CLOZ vs. PVAL

Last updated Jun 14, 2026

CLOZ (Panagram BBB-B CLO ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - CLOZ is a CLO fund actively managed by Panagram, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. Both are actively managed. Over the past 3 years, CLOZ returned 10.36%/yr vs 23.14%/yr for PVAL. At a 0.22 correlation, their price movements are largely independent. CLOZ charges 0.50%/yr vs 0.55%/yr for PVAL.

Performance

CLOZ vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Panagram BBB-B CLO ETF (CLOZ) and Putnam Focused Large Cap Value ETF (PVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOZ achieves a 2.59% return, which is significantly lower than PVAL's 13.07% return.

CLOZ

• 1D: 0.04%
• 1M: 0.41%
• YTD: 2.59%
• 6M: 3.15%
• 1Y: 6.35%
• 3Y*: 10.36%
• 5Y*: —
• 10Y*: —

PVAL

• 1D: 1.06%
• 1M: 3.05%
• YTD: 13.07%
• 6M: 13.55%
• 1Y: 32.98%
• 3Y*: 23.14%
• 5Y*: 16.29%
• 10Y*: —

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

CLOZ vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOZ Panagram BBB-B CLO ETF	2.59%	5.99%	11.85%	14.99%
PVAL Putnam Focused Large Cap Value ETF	13.07%	24.13%	19.30%	14.80%

Correlation

The correlation between CLOZ and PVAL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.22

The correlation between CLOZ and PVAL shifts across timeframes, from 0.22 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CLOZ vs. PVAL — Risk / Return Rank

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

CLOZ

CLOZ Risk / Return Rank: 56
CLOZ Sharpe Ratio Rank: 64
CLOZ Sortino Ratio Rank: 56
CLOZ Omega Ratio Rank: 87
CLOZ Calmar Ratio Rank: 37
CLOZ Martin Ratio Rank: 38

PVAL

PVAL Risk / Return Rank: 90
PVAL Sharpe Ratio Rank: 93
PVAL Sortino Ratio Rank: 92
PVAL Omega Ratio Rank: 91
PVAL Calmar Ratio Rank: 88
PVAL Martin Ratio Rank: 88

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.

CLOZ vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram BBB-B CLO ETF (CLOZ) and Putnam Focused Large Cap Value ETF (PVAL). 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.

	CLOZ	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.89	-1.06
Sortino ratio: Return per unit of downside risk	2.34	4.03	-1.69
Omega ratio: Gain probability vs. loss probability	1.46	1.52	-0.06
Calmar ratio: Return relative to maximum drawdown	1.61	4.45	-2.83
Martin ratio: Return relative to average drawdown	5.36	16.87	-11.52

CLOZ vs. PVAL - Sharpe Ratio Comparison

The current CLOZ Sharpe Ratio is 1.83, which is lower than the PVAL Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of CLOZ and PVAL, 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

CLOZ vs. PVAL - Drawdown Comparison

The maximum CLOZ drawdown since its inception was -5.32%, smaller than the maximum PVAL drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for CLOZ and PVAL.

Drawdown Indicators

	CLOZ	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-16.64%	+11.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-7.22%	+3.32%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	-15.42%	+10.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.64%	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.38%	-3.01%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	1.90%	-0.73%

Volatility

CLOZ vs. PVAL - Volatility Comparison

The current volatility for Panagram BBB-B CLO ETF (CLOZ) is 0.52%, while Putnam Focused Large Cap Value ETF (PVAL) has a volatility of 3.68%. This indicates that CLOZ experiences smaller price fluctuations and is considered to be less risky than PVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOZ	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	3.68%	-3.16%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	8.57%	-5.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	11.12%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.79%	15.32%	-11.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	15.25%	-11.46%

CLOZ vs. PVAL - Expense Ratio Comparison

CLOZ has a 0.50% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

CLOZ vs. PVAL - Dividend Comparison

CLOZ's dividend yield for the trailing twelve months is around 7.38%, more than PVAL's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021
CLOZ Panagram BBB-B CLO ETF	7.38%	7.63%	9.09%	8.81%	0.00%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.97%	1.00%	1.34%	1.33%	0.59%	0.47%

Frequently Asked Questions

Can I hold both CLOZ and PVAL in my portfolio?

CLOZ and PVAL have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOZ or PVAL?

PVAL has higher volatility (3.68%) compared to CLOZ (0.52%). In terms of maximum drawdown, CLOZ dropped -5.32% vs PVAL's -16.64%.

Which ETF is better, CLOZ or PVAL?

On 3-year performance, PVAL leads with 23.14% vs 10.36% for CLOZ. On fees, CLOZ is cheaper at 0.50% per year. On volatility, CLOZ has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOZ or PVAL?

Over the 3-year period, PVAL has performed better with a 23.14% return vs 10.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOZ or PVAL?

CLOZ is cheaper with a 0.50% expense ratio, compared with 0.55% for PVAL.

Which ETF pays a higher dividend yield, CLOZ or PVAL?

CLOZ has the higher dividend yield at 7.38%, compared with 0.97% for PVAL.

What is the main difference between CLOZ and PVAL?

CLOZ is categorized as CLO, while PVAL is Large Cap Value Equities. They also come from different issuers: Panagram and Putnam. Their fees differ too: 0.50% for CLOZ and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.89 vs 1.83), 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.