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IVOV vs. FAB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IVOV vs. FAB

Last updated Jul 14, 2026
Documentation

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and FAB (First Trust Multi Cap Value AlphaDEX Fund) are both Mid Cap Value Equities funds - IVOV tracks the S&P MidCap 400 Value Index while FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index. Both are passively managed. Over the past 10 years, IVOV returned 10.38%/yr vs 10.69%/yr for FAB. Their correlation of 0.89 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.64%/yr for FAB.

Performance

IVOV vs. FAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and First Trust Multi Cap Value AlphaDEX Fund (FAB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IVOV achieves a 12.05% return, which is significantly lower than FAB's 16.19% return. Both investments have delivered pretty close results over the past 10 years, with IVOV having a 10.38% annualized return and FAB not far ahead at 10.69%.

IVOV

1D
0.01%
1M
0.08%
6M
7.21%
YTD
12.05%
1Y
16.94%
3Y*
12.31%
5Y*
9.17%
10Y*
10.38%

FAB

1D
0.68%
1M
1.62%
6M
11.98%
YTD
16.19%
1Y
24.25%
3Y*
14.54%
5Y*
9.85%
10Y*
10.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IVOV vs. FAB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVOV
Vanguard S&P Mid-Cap 400 Value ETF		12.05%7.61%11.53%15.38%-7.20%30.50%3.70%25.91%-12.13%12.22%
FAB
First Trust Multi Cap Value AlphaDEX Fund		16.19%9.86%7.82%15.81%-6.79%30.83%2.40%23.73%-14.62%14.62%

Correlation

The correlation between IVOV and FAB is 0.90, 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

0.90

Correlation (3Y)
Calculated over the trailing 3-year period

0.94

Correlation (5Y)
Calculated over the trailing 5-year period

0.95

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.89

The correlation between IVOV and FAB has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

IVOV vs. FAB - Sectors Allocation Comparison

Sectors
IVOV
FAB

Financial Services

21.0%
23.3%

Industrials

17.1%
10.2%

Consumer Cyclical

13.7%
13.6%

Technology

10.0%
8.2%

Real Estate

9.5%
8.5%

Basic Materials

7.9%
3.7%

Energy

7.3%
9.2%

Consumer Defensive

4.9%
5.7%

Utilities

4.0%
7.0%

Healthcare

3.8%
7.2%

Communication Services

0.5%
3.4%

Financial Services

IVOV
21.0%
FAB
23.3%

Industrials

IVOV
17.1%
FAB
10.2%

Consumer Cyclical

IVOV
13.7%
FAB
13.6%

Technology

IVOV
10.0%
FAB
8.2%

Real Estate

IVOV
9.5%
FAB
8.5%

Basic Materials

IVOV
7.9%
FAB
3.7%

Energy

IVOV
7.3%
FAB
9.2%

Consumer Defensive

IVOV
4.9%
FAB
5.7%

Utilities

IVOV
4.0%
FAB
7.0%

Healthcare

IVOV
3.8%
FAB
7.2%

Communication Services

IVOV
0.5%
FAB
3.4%

Compare stocks, funds, or ETFs

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

Vanguard S&P Mid-Cap 400 Value ETF

First Trust Multi Cap Value AlphaDEX Fund

Often compared with IVOV:
IVOV vs. VOEIVOV vs. IVOGIVOV vs. VOIVOV vs. MDYVIVOV vs. VIOVIVOV vs. MDYGIVOV vs. VBR
Often compared with FAB:
FAB vs. CVARFAB vs. ABLDFAB vs. MTUMFAB vs. FNCMXFAB vs. QQQMFAB vs. IMCVFAB vs. VEGI

Return for Risk

IVOV vs. FAB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVOV
IVOV Risk / Return Rank: 4040
Overall Rank
IVOV Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
IVOV Sortino Ratio Rank: 4141
Sortino Ratio Rank
IVOV Omega Ratio Rank: 3737
Omega Ratio Rank
IVOV Calmar Ratio Rank: 3939
Calmar Ratio Rank
IVOV Martin Ratio Rank: 4343
Martin Ratio Rank
FAB
FAB Risk / Return Rank: 7575
Overall Rank
FAB Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
FAB Sortino Ratio Rank: 7777
Sortino Ratio Rank
FAB Omega Ratio Rank: 6767
Omega Ratio Rank
FAB Calmar Ratio Rank: 8484
Calmar Ratio Rank
FAB Martin Ratio Rank: 7777
Martin Ratio Rank
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.

IVOV vs. FAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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.

IVOVFABDifference
Sharpe ratioReturn per unit of total volatility
1.12
1.80

-0.67

Sortino ratioReturn per unit of downside risk
1.74
2.71

-0.97

Omega ratioGain probability vs. loss probability

1.20

1.32

-0.11

Calmar ratioReturn relative to maximum drawdown

1.61

3.66

-2.06

Martin ratioReturn relative to average drawdown

5.54

11.43

-5.89

IVOV vs. FAB - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.12, which is lower than the FAB Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of IVOV and FAB, 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

IVOV vs. FAB - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, smaller than the maximum FAB drawdown of -63.29%. Use the drawdown chart below to compare losses from any high point for IVOV and FAB.

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Drawdown Indicators

IVOVFABDifference

Max Drawdown

Largest peak-to-trough decline

-45.99%

-63.29%

+17.30%

Max Drawdown (1Y)

Largest decline over 1 year

-10.58%

-6.65%

-3.93%

Max Drawdown (3Y)

Largest decline over 3 years

-22.61%

-22.91%

+0.30%

Max Drawdown (5Y)

Largest decline over 5 years

-22.61%

-22.91%

+0.30%

Max Drawdown (10Y)

Largest decline over 10 years

-45.99%

-47.08%

+1.09%

Current Drawdown

Current decline from peak

-0.78%

0.00%

-0.78%

Average Drawdown

Average peak-to-trough decline

-5.40%

-9.20%

+3.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

2.13%

+0.93%

Volatility

IVOV vs. FAB - Volatility Comparison

Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and First Trust Multi Cap Value AlphaDEX Fund (FAB) have volatilities of 3.59% and 3.61%, 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.

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Volatility by Period

IVOVFABDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.59%

3.61%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

10.49%

8.57%

+1.92%

Volatility (1Y)

Calculated over the trailing 1-year period

15.16%

13.58%

+1.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.35%

18.64%

+0.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.65%

21.94%

-0.29%

IVOV vs. FAB - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is lower than FAB's 0.64% expense ratio.

Dividends

IVOV vs. FAB - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.63%, more than FAB's 1.56% yield.

PositionTTM20252024202320222021202020192018201720162015
FAB
First Trust Multi Cap Value AlphaDEX Fund		1.56%1.57%2.00%1.94%1.80%1.32%1.59%1.75%1.96%1.42%1.40%1.62%
IVOV
Vanguard S&P Mid-Cap 400 Value ETF		1.63%1.82%1.74%1.52%1.97%1.78%2.42%1.75%1.87%1.55%1.51%1.66%

Frequently Asked Questions

IVOV and FAB have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAB has higher volatility (3.61%) compared to IVOV (3.59%). In terms of maximum drawdown, IVOV dropped -45.99% vs FAB's -63.29%.

On 10-year performance, FAB leads with 10.69% vs 10.38% for IVOV. On fees, IVOV is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FAB has performed better with a 10.69% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVOV is cheaper with a 0.10% expense ratio, compared with 0.64% for FAB.

IVOV has the higher dividend yield at 1.63%, compared with 1.56% for FAB.

IVOV tracks S&P MidCap 400 Value Index, while FAB tracks NASDAQ AlphaDEX Multi Cap Value Index. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.10% for IVOV and 0.64% for FAB.

FAB currently has the higher Sharpe Ratio (1.80 vs 1.12), 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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