VLUE vs. FVAL

Last updated Jun 24, 2026

VLUE (iShares MSCI USA Value Factor ETF) and FVAL (Fidelity Value Factor ETF) are both Large Cap Value Equities funds - VLUE tracks the MSCI USA Enhanced Value Index while FVAL tracks the Fidelity U.S. Value Factor Index. Both are passively managed. Over the past 5 years, VLUE returned 16.52%/yr vs 12.00%/yr for FVAL. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

VLUE vs. FVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Value Factor ETF (VLUE) and Fidelity Value Factor ETF (FVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLUE achieves a 45.30% return, which is significantly higher than FVAL's 7.62% return.

VLUE

• 1D: -3.46%
• 1M: 5.59%
• YTD: 45.30%
• 6M: 44.72%
• 1Y: 81.73%
• 3Y*: 32.50%
• 5Y*: 16.52%
• 10Y*: 15.56%

FVAL

• 1D: -0.92%
• 1M: -1.49%
• YTD: 7.62%
• 6M: 6.75%
• 1Y: 25.79%
• 3Y*: 19.21%
• 5Y*: 12.00%
• 10Y*: —

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

VLUE vs. FVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLUE iShares MSCI USA Value Factor ETF	45.30%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	21.95%
FVAL Fidelity Value Factor ETF	7.62%	19.56%	18.05%	23.10%	-14.40%	30.33%	9.08%	30.33%	-7.87%	22.49%

Correlation

The correlation between VLUE and FVAL is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.90

The correlation between VLUE and FVAL shifts across timeframes, from 0.79 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

VLUE vs. FVAL - Sectors Allocation Comparison

Sectors	VLUE	FVAL
Technology	40.7%	36.1%
Financial Services	10.5%	11.7%
Consumer Cyclical	10.1%	10.6%
Communication Services	9.5%	9.7%
Industrials	8.0%	8.1%
Healthcare	7.9%	9.7%
Consumer Defensive	4.4%	4.4%
Energy	3.5%	3.4%
Utilities	2.0%	1.9%
Real Estate	1.8%	2.5%
Basic Materials	1.3%	2.0%

Return for Risk

VLUE vs. FVAL — Risk / Return Rank

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

VLUE

VLUE Risk / Return Rank: 96
VLUE Sharpe Ratio Rank: 97
VLUE Sortino Ratio Rank: 96
VLUE Omega Ratio Rank: 95
VLUE Calmar Ratio Rank: 96
VLUE Martin Ratio Rank: 97

FVAL

FVAL Risk / Return Rank: 68
FVAL Sharpe Ratio Rank: 70
FVAL Sortino Ratio Rank: 68
FVAL Omega Ratio Rank: 69
FVAL Calmar Ratio Rank: 61
FVAL Martin Ratio Rank: 70

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.

VLUE vs. FVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Value Factor ETF (VLUE) and Fidelity Value Factor ETF (FVAL). 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.

	VLUE	FVAL	Difference
Sharpe ratio: Return per unit of total volatility	4.31	2.16	+2.15
Sortino ratio: Return per unit of downside risk	5.37	2.97	+2.40
Omega ratio: Gain probability vs. loss probability	1.73	1.39	+0.34
Calmar ratio: Return relative to maximum drawdown	9.09	2.90	+6.19
Martin ratio: Return relative to average drawdown	38.03	12.33	+25.70

VLUE vs. FVAL - Sharpe Ratio Comparison

The current VLUE Sharpe Ratio is 4.31, which is higher than the FVAL Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VLUE and FVAL, 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

VLUE vs. FVAL - Drawdown Comparison

The maximum VLUE drawdown since its inception was -39.47%, which is greater than FVAL's maximum drawdown of -37.26%. Use the drawdown chart below to compare losses from any high point for VLUE and FVAL.

Drawdown Indicators

	VLUE	FVAL	Difference
Max Drawdown Largest peak-to-trough decline	-39.47%	-37.26%	-2.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-8.92%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-18.39%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-23.42%	-3.70%
Max Drawdown (10Y) Largest decline over 10 years	-39.47%	—	—
Current Drawdown Current decline from peak	-3.46%	-3.89%	+0.43%
Average Drawdown Average peak-to-trough decline	-6.00%	-4.57%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.10%	+0.06%

Volatility

VLUE vs. FVAL - Volatility Comparison

iShares MSCI USA Value Factor ETF (VLUE) has a higher volatility of 9.76% compared to Fidelity Value Factor ETF (FVAL) at 4.32%. This indicates that VLUE's price experiences larger fluctuations and is considered to be riskier than FVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLUE	FVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.76%	4.32%	+5.44%
Volatility (6M) Calculated over the trailing 6-month period	16.13%	9.35%	+6.78%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	12.01%	+7.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.12%	16.53%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.95%	18.10%	+1.85%

VLUE vs. FVAL - Expense Ratio Comparison

Both VLUE and FVAL have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VLUE vs. FVAL - Dividend Comparison

VLUE's dividend yield for the trailing twelve months is around 1.42%, less than FVAL's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVAL Fidelity Value Factor ETF	1.62%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%	0.00%
VLUE iShares MSCI USA Value Factor ETF	1.42%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both VLUE and FVAL in my portfolio?

VLUE and FVAL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLUE or FVAL?

VLUE has higher volatility (9.76%) compared to FVAL (4.32%). In terms of maximum drawdown, VLUE dropped -39.47% vs FVAL's -37.26%.

Which ETF is better, VLUE or FVAL?

On 5-year performance, VLUE leads with 16.52% vs 12.00% for FVAL. Both ETFs have the same 0.15% expense ratio. On volatility, FVAL has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLUE or FVAL?

Over the 5-year period, VLUE has performed better with a 16.52% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLUE or FVAL?

VLUE and FVAL have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, VLUE or FVAL?

FVAL has the higher dividend yield at 1.62%, compared with 1.42% for VLUE.

What is the main difference between VLUE and FVAL?

VLUE tracks MSCI USA Enhanced Value Index, while FVAL tracks Fidelity U.S. Value Factor Index. They also come from different issuers: iShares and Fidelity.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (4.31 vs 2.16), 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.