IVOV vs. FAB

Last updated Aug 2, 2026

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 10.61%/yr vs 11.09%/yr for FAB. Their correlation of 0.89 means they have usually moved in the same direction. 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.

Returns By Period

In the year-to-date period, IVOV achieves a 13.17% return, which is significantly lower than FAB's 19.04% return. Both investments have delivered pretty close results over the past 10 years, with IVOV having a 10.61% annualized return and FAB not far ahead at 11.09%.

IVOV

• 1D: -0.27%
• 1M: 0.84%
• 6M: 8.73%
• YTD: 13.17%
• 1Y: 22.84%
• 3Y*: 11.95%
• 5Y*: 9.15%
• 10Y*: 10.61%
• ALL TIME*: 11.75%

FAB

• 1D: -0.25%
• 1M: 2.66%
• 6M: 13.00%
• YTD: 19.04%
• 1Y: 32.09%
• 3Y*: 13.91%
• 5Y*: 10.19%
• 10Y*: 11.09%
• ALL TIME*: 8.42%

*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)
FAB First Trust Multi Cap Value AlphaDEX Fund	$2.74M	$2.85M	$1.08M
IVOV Vanguard S&P Mid-Cap 400 Value ETF	$975.54K	$1.11M	$1.64M

IVOV vs. FAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOV Vanguard S&P Mid-Cap 400 Value ETF	13.17%	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	19.04%	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 0.89, 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.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	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	21.8%	24.3%
Industrials	19.2%	10.5%
Consumer Cyclical	13.9%	14.1%
Technology	10.3%	7.2%
Real Estate	9.5%	8.7%
Energy	6.3%	8.4%
Basic Materials	5.7%	3.5%
Consumer Defensive	4.8%	5.7%
Utilities	4.0%	7.1%
Healthcare	3.8%	7.4%
Communication Services	0.8%	3.1%

Return for Risk

IVOV vs. FAB — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 59
IVOV Sharpe Ratio Rank: 60
IVOV Sortino Ratio Rank: 65
IVOV Omega Ratio Rank: 56
IVOV Calmar Ratio Rank: 56
IVOV Martin Ratio Rank: 59

FAB

FAB Risk / Return Rank: 91
FAB Sharpe Ratio Rank: 91
FAB Sortino Ratio Rank: 92
FAB Omega Ratio Rank: 89
FAB Calmar Ratio Rank: 93
FAB Martin Ratio Rank: 91

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.

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.

	IVOV	FAB	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.29	-0.89
Sortino ratio: Return per unit of downside risk	2.13	3.45	-1.32
Omega ratio: Gain probability vs. loss probability	1.25	1.40	-0.15
Calmar ratio: Return relative to maximum drawdown	1.98	4.59	-2.61
Martin ratio: Return relative to average drawdown	7.05	15.16	-8.11

IVOV vs. FAB - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.40, which is lower than the FAB Sharpe Ratio of 2.29. 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.

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.

Drawdown Indicators

	IVOV	FAB	Difference
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	-1.21%	-1.48%	+0.27%
Average Drawdown Average peak-to-trough decline	-5.38%	-9.18%	+3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.01%	+0.96%

Volatility

IVOV vs. FAB - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) is 3.31%, while First Trust Multi Cap Value AlphaDEX Fund (FAB) has a volatility of 3.83%. This indicates that IVOV experiences smaller price fluctuations and is considered to be less risky than FAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	FAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	3.83%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	8.66%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	13.38%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	18.61%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	21.95%	-0.30%

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 1.61%, more than FAB's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAB First Trust Multi Cap Value AlphaDEX Fund	1.52%	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	1.61%	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

Can I hold both IVOV and FAB in my portfolio?

IVOV and FAB have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOV or FAB?

FAB has higher volatility (3.83%) compared to IVOV (3.31%). In terms of maximum drawdown, IVOV dropped -45.99% vs FAB's -63.29%.

Which ETF is better, IVOV or FAB?

On 10-year performance, FAB leads with 11.09% vs 10.61% for IVOV. On fees, IVOV is cheaper at 0.10% per year. On volatility, IVOV has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or FAB?

Over the 10-year period, FAB has performed better with a 11.09% return vs 10.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or FAB?

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

Which ETF pays a higher dividend yield, IVOV or FAB?

IVOV has the higher dividend yield at 1.61%, compared with 1.52% for FAB.

What is the main difference between IVOV and 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.

Which has better risk-adjusted returns?

FAB currently has the higher Sharpe Ratio (2.29 vs 1.40), 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.