FVAL vs VTV: Grades, Fees and Holdings Compared

Fidelity Value Factor ETF

FVALBNYSE Arca

Vanguard Morningstar Value ETF

VTVANYSE Arca

Overlap

30.1%by weight

Expense ratio

VTV −0.12pt a year

FVAL0.15%VTV0.03%

Avg volume · 30D

VTV 65.8×the volume

FVAL43KVTV2.83M

10Y return · a year

FVAL +1.5pt

FVAL+14.5%VTV+13.0%

FVAL vs VTV Performance

Oct 29, 2021 – Oct 30, 2026

+79.1%FVAL+79.8%VTV

Expense ratio: FVAL 0.15%; VTV 0.03%, better
Fund size: FVAL $1.35B; VTV $252B
1Y total return: FVAL +17.6%; VTV +25.3%, better
Yield (12M): FVAL 1.50%; VTV 1.83%, better
Holdings: FVAL 136; VTV 300
Avg volume (30D): FVAL 43K sh; VTV 2.83M sh, better
NAV per share: FVAL $81.89; VTV $228.00
52W range

ETF.net Grade

Pillar letters and Scores for FVAL, VTV, with each pillar’s weight
Pillar	FVAL	VTV
Cost30% weight	B67	A96Higher
Mission25% weight	A80	A89Higher
Risk15% weight	C46	A84Higher
Tradability15% weight	C52	B65Higher
Holdings10% weight	F20	C51Higher
Durability5% weight	C53	A88Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. FVAL and VTV are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

VTV ranks 2nd and FVAL 17th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 84
Rank 2AVTVVanguard Morningstar Value ETFScore 83
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 16BFELVFidelity Enhanced Large Cap Value ETF Score 60
Rank 17BFVALFidelity Value Factor ETFScore 59
Rank 17BPYPrincipal Value ETFScore 59

Our read on each fund

ETF.net Research

FVALBFidelity Value Factor ETF

VTVAVanguard Morningstar Value ETF

In short

FVAL Fidelity's own value screen in an index wrapper: roughly 130 US stocks chosen by its in-house value factor rules for 0.15% a year. Not the cheapest way to own value, but a more opinionated one.

VTV Value investing for three cents on every hundred dollars a year. Since 2004, VTV has run a passive, fully invested portfolio of roughly 300 large US companies that screen cheap, at a fee near the industry floor.

Stated mandate

FVAL The fund seeks returns generally matching the Fidelity U.S. Value Factor Index before fees and expenses. It invests at least 80% of assets in securities included in that index.

VTV The fund seeks to track a large-capitalization U.S. value-stock benchmark through passive indexing and substantial replication of that index.

Why people hold it

FVAL At 0.15% a year it undercuts the typical US value-factor fund, which runs closer to 0.18%.
Roughly 130 names, not a thousand. Fidelity's U.S. Value Factor Index does the picking, so you get a concentrated read on value instead of a broad value bucket.
The rules are on paper: US equities, at least 80% of assets in index constituents, cash paid quarterly.fidelity.com
Live since 2016, so the strategy has already run through value being both in and out of favor.

VTV 0.03% a year, about a sixth of the 0.18% median for US value funds. Cost is the part of the outcome the fund actually controls.
Same recipe, very different sticker: PRXV tracks the same declared value index and charges 0.36%, twelve times VTV's fee.
Passively managed, full replication, fully invested. No manager hunches, no cash sitting idle, and the fund has tracked its benchmark closely.vanguard.com
One of the largest and most actively traded funds in the US value aisle, the kind of scale that keeps bid-ask spreads thin for ordinary orders.

Worth knowing

FVAL Trades lightly next to the category's biggest value funds, so spreads can be wider and size takes more patience.
You pay up for the screen. Plain-vanilla value funds such as VTV (0.03%) and IUSV (0.04%) cost a fraction of this one.
One factor, one country. A US value tilt can spend long stretches out of step with the broad market.

VTV Large caps only, about 300 of them. Cheap mid- and small-cap stocks live in separate funds (VOE, VTWV), so this is one slice of value, not the whole market.
It is a value screen by design, so the priciest fast growers are largely filtered out. In growth-led stretches it can move very differently from a total-market fund.
Income arrives quarterly, in four instalments rather than a monthly drip.

Full FVAL profile⁠

Full VTV profile⁠

FVAL vs VTV Holdings

How FVAL and VTV differ

Overlap by weight

30.1%

Shared holdings make up 41.9% of FVAL and 41.9% of VTV.

Level by level

Holdings79 in both30.1%
Sector11 Sectors64.8%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in FVAL and VTV, widest gap first
Sector	More in FVALMore in VTV	FVAL	VTV
Technology	FVAL +23.8 points	38.1%	14.3%
Financials	VTV +10.5 points	11.9%	22.4%
Health Care	VTV +6.9 points	9.9%	16.8%
Communication	FVAL +6.4 points	9.4%	3.0%
Consumer Discretionary	FVAL +5.0 points	8.7%	3.7%
Energy	VTV +4.7 points	3.5%	8.2%
Industrials	VTV +4.5 points	8.7%	13.2%
Consumer Staples	VTV +4.3 points	4.4%	8.7%
Utilities	VTV +2.5 points	1.7%	4.2%
Materials	VTV +1.0 points	2.1%	3.1%
Real Estate	VTV +0.8 points	1.7%	2.5%

Country, concentration and asset class

Country by domicile

Country weights in FVAL and VTV, widest gap first
Country	More in FVALMore in VTV	FVAL	VTV
United States	VTV +0.4 points	99.6%	100.0%
India	FVAL +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

FVAL41.7%
VTV23.6%

Securities held

FVAL134
VTV299

Asset class

FVAL: Equity
VTV: Equity

Holdings

Only in FVAL55
In both79
Only in VTV220

Only in FVAL

55 securities, 53.2% of FVAL by weight

Apple Inc7.53%
NVIDIA Corp7.45%
Microsoft Corp5.86%
Alphabet Inc Class A3.94%
Amazon.com Inc3.23%
Broadcom Inc2.76%
Meta Platforms Inc Class A1.95%
Eli Lilly & Co1.88%
Tesla Inc1.64%
Visa Inc Class A1.50%
Accenture PLC Class A1.35%
Sandisk Corporation1.10%
Costco Wholesale Corp0.89%
Arrow Electronics Inc0.76%
Renaissancere Hldgs Ltd0.64%
First Solar Inc0.59%
Bank Ozk0.58%
Elevance Health Inc0.56%
Ally Financial Inc0.54%
Western Alliance Bancorp0.54%
Netflix Inc0.46%
Linde PLC0.45%
Universal Health Svcs Inc Class B0.44%
Leidos Holdings Inc0.42%
Genpact Ltd0.41%
Textron Inc0.39%
Ufp Industries Inc0.35%
Oshkosh Corp0.34%
Ingredion Inc0.32%
Owens Corning Inc0.31%
Securities Lending Cf0.30%
Molson Coors Beverage Co B0.29%
The Booking Holdings Inc0.25%
Royal Caribbean Cruises Ltd0.22%
Expand Energy Corp0.20%
Best Buy Co Inc0.19%
Crh Plc(Us)0.19%
Gamestop Corp Class A0.18%
National Fuel Gas Co Nj0.18%
Anglogold Ashanti PLC0.17%
Carnival Corp Ltd0.16%
Lyondellbasell Inds Class A0.16%
Block H & R Inc0.16%
Cf Industries Holdings Inc0.15%
Lululemon Athletica Inc0.14%
Macys Inc0.13%
Coeur Mining Inc0.13%
Las Vegas Sands Corp0.13%
Kimco Realty Corporation0.13%
Gaming and Leisure Proprti Inc0.12%

Only in VTV

220 securities, 58.3% of VTV by weight

JPMorgan Chase & Co3.34%
Walmart Inc1.73%
Cisco Systems Inc1.45%
Bank of America Corp1.37%
Coca-Cola Co/The1.27%
UnitedHealth Group Inc1.25%
Philip Morris International Inc1.13%
Thermo Fisher Scientific Inc0.95%
Goldman Sachs Group Inc/The0.93%
Amgen Inc0.87%
Morgan Stanley0.84%
Linde PLC0.83%
International Business Machines Corp0.79%
Analog Devices Inc0.73%
Salesforce Inc0.68%
PepsiCo Inc0.66%
Abbott Laboratories0.65%
AT&T Inc0.64%
Eaton Corp PLC0.63%
General Electric Co0.62%
Union Pacific Corp0.61%
Charles Schwab Corp/The0.61%
American Express Co0.58%
Blackrock Inc0.56%
Berkshire Hathaway Inc0.55%
Danaher Corp0.53%
Uber Technologies Inc0.50%
Texas Instruments Inc0.49%
Progressive Corp/The0.46%
Parker-Hannifin Corp0.46%
S&P Global Inc0.43%
Chubb Ltd0.43%
Accenture PLC0.43%
Marathon Petroleum Corp0.42%
Medtronic PLC0.42%
CVS Health Corp0.42%
Automatic Data Processing Inc0.39%
Phillips 660.39%
McKesson Corp0.38%
Trane Technologies PLC0.38%
Bank of New York Mellon Corp/The0.37%
Stryker Corp0.36%
CME Group Inc0.36%
Southern Co/The0.36%
Johnson Controls International plc0.34%
US Bancorp0.34%
PNC Financial Services Group Inc/The0.34%
Emerson Electric Co0.33%
CSX Corp0.33%
Constellation Energy Corp0.32%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in FVAL and VTV, widest gap first
Holding	More in FVALMore in VTV	FVAL	VTV
Micron Technology IncMU	VTV +2.37 points	2.20%	4.57%
Exxonmobil Holdings CorpXOM	VTV +1.39 points	1.17%	2.56%
Johnson & JohnsonJNJ	VTV +1.12 points	1.30%	2.42%
Berkshire Hathaway Inc Class BBRK.B	VTV +1.00 points	1.93%	2.93%
Hp IncHPQ	FVAL +0.82 points	0.93%	0.11%
Cognizant Tech Solutions Class ACTSH	FVAL +0.82 points	0.92%	0.10%
Caterpillar IncCAT	VTV +0.79 points	0.63%	1.42%
Zoom Communications Inc Class AZM	FVAL +0.71 points	0.80%	0.09%
Chevron CorpCVX	VTV +0.69 points	0.77%	1.46%
Intuit IncINTU	FVAL +0.65 points	0.94%	0.29%
AbbVie IncABBV	VTV +0.59 points	1.17%	1.76%
Adobe IncADBE	FVAL +0.53 points	0.89%	0.36%
American International GroupAIG	FVAL +0.52 points	0.67%	0.15%
Home Depot IncHD	VTV +0.52 points	0.56%	1.08%
PayPal Hldgs IncPYPL	FVAL +0.50 points	0.61%	0.11%
Synchrony FinancialSYF	FVAL +0.50 points	0.59%	0.09%
Prudential Financial IncPRU	FVAL +0.47 points	0.62%	0.15%
Procter & Gamble CoPG	VTV +0.45 points	0.83%	1.28%
Merck & Co Inc NewMRK	VTV +0.43 points	0.93%	1.36%
Qualcomm IncQCOM	FVAL +0.43 points	1.16%	0.73%
Centene CorpCNC	FVAL +0.41 points	0.47%	0.06%
Allstate CorporationALL	FVAL +0.40 points	0.61%	0.21%
Travelers Companies IncTRV	FVAL +0.39 points	0.67%	0.28%
Verizon Communications IncVZ	VTV +0.35 points	0.37%	0.72%
Rtx CorpRTX	VTV +0.30 points	0.65%	0.95%
Kroger CoKR	FVAL +0.29 points	0.40%	0.11%
Cigna Group (The)CI	FVAL +0.28 points	0.55%	0.27%
Disney (Walt) CoDIS	VTV +0.28 points	0.41%	0.69%
Prologis Inc ReitPLD	VTV +0.26 points	0.21%	0.47%
Capital One Financial CorpCOF	FVAL +0.25 points	0.70%	0.45%
Regeneron Pharmaceuticals IncREGN	FVAL +0.25 points	0.54%	0.29%
United Parcel Service Inc Class BUPS	FVAL +0.24 points	0.51%	0.27%
Kimberly Clark CorpKMB	FVAL +0.24 points	0.36%	0.12%
Nextera EnergyNEE	VTV +0.22 points	0.35%	0.57%
Delta Air IncDAL	FVAL +0.21 points	0.40%	0.19%
Northrop Grumman CorpNOC	FVAL +0.21 points	0.47%	0.26%
United Airlines Holdings IncUAL	FVAL +0.21 points	0.35%	0.14%
Archer Daniels Midland CoADM	FVAL +0.20 points	0.35%	0.15%
Fedex CorpFDX	FVAL +0.20 points	0.43%	0.23%
Newmont CorpNEM	VTV +0.17 points	0.29%	0.46%
Eqt CorporationEQT	FVAL +0.16 points	0.22%	0.06%
General Dynamics CorporationGD	FVAL +0.16 points	0.48%	0.32%
Honeywell Intl IncHON	FVAL +0.16 points	0.41%	0.25%
ConocophillipsCOP	VTV +0.14 points	0.43%	0.57%
Freeport Mcmoran IncFCX	VTV +0.14 points	0.24%	0.38%
Lockheed Martin CorpLMT	FVAL +0.13 points	0.58%	0.45%
Paccar IncPCAR	FVAL +0.13 points	0.35%	0.22%
Target CorpTGT	FVAL +0.11 points	0.38%	0.27%
Lowes Cos IncLOW	VTV +0.11 points	0.28%	0.39%
Pfizer IncPFE	FVAL +0.10 points	0.72%	0.62%
Valero Energy CorpVLO	VTV +0.09 points	0.33%	0.42%
Charter Communications Inc ACHTR	FVAL +0.10 points	0.12%	0.02%
Gilead Sciences IncGILD	FVAL +0.09 points	0.79%	0.70%
Edison IntlEIX	FVAL +0.09 points	0.17%	0.08%
Eversource EnergyES	FVAL +0.09 points	0.18%	0.09%
Mcdonalds CorpMCD	FVAL +0.09 points	0.40%	0.31%
Cummins IncCMI	FVAL +0.08 points	0.35%	0.27%
Vici Pptys IncVICI	FVAL +0.08 points	0.18%	0.10%
Altria Group IncMO	FVAL +0.08 points	0.51%	0.43%
Simon Ppty Group Inc - ReitSPG	VTV +0.07 points	0.16%	0.23%
Consolidated Edison IncED	FVAL +0.07 points	0.21%	0.14%
Bristol-Myers Squibb CoBMY	FVAL +0.07 points	0.55%	0.48%
Devon Energy CorpDVN	FVAL +0.07 points	0.26%	0.19%
Dr Horton IncDHI	FVAL +0.06 points	0.19%	0.13%
American Tower CorpAMT	VTV +0.06 points	0.23%	0.29%
PG&E CorpPCG	FVAL +0.06 points	0.16%	0.10%
Comcast Corp Class ACMCSA	VTV +0.05 points	0.23%	0.29%
Exelon CorpEXC	FVAL +0.05 points	0.21%	0.16%
Wells Fargo & CoWFC	VTV +0.05 points	0.87%	0.92%
Expedia IncEXPE	FVAL +0.05 points	0.16%	0.11%
Citigroup IncC	VTV +0.04 points	0.78%	0.82%
Deere & CoDE	VTV +0.03 points	0.62%	0.65%
Eog Resources IncEOG	FVAL +0.03 points	0.30%	0.27%
Extra Space Storage IncEXR	FVAL +0.02 points	0.13%	0.11%
Duke Energy CorpDUK	VTV +0.03 points	0.31%	0.34%
Realty Income Corp ReitO	VTV +0.02 points	0.18%	0.20%
General Motors CoGM	VTV +0.01 points	0.25%	0.26%
Cbre Group Inc - Class ACBRE	VTV +0.01 points	0.13%	0.14%
Ford Motor CoF	Same weight	0.18%	0.18%

All 130 FVAL holdings⁠All 331 VTV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FVAL vs VTV Cost

Overpaying FVAL vs VTV

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FVAL 0.15%
$3,137
VTV 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FVAL 0.15%
VTV 0.03%
Overpaying

Year by year

Year	FVAL	VTV	Overpaying
10	$274	$55	$219
20	$1,071	$216	$855
30	$3,137	$638	$2,499

Expense ratio

0.15%FVAL
0.03%VTV, cheaper

VTV0.03%FVAL0.15%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VTV cheapest of 40 funds

FVAL 13th cheapest of 40 funds

FVAL vs VTV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FVAL 1.50%; VTV 1.83%, better
Payout (12M): FVAL $1.23; VTV $4.16
Last payment: FVAL $0.25; VTV $1.02
Ex-dividend: FVAL Sep 18, 2026; VTV Sep 28, 2026
Paid on: FVAL Sep 22, 2026; VTV Sep 30, 2026
Frequency: FVAL Quarterly; VTV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FVALQuarterly · 39 paymentsAll FVAL payments⁠

VTVQuarterly · 39 paymentsAll VTV payments⁠

FVAL vs VTV Risk

Fall from peak · 5 years

FVAL
VTV

Risk facts

VolatilityStd dev, 3 years: FVAL 12.0%VTV 11.3%, better
Return per unit of riskSharpe ratio, 3 years: FVAL 1.41VTV 1.44, better
Worst fallMax drawdown, 5 years: FVAL −23.4%VTV −17.0%, better
Market sensitivityBeta, 5 years: FVAL 0.94VTV 0.69; Market = 1

FVAL and VTV in the news

All news⁠

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Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VTV
Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026VTV
Head-to-Head
VTV leads VYM over 10 years. The recent gap is one year
Oct 23, 2026VTV
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026VTV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VTV
Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026VTV

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FVAL vs VTV

In short

Stated mandate

Why people hold it