IWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FVALIWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

3.10%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

9.24%

8.46%

+0.78%

Volatility (1Y)

Calculated over the trailing 1-year period

12.16%

10.81%

+1.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.49%

13.89%

+2.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.03%

16.48%

+1.55%

FVAL vs. IWX - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is lower than IWX's 0.20% 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. IWX - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.56%, more than IWX's 1.39% yield.

PositionTTM20252024202320222021202020192018201720162015
FVAL
Fidelity Value Factor ETF		1.56%1.61%1.60%1.69%1.79%1.41%1.61%1.77%2.06%1.62%0.45%0.00%
IWX
iShares Russell Top 200 Value ETF		1.39%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%

Frequently Asked Questions

FVAL and IWX 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.

IWX has higher volatility (3.10%) compared to FVAL (2.90%). In terms of maximum drawdown, FVAL dropped -37.26% vs IWX's -35.76%.

On 5-year performance, IWX leads with 12.65% vs 12.35% for FVAL. On fees, FVAL is cheaper at 0.15% per year. On volatility, FVAL has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IWX has performed better with a 12.65% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FVAL is cheaper with a 0.15% expense ratio, compared with 0.20% for IWX.

FVAL has the higher dividend yield at 1.56%, compared with 1.39% for IWX.

FVAL tracks Fidelity U.S. Value Factor Index, while IWX tracks Russell Top 200 Value Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.15% for FVAL and 0.20% for IWX.

IWX currently has the higher Sharpe Ratio (3.10 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.

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