VFVA vs. IVOV

Last updated Jun 4, 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 9.48%/yr vs 7.51%/yr for IVOV. With a 0.95 correlation, they move nearly in lockstep. 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 9.50% return, which is significantly higher than IVOV's 8.98% return.

VFVA

• 1D: -1.33%
• 1M: 0.94%
• YTD: 9.50%
• 6M: 10.40%
• 1Y: 28.50%
• 3Y*: 17.34%
• 5Y*: 9.48%
• 10Y*: —

IVOV

• 1D: -0.30%
• 1M: 1.86%
• YTD: 8.98%
• 6M: 9.21%
• 1Y: 20.80%
• 3Y*: 13.95%
• 5Y*: 7.51%
• 10Y*: 10.41%

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

VFVA vs. IVOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFVA Vanguard U.S. Value Factor ETF	9.50%	14.77%	7.67%	17.37%	-3.96%	36.94%	2.28%	25.42%	-15.61%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	8.98%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-10.07%

Correlation

The correlation between VFVA and IVOV is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018	0.95

The correlation between VFVA and IVOV has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

VFVA vs. IVOV - Sectors Allocation Comparison

Sectors	VFVA	IVOV
Financial Services	25.7%	21.9%
Healthcare	14.9%	3.5%
Technology	14.5%	9.2%
Consumer Cyclical	13.1%	13.5%
Industrials	7.6%	18.8%
Energy	7.3%	7.4%
Consumer Defensive	7.1%	5.5%
Communication Services	6.2%	0.5%
Basic Materials	3.3%	6.0%
Real Estate	0.4%	9.6%
Utilities	-	4.2%

Return for Risk

VFVA vs. IVOV — Risk / Return Rank

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

VFVA

VFVA Risk / Return Rank: 58
VFVA Sharpe Ratio Rank: 54
VFVA Sortino Ratio Rank: 57
VFVA Omega Ratio Rank: 52
VFVA Calmar Ratio Rank: 66
VFVA Martin Ratio Rank: 59

IVOV

IVOV Risk / Return Rank: 39
IVOV Sharpe Ratio Rank: 38
IVOV Sortino Ratio Rank: 40
IVOV Omega Ratio Rank: 36
IVOV Calmar Ratio Rank: 40
IVOV Martin Ratio Rank: 42

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.

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.

	VFVA	IVOV	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.37	+0.50
Sortino ratio: Return per unit of downside risk	2.76	2.08	+0.67
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	3.35	1.97	+1.37
Martin ratio: Return relative to average drawdown	10.61	6.80	+3.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFVA vs. IVOV - Sharpe Ratio Comparison

The current VFVA Sharpe Ratio is 1.87, which is higher than the IVOV Sharpe Ratio of 1.37. 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.

Sharpe Ratios by Period

	VFVA	IVOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.37	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.39	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.58	-0.15

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	-1.51%	-0.31%	-1.20%
Average Drawdown Average peak-to-trough decline	-7.31%	-5.43%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	3.07%	-0.38%

Volatility

VFVA vs. IVOV - Volatility Comparison

The current volatility for Vanguard U.S. Value Factor ETF (VFVA) is 3.36%, while Vanguard S&P Mid-Cap 400 Value ETF (IVOV) has a volatility of 4.07%. This indicates that VFVA experiences smaller price fluctuations and is considered to be less risky 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	3.36%	4.07%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	10.61%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	15.27%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.18%	19.48%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.32%	21.73%	+2.59%

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 1.95%, more than IVOV's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.67%	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	1.95%	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?

With a correlation of 0.91, VFVA and IVOV 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, VFVA or IVOV?

IVOV has higher volatility (4.07%) compared to VFVA (3.36%). 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 9.48% vs 7.51% for IVOV. On fees, IVOV is cheaper at 0.10% per year. On volatility, VFVA has been the lower-risk option at 3.36%. 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 9.48% return vs 7.51%. 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 1.95%, compared with 1.67% 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 (1.87 vs 1.37), 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.