DESK vs. PVAL

Last updated Apr 1, 2026

Compare and contrast key facts about Vaneck Office And Commercial REIT ETF (DESK) and Putnam Focused Large Cap Value ETF (PVAL).

DESK and PVAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DESK is a passively managed fund by VanEck that tracks the performance of the MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross. It was launched on Sep 19, 2023. PVAL is an actively managed fund by Putnam. It was launched on May 25, 2021.

Performance

DESK vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vaneck Office And Commercial REIT ETF (DESK) and Putnam Focused Large Cap Value ETF (PVAL). The values are adjusted to include any dividend payments, if applicable.

DESK vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DESK Vaneck Office And Commercial REIT ETF	-10.05%	-10.42%	16.01%	18.89%
PVAL Putnam Focused Large Cap Value ETF	1.82%	24.13%	19.30%	8.04%

Returns By Period

In the year-to-date period, DESK achieves a -10.05% return, which is significantly lower than PVAL's 1.82% return.

DESK

• 1D: 1.80%
• 1M: -5.84%
• YTD: -10.05%
• 6M: -20.20%
• 1Y: -12.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PVAL

• 1D: 2.05%
• 1M: -4.23%
• YTD: 1.82%
• 6M: 9.15%
• 1Y: 23.20%
• 3Y*: 20.23%
• 5Y*: —
• 10Y*: —

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

DESK vs. PVAL - Expense Ratio Comparison

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

PVAL

Putnam Focused Large Cap Value ETF

DESK

Vaneck Office And Commercial REIT ETF

Return for Risk

DESK vs. PVAL — Risk / Return Rank

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

DESK

DESK Risk / Return Rank: 4
DESK Sharpe Ratio Rank: 4
DESK Sortino Ratio Rank: 4
DESK Omega Ratio Rank: 4
DESK Calmar Ratio Rank: 5
DESK Martin Ratio Rank: 3

PVAL

PVAL Risk / Return Rank: 81
PVAL Sharpe Ratio Rank: 80
PVAL Sortino Ratio Rank: 80
PVAL Omega Ratio Rank: 83
PVAL Calmar Ratio Rank: 80
PVAL Martin Ratio Rank: 84

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.

DESK vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vaneck Office And Commercial REIT ETF (DESK) 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.

	DESK	PVAL	Difference
Sharpe ratio Return per unit of total volatility	-0.51	1.45	-1.96
Sortino ratio Return per unit of downside risk	-0.58	2.00	-2.58
Omega ratio Gain probability vs. loss probability	0.93	1.31	-0.38
Calmar ratio Return relative to maximum drawdown	-0.46	2.06	-2.52
Martin ratio Return relative to average drawdown	-1.09	9.20	-10.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DESK vs. PVAL - Sharpe Ratio Comparison

The current DESK Sharpe Ratio is -0.51, which is lower than the PVAL Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of DESK and PVAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DESK	PVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	1.45	-1.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.96	-0.79

Correlation

The correlation between DESK and PVAL is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DESK vs. PVAL - Dividend Comparison

DESK's dividend yield for the trailing twelve months is around 5.73%, more than PVAL's 0.98% yield.

	TTM	2025	2024	2023	2022	2021
DESK Vaneck Office And Commercial REIT ETF	5.73%	5.15%	3.78%	1.73%	0.00%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.98%	1.00%	1.34%	1.33%	0.59%	0.47%

Drawdowns

DESK vs. PVAL - Drawdown Comparison

The maximum DESK drawdown since its inception was -28.65%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for DESK and PVAL.

Drawdown Indicators

	DESK	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-28.65%	-16.64%	-12.01%
Max Drawdown (1Y) Largest decline over 1 year	-25.09%	-11.94%	-13.15%
Current Drawdown Current decline from peak	-26.37%	-5.33%	-21.04%
Average Drawdown Average peak-to-trough decline	-10.56%	-3.09%	-7.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.55%	2.68%	+7.87%

Volatility

DESK vs. PVAL - Volatility Comparison

Vaneck Office And Commercial REIT ETF (DESK) has a higher volatility of 6.42% compared to Putnam Focused Large Cap Value ETF (PVAL) at 4.48%. This indicates that DESK's price experiences larger fluctuations and is considered to be riskier than PVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DESK	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	4.48%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	8.51%	+5.35%
Volatility (1Y) Calculated over the trailing 1-year period	23.68%	16.14%	+7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.02%	15.39%	+10.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.02%	15.39%	+10.63%