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QVAL vs. FOVL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QVAL vs. FOVL

Last updated Jun 4, 2026

QVAL (Alpha Architect U.S. Quantitative Value ETF) and FOVL (iShares Focused Value Factor ETF) are both Mid Cap Value Equities funds. QVAL is actively managed, while FOVL is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. QVAL charges 0.28%/yr vs 0.25%/yr for FOVL.

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.

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Returns By Period

QVAL

1D
-0.23%
1M
4.34%
YTD
14.68%
6M
15.27%
1Y
29.65%
3Y*
21.66%
5Y*
12.15%
10Y*
11.64%

FOVL

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QVAL vs. FOVL - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
QVAL
Alpha Architect U.S. Quantitative Value ETF		14.68%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%

Correlation

The correlation between QVAL and FOVL is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

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

0.69

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

0.79

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2019

0.80

Over the past year, the correlation between QVAL and FOVL has dropped to 0.31 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

QVAL vs. FOVL - Sectors Allocation Comparison

Sectors
QVAL
FOVL

Consumer Cyclical

32.4%
5.2%

Technology

16.7%
5.0%

Industrials

15.0%
12.8%

Healthcare

11.1%
4.9%

Consumer Defensive

7.9%
5.0%

Basic Materials

7.6%

-

Energy

5.5%
7.7%

Communication Services

3.8%
4.7%

Real Estate

2.0%
2.6%

Financial Services

-

44.6%

Utilities

-

7.5%

Consumer Cyclical

QVAL
32.4%
FOVL
5.2%

Technology

QVAL
16.7%
FOVL
5.0%

Industrials

QVAL
15.0%
FOVL
12.8%

Healthcare

QVAL
11.1%
FOVL
4.9%

Consumer Defensive

QVAL
7.9%
FOVL
5.0%

Basic Materials

QVAL
7.6%
FOVL

-

Energy

QVAL
5.5%
FOVL
7.7%

Communication Services

QVAL
3.8%
FOVL
4.7%

Real Estate

QVAL
2.0%
FOVL
2.6%

Financial Services

QVAL

-

FOVL
44.6%

Utilities

QVAL

-

FOVL
7.5%

Compare stocks, funds, or ETFs

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Alpha Architect U.S. Quantitative Value ETF

iShares Focused Value Factor ETF

Often compared with QVAL:
QVAL vs. AVUVQVAL vs. VLUEQVAL vs. QQQQVAL vs. SNPEQVAL vs. VTVQVAL vs. VFLOQVAL vs. VBR
Often compared with FOVL:
FOVL vs. VOOFOVL vs. VTVFOVL vs. FELVFOVL vs. FRTYFOVL vs. DONFOVL vs. IMCVFOVL vs. VBR

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: 6969
Overall Rank
QVAL Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
QVAL Sortino Ratio Rank: 6969
Sortino Ratio Rank
QVAL Omega Ratio Rank: 5757
Omega Ratio Rank
QVAL Calmar Ratio Rank: 8686
Calmar Ratio Rank
QVAL Martin Ratio Rank: 7373
Martin Ratio Rank
FOVL
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.

QVALFOVLDifference
Sharpe ratioReturn per unit of total volatility
2.07

—

—

Sortino ratioReturn per unit of downside risk
3.21

—

—

Omega ratioGain probability vs. loss probability

1.35

—

—

Calmar ratioReturn relative to maximum drawdown

4.93

—

—

Martin ratioReturn relative to average drawdown

13.98

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QVAL vs. FOVL - Sharpe Ratio Comparison

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Sharpe Ratios by Period

QVALFOVLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.07

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

—

—

Drawdowns

QVAL vs. FOVL - Drawdown Comparison

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Drawdown Indicators

QVALFOVLDifference

Max Drawdown

Largest peak-to-trough decline

-51.49%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-6.04%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-21.41%

—

—

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

-0.78%

—

—

Average Drawdown

Average peak-to-trough decline

-7.80%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

—

—

Volatility

QVAL vs. FOVL - Volatility Comparison

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Volatility by Period

QVALFOVLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.16%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

10.06%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

14.44%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.63%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.79%

—

—

QVAL vs. FOVL - Expense Ratio Comparison

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

Dividends

QVAL vs. FOVL - Dividend Comparison

QVAL's dividend yield for the trailing twelve months is around 1.46%, more than FOVL's 0.55% yield.

PositionTTM2025202420232022202120202019201820172016
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%
QVAL
Alpha Architect U.S. Quantitative Value ETF		1.46%1.44%1.72%1.76%2.00%1.23%1.86%1.99%1.64%1.08%1.30%

Frequently Asked Questions

QVAL and FOVL have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FOVL is cheaper with a 0.25% expense ratio, compared with 0.28% for QVAL.

QVAL has the higher dividend yield at 1.46%, compared with 0.55% for FOVL.

They also come from different issuers: Alpha Architect and iShares. Their fees differ too: 0.28% for QVAL and 0.25% for FOVL.

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