Since the two formats have different aspect ratios, there are no *direct* AOV equivalents. You get near-direct equivalents with 6x9 format, but not 4x5, or most others.
When most people speak of equivalents, they are speaking of diagonal AOV equivalents. These give you a good general idea, but will leave you disappointed if you need an exact equivalent for some reason.
I prefer to look at horizontal and vertical AOVs. Each one of these has a different factor to find an equivalent. The factor for horizontals is approximately 3.6. The factor for verticals is something that I forgot, and the online AOV calculator I like is not working right now.
With a horizontal AOV equivalent, the horizontal AOV will be the same as the 35mm equivalent, but the vertical AOV will be wider than the 35mm lens.
With a vertical AOV equivalent, the vertical AOV will be the same as the 35mm equivalent, but the horizontal AOV will be narrower than the 35mm lens.
Depth of field will always be greater for a given AOV with a smaller format film, since longer focal lengths are needed to achieve the same AOV.