TMDV vs. FOVL

Last updated Jun 4, 2026

TMDV (ProShares Russell U.S. Dividend Growers ETF) and FOVL (iShares Focused Value Factor ETF) are both Mid Cap Value Equities funds - TMDV tracks the Russell 3000 Dividend Elite Index while FOVL tracks the MSCI USA IMI Focused Value Factor Index. Both are passively managed. A 0.76 correlation means they provide meaningful diversification when combined. TMDV charges 0.35%/yr vs 0.25%/yr for FOVL.

Performance

TMDV vs. FOVL - Performance Comparison

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

Returns By Period

TMDV

• 1D: -0.33%
• 1M: 0.05%
• YTD: 4.53%
• 6M: 4.29%
• 1Y: 5.96%
• 3Y*: 4.85%
• 5Y*: 2.41%
• 10Y*: —

FOVL

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

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

TMDV vs. FOVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TMDV ProShares Russell U.S. Dividend Growers ETF	4.53%	2.91%	2.64%	2.25%	-5.10%	23.45%	4.82%	3.26%
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	1.88%

Correlation

The correlation between TMDV and FOVL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	0.76

Over the past year, the correlation between TMDV and FOVL has dropped to 0.33 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

TMDV vs. FOVL - Sectors Allocation Comparison

Sectors	TMDV	FOVL
Consumer Defensive	23.8%	5.0%
Financial Services	16.0%	44.6%
Industrials	15.9%	12.8%
Utilities	12.3%	7.5%
Basic Materials	11.7%	-
Consumer Cyclical	5.8%	5.2%
Healthcare	5.6%	4.9%
Real Estate	4.6%	2.6%
Energy	3.0%	7.7%
Technology	1.5%	5.0%
Communication Services	-	4.7%

Return for Risk

TMDV vs. FOVL — Risk / Return Rank

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

TMDV

TMDV Risk / Return Rank: 16
TMDV Sharpe Ratio Rank: 16
TMDV Sortino Ratio Rank: 17
TMDV Omega Ratio Rank: 15
TMDV Calmar Ratio Rank: 17
TMDV Martin Ratio Rank: 16

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.

TMDV vs. FOVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell U.S. Dividend Growers ETF (TMDV) 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.

	TMDV	FOVL	Difference
Sharpe ratio: Return per unit of total volatility	0.50	—	—
Sortino ratio: Return per unit of downside risk	0.82	—	—
Omega ratio: Gain probability vs. loss probability	1.09	—	—
Calmar ratio: Return relative to maximum drawdown	0.61	—	—
Martin ratio: Return relative to average drawdown	1.50	—	—
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

	TMDV	FOVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	—	—

Drawdowns

Drawdown Indicators

	TMDV	FOVL	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	—	—
Current Drawdown Current decline from peak	-6.56%	—	—
Average Drawdown Average peak-to-trough decline	-5.43%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	—	—

Volatility

Volatility by Period

	TMDV	FOVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	—	—

TMDV vs. FOVL - Expense Ratio Comparison

TMDV has a 0.35% expense ratio, which is higher than FOVL's 0.25% expense ratio.

Dividends

TMDV vs. FOVL - Dividend Comparison

TMDV's dividend yield for the trailing twelve months is around 2.62%, more than FOVL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FOVL iShares Focused Value Factor ETF	0.55%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%
TMDV ProShares Russell U.S. Dividend Growers ETF	2.62%	2.65%	2.70%	2.45%	2.46%	2.14%	2.28%	0.16%

Frequently Asked Questions

Can I hold both TMDV and FOVL in my portfolio?

TMDV and FOVL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMDV or FOVL?

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.

Which ETF is cheaper, TMDV or FOVL?

FOVL is cheaper with a 0.25% expense ratio, compared with 0.35% for TMDV.

Which ETF pays a higher dividend yield, TMDV or FOVL?

TMDV has the higher dividend yield at 2.62%, compared with 0.55% for FOVL.

What is the main difference between TMDV and FOVL?

TMDV tracks Russell 3000 Dividend Elite Index, while FOVL tracks MSCI USA IMI Focused Value Factor Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.35% for TMDV and 0.25% for FOVL.