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FVAL vs SPHQ: Differences, Returns & Fees

FVAL and SPHQ hold 14% of their weight in the same names, and FVAL returned +20.9% over the year. Net assets: $1.4bn on Sep 30, 2026 for Fidelity Value Factor ETF, and $19.1bn on Oct 9, 2026 for Invesco S&P 500 Quality ETF.

Both cost 0.15% a year; their one-year returns differ by 2.9 points; SPHQ is 14.6 times larger.

FVAL vs SPHQ: Differences, Returns & Fees
FVALSPHQ
Expense ratio0.15%0.15%
Net assets, as of Jul 31, 2026$1.3bn$19.4bn
Total return, 1 year+20.9%+18.0%
What it tracksFidelity U.S. Value Factor IndexS&P 500 Quality Index
Holdings in common14%
Holdings datedJul 31, 2026Oct 10, 2026
Top ten holdings, share of the fund42.3%43.7%
Below its high4.6%, high on Jun 30, 2026

Holdings in common uses holdings dated Jul 31, 2026 and Oct 9, 2026.

+20.9%
FVAL total return, 1 year
+18.0%
SPHQ total return, 1 year
0.15%
FVAL expense ratio
0.15%
SPHQ expense ratio

What they hold in common

By the books each fund has filed, FVAL and SPHQ hold 14% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Oct 9, 2026.

half

14% in common

Positions both hold, largest shared weight first
Holding FVAL SPHQ
APPLE INC 7.24% 5.65%
VISA INC 1.45% 5.84%
QUALCOMM INC 0.84% 2.42%
PROCTER and GAMBLE CO 0.75% 2.96%
TRAVELERS COS INC 0.77% 0.71%
ADOBE INC 0.70% 1.16%
ALLSTATE CORP 0.75% 0.67%
AUTOMATIC DATA PROCESSING INC 0.59% 1.05%
ACCENTURE PLC 0.57% 1.10%
LOCKHEED MARTIN CORP 0.55% 0.96%
EXPEDIA GROUP INC 0.69% 0.34%
KIMBERLY-CLARK CORP 0.35% 0.31%
Only in FVAL
NVIDIA CORP 7.71%
MICROSOFT CORP 5.65%
ALPHABET INC 5.63%
AMAZON.COM INC 4.39%
BROADCOM INC 3.42%
MICRON TECHNOLOGY INC 2.67%
META PLATFORMS INC 1.96%
BERKSHIRE HATHAWAY INC DEL 1.86%
Only in SPHQ
Mastercard Inc 5.90%
Lam Research Corp 4.30%
GE Vernova Inc 4.17%
Costco Wholesale Corp 3.96%
Cisco Systems Inc 3.81%
Netflix Inc 3.62%
General Electric Co 3.37%
Sandisk Corp 3.08%

Check overlap with more funds →

On the same fields

FVAL
Fidelity Value Factor ETF
SPHQ
Invesco S&P 500 Quality ETF
Where it sits Stock ETF Stock ETF
Issuer Fidelity Invesco
What it is Tracks an index Tracks the S&P 500 Quality
Total return, 1 year +20.9% +18.0%
Expense ratio 0.15% 0.15%
Already in the S&P 500 91.8% 100.0%
Holdings 124 102
Net assets, FVAL as of Sep 30, 2026 and SPHQ as of Oct 9, 2026 $1.4bn $19.1bn

FVAL and SPHQ on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About FVAL

FVAL tracks an index. Over the year to Oct 9, 2026 it returned +20.9% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 124 positions, with the top ten at 42.3%.

About SPHQ

SPHQ tracks the S&P 500 Quality. Over the year to Oct 9, 2026 it returned +18.0% with distributions reinvested. By its holdings published by its issuer for Oct 10, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 102 positions, with the top ten at 43.7%. It sat 4.6% below its high of Jun 30, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FVAL or SPHQ?
In the year to Oct 9, 2026, with distributions reinvested, FVAL returned +20.9% and SPHQ +18.0%.
Which is cheaper, FVAL or SPHQ?
Neither: FVAL and SPHQ both charge 0.15% a year. Fees come from each fund's prospectus.
How much do FVAL and SPHQ overlap with the S&P 500?
By their latest filed holdings, 92% of FVAL and 100% of SPHQ by weight is stocks the S&P 500 already holds.
Other comparisons
ESGU vs FVALFVAL vs MTUMFVAL vs IWVFVAL vs OEFSEIM vs SPHQQUS vs SPHQSPHQ vs STXFSPHQ vs VOTE
FVAL on its own →SPHQ on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
FVAL filings on SEC EDGAR ↗FVAL prospectus with the expense ratio (SEC) ↗Fidelity website ↗SPHQ filings on SEC EDGAR ↗SPHQ prospectus with the expense ratio (SEC) ↗Invesco page for SPHQ ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FVAL against SPHQ, data as of Oct 9, 2026. https://etfiq.com/compare/any/fval-vs-sphq

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.