QVAL vs. FOVL

Last updated Apr 1, 2026

Compare and contrast key facts about Alpha Architect U.S. Quantitative Value ETF (QVAL) and iShares Focused Value Factor ETF (FOVL).

QVAL and FOVL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QVAL is an actively managed fund by Alpha Architect. It was launched on Oct 22, 2014. FOVL is a passively managed fund by iShares that tracks the performance of the MSCI USA IMI Focused Value Factor Index. It was launched on Mar 19, 2019.

Performance

QVAL vs. FOVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect U.S. Quantitative Value ETF (QVAL) and iShares Focused Value Factor ETF (FOVL). The values are adjusted to include any dividend payments, if applicable.

QVAL vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QVAL Alpha Architect U.S. Quantitative Value ETF	7.30%	10.98%	12.21%	28.40%	-11.80%	34.40%	-5.93%	8.46%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	6.22%

Returns By Period

QVAL

• 1D: 2.26%
• 1M: -2.23%
• YTD: 7.30%
• 6M: 12.78%
• 1Y: 24.34%
• 3Y*: 17.50%
• 5Y*: 11.66%
• 10Y*: 10.16%

FOVL

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QVAL vs. FOVL - Expense Ratio Comparison

QVAL has a 0.28% expense ratio, which is higher than FOVL's 0.25% expense ratio.

QVAL

Alpha Architect U.S. Quantitative Value ETF

FOVL

iShares Focused Value Factor ETF

Return for Risk

QVAL vs. FOVL — Risk / Return Rank

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

QVAL

QVAL Risk / Return Rank: 72
QVAL Sharpe Ratio Rank: 71
QVAL Sortino Ratio Rank: 76
QVAL Omega Ratio Rank: 72
QVAL Calmar Ratio Rank: 70
QVAL Martin Ratio Rank: 74

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.

QVAL vs. FOVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect U.S. Quantitative Value ETF (QVAL) and iShares Focused Value Factor ETF (FOVL). 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.

	QVAL	FOVL	Difference
Sharpe ratio Return per unit of total volatility	1.21	—	—
Sortino ratio Return per unit of downside risk	1.85	—	—
Omega ratio Gain probability vs. loss probability	1.26	—	—
Calmar ratio Return relative to maximum drawdown	1.70	—	—
Martin ratio Return relative to average drawdown	7.34	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QVAL	FOVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	—	—

Correlation

The correlation between QVAL and FOVL is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QVAL vs. FOVL - Dividend Comparison

QVAL's dividend yield for the trailing twelve months is around 1.56%, more than FOVL's 0.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
QVAL Alpha Architect U.S. Quantitative Value ETF	1.56%	1.44%	1.72%	1.76%	2.00%	1.23%	1.86%	1.99%	1.64%	1.08%	1.30%
FOVL iShares Focused Value Factor ETF	0.55%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	QVAL	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-51.49%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.49%	—	—
Current Drawdown Current decline from peak	-2.87%	—	—
Average Drawdown Average peak-to-trough decline	-7.91%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	—	—

Volatility

Volatility by Period

	QVAL	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.64%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.80%	—	—