FVAL vs. RWL

Last updated Jun 4, 2026

FVAL (Fidelity Value Factor ETF) and RWL (Invesco S&P 500 Revenue ETF) are both exchange-traded funds - FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index, while RWL is a S&P 500 fund tracking the S&P 500 Revenue-Weighted Index. Both are passively managed. Over the past 5 years, FVAL returned 12.53%/yr vs 12.89%/yr for RWL. Their correlation of 0.92 suggests significant overlap in exposure. FVAL charges 0.15%/yr vs 0.39%/yr for RWL.

Performance

FVAL vs. RWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Invesco S&P 500 Revenue ETF (RWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FVAL having a 11.14% return and RWL slightly lower at 11.07%.

FVAL

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

RWL

• 1D: -0.42%
• 1M: 3.13%
• YTD: 11.07%
• 6M: 11.66%
• 1Y: 26.76%
• 3Y*: 19.96%
• 5Y*: 12.89%
• 10Y*: 13.96%

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

FVAL vs. RWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVAL Fidelity Value Factor ETF	11.14%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%
RWL Invesco S&P 500 Revenue ETF	11.07%	18.65%	16.45%	17.43%	-6.00%	30.29%	9.14%	27.83%	-7.74%	20.34%

Correlation

The correlation between FVAL and RWL is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.92

The correlation between FVAL and RWL shifts across timeframes, from 0.82 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

FVAL vs. RWL - Sectors Allocation Comparison

Sectors	FVAL	RWL
Technology	32.6%	13.7%
Financial Services	11.4%	15.4%
Consumer Cyclical	9.9%	12.3%
Communication Services	9.4%	7.5%
Healthcare	9.3%	19.5%
Industrials	8.1%	8.6%
Consumer Defensive	4.3%	11.1%
Energy	4.1%	6.6%
Real Estate	2.4%	0.9%
Basic Materials	1.9%	2.1%
Utilities	1.8%	2.4%

Return for Risk

FVAL vs. RWL — 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

RWL

RWL Risk / Return Rank: 81
RWL Sharpe Ratio Rank: 81
RWL Sortino Ratio Rank: 82
RWL Omega Ratio Rank: 79
RWL Calmar Ratio Rank: 78
RWL 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. RWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Invesco S&P 500 Revenue ETF (RWL). 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	RWL	Difference
Sharpe ratio Return per unit of total volatility	2.73	2.69	+0.04
Sortino ratio Return per unit of downside risk	3.78	3.76	+0.02
Omega ratio Gain probability vs. loss probability	1.49	1.48	+0.01
Calmar ratio Return relative to maximum drawdown	3.54	4.05	-0.51
Martin ratio Return relative to average drawdown	15.80	17.12	-1.32
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. RWL - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.73, which is comparable to the RWL Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FVAL and RWL, 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	RWL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.69	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.89	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.58	+0.23

Drawdowns

FVAL vs. RWL - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, smaller than the maximum RWL drawdown of -54.83%. Use the drawdown chart below to compare losses from any high point for FVAL and RWL.

Drawdown Indicators

	FVAL	RWL	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-54.83%	+17.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-6.64%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-14.39%	-4.00%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-17.49%	-5.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.04%	—
Current Drawdown Current decline from peak	-0.75%	-0.57%	-0.18%
Average Drawdown Average peak-to-trough decline	-4.58%	-6.45%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.57%	+0.42%

Volatility

FVAL vs. RWL - Volatility Comparison

Fidelity Value Factor ETF (FVAL) has a higher volatility of 2.70% compared to Invesco S&P 500 Revenue ETF (RWL) at 2.12%. This indicates that FVAL's price experiences larger fluctuations and is considered to be riskier than RWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	RWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	2.12%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	7.12%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	10.00%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	14.50%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	16.86%	+1.25%

FVAL vs. RWL - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is lower than RWL's 0.39% expense ratio.

Dividends

FVAL vs. RWL - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.49%, more than RWL's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
RWL Invesco S&P 500 Revenue ETF	1.25%	1.35%	1.43%	1.60%	1.62%	1.35%	1.75%	1.87%	1.99%	1.60%	1.71%	1.97%

Frequently Asked Questions

Can I hold both FVAL and RWL in my portfolio?

FVAL and RWL have a correlation of 0.82, 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 RWL?

FVAL has higher volatility (2.70%) compared to RWL (2.12%). In terms of maximum drawdown, FVAL dropped -37.26% vs RWL's -54.83%.

Which ETF is better, FVAL or RWL?

On 5-year performance, RWL leads with 12.89% vs 12.53% for FVAL. On fees, FVAL is cheaper at 0.15% per year. On volatility, RWL has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVAL or RWL?

Over the 5-year period, RWL has performed better with a 12.89% return vs 12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or RWL?

FVAL is cheaper with a 0.15% expense ratio, compared with 0.39% for RWL.

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

FVAL has the higher dividend yield at 1.49%, compared with 1.25% for RWL.

What is the main difference between FVAL and RWL?

FVAL is categorized as Large Cap Value Equities, while RWL is S&P 500. FVAL tracks Fidelity U.S. Value Factor Index, while RWL tracks S&P 500 Revenue-Weighted Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.15% for FVAL and 0.39% for RWL.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.73 vs 2.69), 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.