FVAL vs. SCHD

Last updated Jun 3, 2026

FVAL (Fidelity Value Factor ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 5 years, FVAL returned 12.83%/yr vs 8.49%/yr for SCHD. Their correlation of 0.82 suggests significant overlap in exposure. FVAL charges 0.15%/yr vs 0.06%/yr for SCHD.

Performance

FVAL vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVAL achieves a 11.80% return, which is significantly lower than SCHD's 19.01% return.

FVAL

• 1D: -0.16%
• 1M: 5.45%
• YTD: 11.80%
• 6M: 14.11%
• 1Y: 33.08%
• 3Y*: 21.19%
• 5Y*: 12.83%
• 10Y*: —

SCHD

• 1D: 0.59%
• 1M: 1.60%
• YTD: 19.01%
• 6M: 20.36%
• 1Y: 28.08%
• 3Y*: 15.09%
• 5Y*: 8.49%
• 10Y*: 12.77%

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

FVAL vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVAL Fidelity Value Factor ETF	11.80%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%
SCHD Schwab U.S. Dividend Equity ETF	19.01%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between FVAL and SCHD is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.82

Over the past year, the correlation between FVAL and SCHD has dropped to 0.49 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

FVAL vs. SCHD - Sectors Allocation Comparison

Sectors	FVAL	SCHD
Technology	32.6%	16.4%
Financial Services	11.4%	9.3%
Consumer Cyclical	9.9%	6.3%
Communication Services	9.4%	6.3%
Healthcare	9.3%	18.8%
Industrials	8.1%	7.5%
Consumer Defensive	4.3%	19.2%
Energy	4.1%	16.2%
Real Estate	2.4%	-
Basic Materials	1.9%	1.2%
Utilities	1.8%	0.0%

Return for Risk

FVAL vs. SCHD — Risk / Return Rank

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

FVAL

FVAL Risk / Return Rank: 83
FVAL Sharpe Ratio Rank: 86
FVAL Sortino Ratio Rank: 87
FVAL Omega Ratio Rank: 84
FVAL Calmar Ratio Rank: 74
FVAL Martin Ratio Rank: 83

SCHD

SCHD Risk / Return Rank: 82
SCHD Sharpe Ratio Rank: 78
SCHD Sortino Ratio Rank: 87
SCHD Omega Ratio Rank: 76
SCHD Calmar Ratio Rank: 92
SCHD Martin Ratio Rank: 77

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio Return per unit of total volatility	2.88	2.57	+0.30
Sortino ratio Return per unit of downside risk	3.97	3.98	-0.01
Omega ratio Gain probability vs. loss probability	1.52	1.46	+0.06
Calmar ratio Return relative to maximum drawdown	3.77	6.17	-2.40
Martin ratio Return relative to average drawdown	16.89	15.20	+1.69
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. SCHD - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.88, which is comparable to the SCHD Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of FVAL and SCHD, 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	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.57	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.59	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.86	-0.05

Drawdowns

FVAL vs. SCHD - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for FVAL and SCHD.

Drawdown Indicators

	FVAL	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-33.37%	-3.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-4.61%	-4.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-16.13%	-2.26%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-16.85%	-6.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-0.16%	-1.40%	+1.24%
Average Drawdown Average peak-to-trough decline	-4.58%	-3.32%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.87%	+0.12%

Volatility

FVAL vs. SCHD - Volatility Comparison

The current volatility for Fidelity Value Factor ETF (FVAL) is 2.73%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 2.92%. This indicates that FVAL experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	2.92%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.63%	7.66%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.55%	10.96%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.47%	14.38%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	16.72%	+1.39%

FVAL vs. SCHD - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is higher than SCHD's 0.06% 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. SCHD - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.48%, less than SCHD's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVAL Fidelity Value Factor ETF	1.48%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%	0.00%
SCHD Schwab U.S. Dividend Equity ETF	3.26%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both FVAL and SCHD in my portfolio?

FVAL and SCHD have a correlation of 0.49, 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 SCHD?

SCHD has higher volatility (2.92%) compared to FVAL (2.73%). In terms of maximum drawdown, FVAL dropped -37.26% vs SCHD's -33.37%.

Which ETF is better, FVAL or SCHD?

On 5-year performance, FVAL leads with 12.83% vs 8.49% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, FVAL has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVAL or SCHD?

Over the 5-year period, FVAL has performed better with a 12.83% return vs 8.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.15% for FVAL.

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

SCHD has the higher dividend yield at 3.26%, compared with 1.48% for FVAL.

What is the main difference between FVAL and SCHD?

FVAL is categorized as Large Cap Value Equities, while SCHD is Dividend. FVAL tracks Fidelity U.S. Value Factor Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Fidelity and Charles Schwab. Their fees differ too: 0.15% for FVAL and 0.06% for SCHD.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.88 vs 2.57), 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.