VIOV vs. FYT

Last updated Jul 14, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and FYT (First Trust Small Cap Value AlphaDEX Fund) are both Small Cap Value Equities funds - VIOV tracks the S&P SmallCap 600 Value Index while FYT tracks the NASDAQ AlphaDEX Small Cap Value Index. Both are passively managed. Over the past 10 years, VIOV returned 10.11%/yr vs 10.50%/yr for FYT. Their correlation of 0.91 suggests significant overlap in exposure. VIOV charges 0.10%/yr vs 0.72%/yr for FYT.

Performance

VIOV vs. FYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) and First Trust Small Cap Value AlphaDEX Fund (FYT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOV achieves a 19.73% return, which is significantly lower than FYT's 24.77% return. Both investments have delivered pretty close results over the past 10 years, with VIOV having a 10.11% annualized return and FYT not far ahead at 10.50%.

VIOV

• 1D: 0.17%
• 1M: 0.26%
• 6M: 13.28%
• YTD: 19.73%
• 1Y: 32.38%
• 3Y*: 13.83%
• 5Y*: 7.93%
• 10Y*: 10.11%

FYT

• 1D: 0.55%
• 1M: 2.41%
• 6M: 18.54%
• YTD: 24.77%
• 1Y: 34.81%
• 3Y*: 15.82%
• 5Y*: 8.83%
• 10Y*: 10.50%

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

VIOV vs. FYT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOV Vanguard S&P Small-Cap 600 Value ETF	19.73%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%
FYT First Trust Small Cap Value AlphaDEX Fund	24.77%	4.00%	3.24%	22.90%	-14.05%	29.33%	9.82%	25.80%	-14.73%	7.14%

Correlation

The correlation between VIOV and FYT is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.91

The correlation between VIOV and FYT has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

VIOV vs. FYT - Sectors Allocation Comparison

Sectors	VIOV	FYT
Financial Services	19.5%	25.9%
Consumer Cyclical	15.4%	13.3%
Technology	13.5%	8.0%
Industrials	11.6%	12.9%
Real Estate	8.6%	9.1%
Healthcare	7.3%	6.1%
Energy	7.0%	7.2%
Basic Materials	6.7%	4.9%
Communication Services	4.4%	3.0%
Consumer Defensive	3.9%	6.5%
Utilities	2.1%	2.7%

Return for Risk

VIOV vs. FYT — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 74
VIOV Sharpe Ratio Rank: 70
VIOV Sortino Ratio Rank: 74
VIOV Omega Ratio Rank: 66
VIOV Calmar Ratio Rank: 82
VIOV Martin Ratio Rank: 77

FYT

FYT Risk / Return Rank: 79
FYT Sharpe Ratio Rank: 75
FYT Sortino Ratio Rank: 80
FYT Omega Ratio Rank: 72
FYT Calmar Ratio Rank: 89
FYT Martin Ratio Rank: 79

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.

VIOV vs. FYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and First Trust Small Cap Value AlphaDEX Fund (FYT). 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.

	VIOV	FYT	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.91	-0.11
Sortino ratio: Return per unit of downside risk	2.63	2.83	-0.20
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	3.49	4.19	-0.71
Martin ratio: Return relative to average drawdown	11.47	12.05	-0.58

VIOV vs. FYT - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 1.80, which is comparable to the FYT Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VIOV and FYT, 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

VIOV vs. FYT - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, smaller than the maximum FYT drawdown of -50.48%. Use the drawdown chart below to compare losses from any high point for VIOV and FYT.

Drawdown Indicators

	VIOV	FYT	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-50.48%	+3.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.34%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-28.90%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-28.90%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	-50.48%	+3.12%
Current Drawdown Current decline from peak	-1.07%	-0.11%	-0.96%
Average Drawdown Average peak-to-trough decline	-7.34%	-8.48%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.90%	-0.07%

Volatility

VIOV vs. FYT - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) and First Trust Small Cap Value AlphaDEX Fund (FYT) have volatilities of 4.25% and 4.33%, 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

	VIOV	FYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.33%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	11.44%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	18.38%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.80%	22.47%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	25.88%	-2.06%

VIOV vs. FYT - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than FYT's 0.72% expense ratio.

Dividends

VIOV vs. FYT - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.69%, more than FYT's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYT First Trust Small Cap Value AlphaDEX Fund	1.47%	0.94%	2.07%	1.50%	1.36%	1.19%	0.96%	1.44%	1.78%	1.16%	1.16%	0.96%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.69%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and FYT in my portfolio?

With a correlation of 0.93, VIOV and FYT 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, VIOV or FYT?

FYT has higher volatility (4.33%) compared to VIOV (4.25%). In terms of maximum drawdown, VIOV dropped -47.36% vs FYT's -50.48%.

Which ETF is better, VIOV or FYT?

On 10-year performance, FYT leads with 10.50% vs 10.11% for VIOV. On fees, VIOV is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or FYT?

Over the 10-year period, FYT has performed better with a 10.50% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or FYT?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.72% for FYT.

Which ETF pays a higher dividend yield, VIOV or FYT?

VIOV has the higher dividend yield at 1.69%, compared with 1.47% for FYT.

What is the main difference between VIOV and FYT?

VIOV tracks S&P SmallCap 600 Value Index, while FYT tracks NASDAQ AlphaDEX Small Cap Value Index. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.10% for VIOV and 0.72% for FYT.

Which has better risk-adjusted returns?

FYT currently has the higher Sharpe Ratio (1.91 vs 1.80), 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.