FVAL vs. VOO

Last updated Aug 2, 2026

FVAL (Fidelity Value Factor ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FVAL is a Large Cap Value Equities fund tracking the Fidelity U.S. Value Factor Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FVAL returned 12.35%/yr vs 12.83%/yr for VOO. Their correlation of 0.94 means they have usually moved in the same direction. FVAL charges 0.15%/yr vs 0.03%/yr for VOO.

Performance

FVAL vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, FVAL achieves a 12.26% return, which is significantly higher than VOO's 10.16% 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%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FVAL Fidelity Value Factor ETF	$5.44M	$3.65M	$2.95M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

FVAL vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FVAL and VOO is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.94

The correlation between FVAL and VOO has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

FVAL vs. VOO - Sectors Allocation Comparison

Sectors	FVAL	VOO
Technology	33.6%	38.6%
Financial Services	12.5%	11.4%
Healthcare	10.7%	8.9%
Consumer Cyclical	10.4%	9.5%
Communication Services	9.4%	9.9%
Industrials	9.1%	8.5%
Consumer Defensive	4.6%	4.5%
Energy	3.2%	3.0%
Real Estate	2.6%	1.8%
Utilities	2.0%	2.2%
Basic Materials	1.9%	1.7%

Return for Risk

FVAL vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FVAL

FVAL Risk / Return Rank: 87
FVAL Sharpe Ratio Rank: 90
FVAL Sortino Ratio Rank: 89
FVAL Omega Ratio Rank: 88
FVAL Calmar Ratio Rank: 82
FVAL Martin Ratio Rank: 86

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.53	+0.68
Sortino ratio: Return per unit of downside risk	3.03	2.13	+0.90
Omega ratio: Gain probability vs. loss probability	1.40	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	3.02	2.21	+0.81
Martin ratio: Return relative to average drawdown	12.33	9.44	+2.90

FVAL vs. VOO - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 2.22, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FVAL and VOO, 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. VOO - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FVAL and VOO.

Drawdown Indicators

	FVAL	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-33.99%	-3.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-8.90%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-18.69%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-24.52%	+1.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	-1.38%	+1.38%
Average Drawdown Average peak-to-trough decline	-4.54%	-3.67%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.08%	+0.10%

Volatility

FVAL vs. VOO - Volatility Comparison

The current volatility for Fidelity Value Factor ETF (FVAL) is 2.90%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that FVAL experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVAL	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	3.54%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	10.10%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	12.82%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	16.93%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	18.01%	+0.02%

FVAL vs. VOO - Expense Ratio Comparison

FVAL has a 0.15% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.56%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FVAL and VOO in my portfolio?

With a correlation of 0.92, FVAL and VOO 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 VOO?

VOO has higher volatility (3.54%) compared to FVAL (2.90%). In terms of maximum drawdown, FVAL dropped -37.26% vs VOO's -33.99%.

Which ETF is better, FVAL or VOO?

On 5-year performance, VOO leads with 12.83% vs 12.35% for FVAL. On fees, VOO is cheaper at 0.03% 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.

Which ETF has performed better, FVAL or VOO?

Over the 5-year period, VOO has performed better with a 12.83% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVAL or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.15% for FVAL.

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

FVAL has the higher dividend yield at 1.56%, compared with 1.07% for VOO.

What is the main difference between FVAL and VOO?

FVAL is categorized as Large Cap Value Equities, while VOO is S&P 500. FVAL tracks Fidelity U.S. Value Factor Index, while VOO tracks S&P 500 Index. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.15% for FVAL and 0.03% for VOO.

Which has better risk-adjusted returns?

FVAL currently has the higher Sharpe Ratio (2.22 vs 1.53), 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.