VFVA vs. IVOV

Last updated Aug 2, 2026

VFVA (Vanguard U.S. Value Factor ETF) and IVOV (Vanguard S&P Mid-Cap 400 Value ETF) are both Mid Cap Value Equities funds from Vanguard. VFVA is actively managed, while IVOV is passively managed. Over the past 5 years, VFVA returned 12.45%/yr vs 9.15%/yr for IVOV. Their correlation of 0.95 means they have usually moved in the same direction. VFVA charges 0.13%/yr vs 0.10%/yr for IVOV.

Performance

VFVA vs. IVOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Value Factor ETF (VFVA) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFVA achieves a 19.47% return, which is significantly higher than IVOV's 13.17% return.

VFVA

• 1D: -0.14%
• 1M: 4.08%
• 6M: 14.51%
• YTD: 19.47%
• 1Y: 37.96%
• 3Y*: 16.39%
• 5Y*: 12.45%
• 10Y*: —
• ALL TIME*: 10.75%

IVOV

• 1D: -0.27%
• 1M: 0.84%
• 6M: 8.73%
• YTD: 13.17%
• 1Y: 22.84%
• 3Y*: 11.95%
• 5Y*: 9.15%
• 10Y*: 10.61%
• ALL TIME*: 11.75%

*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)
IVOV Vanguard S&P Mid-Cap 400 Value ETF	$975.54K	$1.11M	$1.64M
VFVA Vanguard U.S. Value Factor ETF	$2.76M	$2.45M	$1.67M

VFVA vs. IVOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFVA Vanguard U.S. Value Factor ETF	19.47%	14.77%	7.67%	17.37%	-3.96%	36.94%	2.28%	25.42%	-18.90%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	13.17%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-9.29%

Correlation

The correlation between VFVA and IVOV is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.95

The correlation between VFVA and IVOV has been stable across timeframes, ranging from 0.85 to 0.95 - a consistent structural relationship.

VFVA vs. IVOV - Sectors Allocation Comparison

Sectors	VFVA	IVOV
Financial Services	25.7%	21.8%
Healthcare	14.9%	3.8%
Technology	14.5%	10.3%
Consumer Cyclical	13.1%	13.9%
Industrials	7.6%	19.2%
Energy	7.3%	6.3%
Consumer Defensive	7.1%	4.8%
Communication Services	6.2%	0.8%
Basic Materials	3.3%	5.7%
Real Estate	0.4%	9.5%
Utilities	-	4.0%

Return for Risk

VFVA vs. IVOV — Risk / Return Rank

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

VFVA

VFVA Risk / Return Rank: 92
VFVA Sharpe Ratio Rank: 92
VFVA Sortino Ratio Rank: 93
VFVA Omega Ratio Rank: 90
VFVA Calmar Ratio Rank: 92
VFVA Martin Ratio Rank: 90

IVOV

IVOV Risk / Return Rank: 59
IVOV Sharpe Ratio Rank: 60
IVOV Sortino Ratio Rank: 65
IVOV Omega Ratio Rank: 56
IVOV Calmar Ratio Rank: 56
IVOV Martin Ratio Rank: 59

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.

VFVA vs. IVOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Value Factor ETF (VFVA) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). 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.

	VFVA	IVOV	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.40	+1.00
Sortino ratio: Return per unit of downside risk	3.49	2.13	+1.36
Omega ratio: Gain probability vs. loss probability	1.42	1.25	+0.18
Calmar ratio: Return relative to maximum drawdown	4.19	1.98	+2.21
Martin ratio: Return relative to average drawdown	14.15	7.05	+7.10

VFVA vs. IVOV - Sharpe Ratio Comparison

The current VFVA Sharpe Ratio is 2.40, which is higher than the IVOV Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of VFVA and IVOV, 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

VFVA vs. IVOV - Drawdown Comparison

The maximum VFVA drawdown since its inception was -48.58%, which is greater than IVOV's maximum drawdown of -45.99%. Use the drawdown chart below to compare losses from any high point for VFVA and IVOV.

Drawdown Indicators

	VFVA	IVOV	Difference
Max Drawdown Largest peak-to-trough decline	-48.58%	-45.99%	-2.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-10.58%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-24.07%	-22.61%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-22.61%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.99%	—
Current Drawdown Current decline from peak	-1.29%	-1.21%	-0.08%
Average Drawdown Average peak-to-trough decline	-7.24%	-5.38%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.97%	-0.45%

Volatility

VFVA vs. IVOV - Volatility Comparison

Vanguard U.S. Value Factor ETF (VFVA) has a higher volatility of 4.31% compared to Vanguard S&P Mid-Cap 400 Value ETF (IVOV) at 3.31%. This indicates that VFVA's price experiences larger fluctuations and is considered to be riskier than IVOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFVA	IVOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	3.31%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	10.36%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	14.98%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.05%	19.26%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.20%	21.65%	+2.55%

VFVA vs. IVOV - Expense Ratio Comparison

VFVA has a 0.13% expense ratio, which is higher than IVOV's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VFVA vs. IVOV - Dividend Comparison

VFVA's dividend yield for the trailing twelve months is around 1.77%, more than IVOV's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.61%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%
VFVA Vanguard U.S. Value Factor ETF	1.77%	2.13%	2.40%	2.45%	2.21%	1.68%	2.04%	2.08%	1.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFVA and IVOV in my portfolio?

VFVA and IVOV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFVA or IVOV?

VFVA has higher volatility (4.31%) compared to IVOV (3.31%). In terms of maximum drawdown, VFVA dropped -48.58% vs IVOV's -45.99%.

Which ETF is better, VFVA or IVOV?

On 5-year performance, VFVA leads with 12.45% vs 9.15% for IVOV. On fees, IVOV is cheaper at 0.10% per year. On volatility, IVOV has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFVA or IVOV?

Over the 5-year period, VFVA has performed better with a 12.45% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFVA or IVOV?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.13% for VFVA.

Which ETF pays a higher dividend yield, VFVA or IVOV?

VFVA has the higher dividend yield at 1.77%, compared with 1.61% for IVOV.

What is the main difference between VFVA and IVOV?

Their fees differ too: 0.13% for VFVA and 0.10% for IVOV.

Which has better risk-adjusted returns?

VFVA currently has the higher Sharpe Ratio (2.40 vs 1.40), 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.