TVAL vs. FELV

Last updated Jun 24, 2026

TVAL (T. Rowe Price Value ETF) and FELV (Fidelity Enhanced Large Cap Value ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past year, TVAL returned 29.45% vs 29.92% for FELV. With a 0.96 correlation, they move nearly in lockstep. TVAL charges 0.33%/yr vs 0.18%/yr for FELV.

Performance

TVAL vs. FELV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Value ETF (TVAL) and Fidelity Enhanced Large Cap Value ETF (FELV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TVAL achieves a 17.15% return, which is significantly higher than FELV's 15.89% return.

TVAL

• 1D: -1.03%
• 1M: 1.78%
• YTD: 17.15%
• 6M: 16.52%
• 1Y: 29.45%
• 3Y*: 19.63%
• 5Y*: —
• 10Y*: —

FELV

• 1D: -1.07%
• 1M: 2.65%
• YTD: 15.89%
• 6M: 15.09%
• 1Y: 29.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TVAL vs. FELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TVAL T. Rowe Price Value ETF	17.15%	15.59%	14.54%	7.00%
FELV Fidelity Enhanced Large Cap Value ETF	15.89%	15.80%	15.89%	7.49%

Correlation

The correlation between TVAL and FELV is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.96

The correlation between TVAL and FELV has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

TVAL vs. FELV - Sectors Allocation Comparison

Sectors	TVAL	FELV
Technology	19.6%	21.0%
Financial Services	18.7%	18.6%
Industrials	11.4%	13.6%
Healthcare	11.2%	10.3%
Communication Services	7.6%	8.6%
Energy	7.6%	5.8%
Consumer Cyclical	6.7%	7.7%
Consumer Defensive	6.2%	4.7%
Utilities	4.7%	3.3%
Basic Materials	3.5%	3.5%
Real Estate	2.9%	3.1%

Return for Risk

TVAL vs. FELV — Risk / Return Rank

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

TVAL

TVAL Risk / Return Rank: 86
TVAL Sharpe Ratio Rank: 88
TVAL Sortino Ratio Rank: 89
TVAL Omega Ratio Rank: 85
TVAL Calmar Ratio Rank: 83
TVAL Martin Ratio Rank: 87

FELV

FELV Risk / Return Rank: 86
FELV Sharpe Ratio Rank: 87
FELV Sortino Ratio Rank: 87
FELV Omega Ratio Rank: 85
FELV Calmar Ratio Rank: 85
FELV Martin Ratio Rank: 89

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.

TVAL vs. FELV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Value ETF (TVAL) and Fidelity Enhanced Large Cap Value ETF (FELV). 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.

	TVAL	FELV	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.69	+0.01
Sortino ratio: Return per unit of downside risk	3.76	3.72	+0.04
Omega ratio: Gain probability vs. loss probability	1.48	1.49	-0.01
Calmar ratio: Return relative to maximum drawdown	4.14	4.39	-0.25
Martin ratio: Return relative to average drawdown	17.29	18.74	-1.45

TVAL vs. FELV - Sharpe Ratio Comparison

The current TVAL Sharpe Ratio is 2.70, which is comparable to the FELV Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of TVAL and FELV, 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

TVAL vs. FELV - Drawdown Comparison

The maximum TVAL drawdown since its inception was -14.84%, smaller than the maximum FELV drawdown of -16.08%. Use the drawdown chart below to compare losses from any high point for TVAL and FELV.

Drawdown Indicators

	TVAL	FELV	Difference
Max Drawdown Largest peak-to-trough decline	-14.84%	-16.08%	+1.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-6.85%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	—	—
Current Drawdown Current decline from peak	-1.03%	-1.07%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.03%	-2.04%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.60%	+0.11%

Volatility

TVAL vs. FELV - Volatility Comparison

The current volatility for T. Rowe Price Value ETF (TVAL) is 3.62%, while Fidelity Enhanced Large Cap Value ETF (FELV) has a volatility of 4.19%. This indicates that TVAL experiences smaller price fluctuations and is considered to be less risky than FELV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TVAL	FELV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	4.19%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	8.57%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	11.22%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	13.47%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.61%	13.47%	-0.86%

TVAL vs. FELV - Expense Ratio Comparison

TVAL has a 0.33% expense ratio, which is higher than FELV's 0.18% expense ratio.

Dividends

TVAL vs. FELV - Dividend Comparison

TVAL's dividend yield for the trailing twelve months is around 0.98%, less than FELV's 1.49% yield.

Position	TTM	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	1.49%	1.67%	2.02%	0.04%
TVAL T. Rowe Price Value ETF	0.98%	1.15%	1.16%	0.64%

Frequently Asked Questions

Can I hold both TVAL and FELV in my portfolio?

With a correlation of 0.95, TVAL and FELV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TVAL or FELV?

FELV has higher volatility (4.19%) compared to TVAL (3.62%). In terms of maximum drawdown, TVAL dropped -14.84% vs FELV's -16.08%.

Which ETF is better, TVAL or FELV?

On 1-year performance, FELV leads with 29.92% vs 29.45% for TVAL. On fees, FELV is cheaper at 0.18% per year. On volatility, TVAL has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TVAL or FELV?

Over the 1-year period, FELV has performed better with a 29.92% return vs 29.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TVAL or FELV?

FELV is cheaper with a 0.18% expense ratio, compared with 0.33% for TVAL.

Which ETF pays a higher dividend yield, TVAL or FELV?

FELV has the higher dividend yield at 1.49%, compared with 0.98% for TVAL.

What is the main difference between TVAL and FELV?

They also come from different issuers: T. Rowe Price and Fidelity. Their fees differ too: 0.33% for TVAL and 0.18% for FELV.

Which has better risk-adjusted returns?

TVAL currently has the higher Sharpe Ratio (2.70 vs 2.69), 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.