TVAL vs. FELV

Last updated Aug 2, 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 32.99% vs 35.53% for FELV. Their 0.96 correlation means they have historically moved very closely together. 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 20.98% return, which is significantly lower than FELV's 22.05% return.

TVAL

• 1D: 0.50%
• 1M: 1.14%
• 6M: 15.26%
• YTD: 20.98%
• 1Y: 32.99%
• 3Y*: 18.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.32%

FELV

• 1D: 0.55%
• 1M: 3.27%
• 6M: 17.45%
• YTD: 22.05%
• 1Y: 35.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.37%

*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)
FELV Fidelity Enhanced Large Cap Value ETF	$7.92M	$7.35M	$6.07M
TVAL T. Rowe Price Value ETF	$3.26M	$3.20M	$5.80M

TVAL vs. FELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TVAL T. Rowe Price Value ETF	20.98%	15.59%	14.54%	7.00%
FELV Fidelity Enhanced Large Cap Value ETF	22.05%	15.80%	15.89%	7.49%

Correlation

The correlation between TVAL and FELV is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	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
Financial Services	20.0%	18.7%
Technology	19.0%	22.0%
Healthcare	12.2%	11.0%
Industrials	11.5%	13.2%
Consumer Cyclical	9.6%	10.3%
Energy	7.1%	5.4%
Consumer Defensive	6.4%	5.3%
Utilities	4.8%	3.7%
Communication Services	3.6%	4.9%
Basic Materials	3.5%	2.4%
Real Estate	2.5%	3.1%

Return for Risk

TVAL vs. FELV — Risk / Return Rank

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

TVAL

TVAL Risk / Return Rank: 95
TVAL Sharpe Ratio Rank: 96
TVAL Sortino Ratio Rank: 95
TVAL Omega Ratio Rank: 94
TVAL Calmar Ratio Rank: 93
TVAL Martin Ratio Rank: 94

FELV

FELV Risk / Return Rank: 95
FELV Sharpe Ratio Rank: 96
FELV Sortino Ratio Rank: 96
FELV Omega Ratio Rank: 95
FELV Calmar Ratio Rank: 94
FELV Martin Ratio Rank: 95

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.

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	2.91	3.04	-0.13
Sortino ratio: Return per unit of downside risk	4.04	4.18	-0.15
Omega ratio: Gain probability vs. loss probability	1.52	1.55	-0.03
Calmar ratio: Return relative to maximum drawdown	4.44	4.96	-0.52
Martin ratio: Return relative to average drawdown	19.04	21.67	-2.64

TVAL vs. FELV - Sharpe Ratio Comparison

The current TVAL Sharpe Ratio is 2.91, which is comparable to the FELV Sharpe Ratio of 3.04. 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	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-1.98%	-1.97%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.57%	+0.10%

Volatility

TVAL vs. FELV - Volatility Comparison

T. Rowe Price Value ETF (TVAL) and Fidelity Enhanced Large Cap Value ETF (FELV) have volatilities of 2.57% and 2.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	2.57%	2.45%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	8.43%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	11.19%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.49%	13.31%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.49%	13.31%	-0.82%

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 0.95%, less than FELV's 1.41% yield.

Position	TTM	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	1.41%	1.67%	2.02%	0.04%
TVAL T. Rowe Price Value ETF	0.95%	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?

TVAL has higher volatility (2.57%) compared to FELV (2.45%). 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 35.53% vs 32.99% for TVAL. On fees, FELV is cheaper at 0.18% per year. On volatility, FELV has been the lower-risk option at 2.45%. 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 35.53% return vs 32.99%. 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 1.41%, compared with 0.95% 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?

FELV currently has the higher Sharpe Ratio (3.04 vs 2.91), 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.