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VOE vs. FAB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOE vs. FAB

Last updated Jun 25, 2026

VOE (Vanguard Mid-Cap Value ETF) and FAB (First Trust Multi Cap Value AlphaDEX Fund) are both Mid Cap Value Equities funds - VOE tracks the CRSP US Mid Cap Value Index while FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index. Both are passively managed. Over the past 10 years, VOE returned 11.02%/yr vs 11.19%/yr for FAB. Their correlation of 0.88 suggests significant overlap in exposure. VOE charges 0.05%/yr vs 0.64%/yr for FAB.

Performance

VOE vs. FAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) and First Trust Multi Cap Value AlphaDEX Fund (FAB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VOE achieves a 12.36% return, which is significantly lower than FAB's 13.86% return. Both investments have delivered pretty close results over the past 10 years, with VOE having a 11.02% annualized return and FAB not far ahead at 11.19%.

VOE

1D
0.55%
1M
1.98%
YTD
12.36%
6M
11.18%
1Y
23.06%
3Y*
16.45%
5Y*
9.24%
10Y*
11.02%

FAB

1D
0.98%
1M
2.98%
YTD
13.86%
6M
12.69%
1Y
26.94%
3Y*
16.02%
5Y*
9.05%
10Y*
11.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VOE vs. FAB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOE
Vanguard Mid-Cap Value ETF		12.36%12.08%14.00%9.85%-7.97%28.78%2.65%27.85%-12.48%17.07%
FAB
First Trust Multi Cap Value AlphaDEX Fund		13.86%9.86%7.82%15.81%-6.79%30.83%2.40%23.73%-14.62%14.62%

Correlation

The correlation between VOE and FAB 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

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since May 23, 2007

0.88

The correlation between VOE and FAB has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

VOE vs. FAB - Sectors Allocation Comparison

Sectors
VOE
FAB

Financial Services

16.6%
23.9%

Industrials

13.6%
12.0%

Energy

12.3%
8.3%

Utilities

11.6%
6.2%

Technology

11.4%
7.9%

Consumer Defensive

7.9%
5.9%

Healthcare

6.4%
7.1%

Consumer Cyclical

6.2%
13.9%

Basic Materials

5.9%
3.9%

Real Estate

5.6%
7.7%

Communication Services

2.1%
2.7%

Financial Services

VOE
16.6%
FAB
23.9%

Industrials

VOE
13.6%
FAB
12.0%

Energy

VOE
12.3%
FAB
8.3%

Utilities

VOE
11.6%
FAB
6.2%

Technology

VOE
11.4%
FAB
7.9%

Consumer Defensive

VOE
7.9%
FAB
5.9%

Healthcare

VOE
6.4%
FAB
7.1%

Consumer Cyclical

VOE
6.2%
FAB
13.9%

Basic Materials

VOE
5.9%
FAB
3.9%

Real Estate

VOE
5.6%
FAB
7.7%

Communication Services

VOE
2.1%
FAB
2.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Mid-Cap Value ETF

First Trust Multi Cap Value AlphaDEX Fund

Often compared with VOE:
VOE vs. VOVOE vs. VOTVOE vs. VOOVOE vs. VBRVOE vs. IJHVOE vs. IJJVOE vs. IVOV
Often compared with FAB:
FAB vs. FNCMXFAB vs. MTUMFAB vs. CVARFAB vs. ABLDFAB vs. QQQMFAB vs. IMCVFAB vs. SPUS

Return for Risk

VOE vs. FAB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOE
VOE Risk / Return Rank: 7171
Overall Rank
VOE Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VOE Sortino Ratio Rank: 7171
Sortino Ratio Rank
VOE Omega Ratio Rank: 6565
Omega Ratio Rank
VOE Calmar Ratio Rank: 7373
Calmar Ratio Rank
VOE Martin Ratio Rank: 7575
Martin Ratio Rank
FAB
FAB Risk / Return Rank: 7474
Overall Rank
FAB Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
FAB Sortino Ratio Rank: 7676
Sortino Ratio Rank
FAB Omega Ratio Rank: 6565
Omega Ratio Rank
FAB Calmar Ratio Rank: 8484
Calmar Ratio Rank
FAB Martin Ratio Rank: 7676
Martin Ratio Rank
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.

VOE vs. FAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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.

VOEFABDifference
Sharpe ratioReturn per unit of total volatility
2.00
1.96

+0.04

Sortino ratioReturn per unit of downside risk
2.87
2.97

-0.10

Omega ratioGain probability vs. loss probability

1.35

1.34

+0.01

Calmar ratioReturn relative to maximum drawdown

3.34

4.07

-0.72

Martin ratioReturn relative to average drawdown

12.64

12.60

+0.05

VOE vs. FAB - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.00, which is comparable to the FAB Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VOE and FAB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VOE vs. FAB - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, roughly equal to the maximum FAB drawdown of -63.29%. Use the drawdown chart below to compare losses from any high point for VOE and FAB.

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Drawdown Indicators

VOEFABDifference

Max Drawdown

Largest peak-to-trough decline

-61.50%

-63.29%

+1.79%

Max Drawdown (1Y)

Largest decline over 1 year

-6.93%

-6.65%

-0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-18.45%

-22.91%

+4.46%

Max Drawdown (5Y)

Largest decline over 5 years

-19.70%

-22.91%

+3.21%

Max Drawdown (10Y)

Largest decline over 10 years

-43.18%

-47.08%

+3.90%

Current Drawdown

Current decline from peak

-0.52%

-0.41%

-0.11%

Average Drawdown

Average peak-to-trough decline

-8.33%

-9.23%

+0.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.83%

2.15%

-0.32%

Volatility

VOE vs. FAB - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) and First Trust Multi Cap Value AlphaDEX Fund (FAB) have volatilities of 3.29% and 3.35%, 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.

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Volatility by Period

VOEFABDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.29%

3.35%

-0.06%

Volatility (6M)

Calculated over the trailing 6-month period

8.37%

8.74%

-0.37%

Volatility (1Y)

Calculated over the trailing 1-year period

11.62%

13.84%

-2.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.01%

18.67%

-2.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.79%

22.02%

-3.23%

VOE vs. FAB - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than FAB's 0.64% expense ratio.

Dividends

VOE vs. FAB - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.85%, more than FAB's 1.55% yield.

PositionTTM20252024202320222021202020192018201720162015
FAB
First Trust Multi Cap Value AlphaDEX Fund		1.55%1.57%2.00%1.94%1.80%1.32%1.59%1.75%1.96%1.42%1.40%1.62%
VOE
Vanguard Mid-Cap Value ETF		1.85%2.10%2.11%2.27%2.27%1.78%2.36%2.05%2.75%1.86%1.92%2.05%

Frequently Asked Questions

With a correlation of 0.91, VOE and FAB 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.

FAB has higher volatility (3.35%) compared to VOE (3.29%). In terms of maximum drawdown, VOE dropped -61.50% vs FAB's -63.29%.

On 10-year performance, FAB leads with 11.19% vs 11.02% for VOE. On fees, VOE is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FAB has performed better with a 11.19% return vs 11.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOE is cheaper with a 0.05% expense ratio, compared with 0.64% for FAB.

VOE has the higher dividend yield at 1.85%, compared with 1.55% for FAB.

VOE tracks CRSP US Mid Cap Value Index, while FAB tracks NASDAQ AlphaDEX Multi Cap Value Index. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.05% for VOE and 0.64% for FAB.

VOE currently has the higher Sharpe Ratio (2.00 vs 1.96), 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.

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