FTA vs. PVAL

Last updated Jun 25, 2026

FTA (First Trust Large Cap Value AlphaDEX Fund) and PVAL (Putnam Focused Large Cap Value ETF) are both Large Cap Value Equities funds. FTA is passively managed, while PVAL is actively managed. Over the past 5 years, FTA returned 10.15%/yr vs 16.28%/yr for PVAL. Their correlation of 0.88 suggests significant overlap in exposure. FTA charges 0.60%/yr vs 0.55%/yr for PVAL.

Performance

FTA vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Large Cap Value AlphaDEX Fund (FTA) and Putnam Focused Large Cap Value ETF (PVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FTA having a 12.90% return and PVAL slightly lower at 12.41%.

FTA

• 1D: 0.72%
• 1M: 2.05%
• YTD: 12.90%
• 6M: 12.07%
• 1Y: 25.96%
• 3Y*: 16.67%
• 5Y*: 10.15%
• 10Y*: 11.72%

PVAL

• 1D: -0.49%
• 1M: 1.41%
• YTD: 12.41%
• 6M: 11.04%
• 1Y: 29.84%
• 3Y*: 23.14%
• 5Y*: 16.28%
• 10Y*: —

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

FTA vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FTA First Trust Large Cap Value AlphaDEX Fund	12.90%	14.94%	10.13%	10.08%	-3.73%	5.71%
PVAL Putnam Focused Large Cap Value ETF	12.41%	24.13%	19.30%	18.41%	-2.61%	11.77%

Correlation

The correlation between FTA and PVAL is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.88

The correlation between FTA and PVAL shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

FTA vs. PVAL - Sectors Allocation Comparison

Sectors	FTA	PVAL
Financial Services	21.9%	11.8%
Utilities	10.8%	4.3%
Energy	9.8%	7.3%
Healthcare	9.7%	10.2%
Consumer Cyclical	9.0%	9.9%
Technology	8.8%	17.1%
Industrials	8.5%	11.4%
Real Estate	6.6%	2.0%
Consumer Defensive	6.4%	5.1%
Communication Services	5.0%	4.3%
Basic Materials	3.4%	4.6%

Return for Risk

FTA vs. PVAL — Risk / Return Rank

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

FTA

FTA Risk / Return Rank: 83
FTA Sharpe Ratio Rank: 79
FTA Sortino Ratio Rank: 83
FTA Omega Ratio Rank: 74
FTA Calmar Ratio Rank: 91
FTA Martin Ratio Rank: 86

PVAL

PVAL Risk / Return Rank: 87
PVAL Sharpe Ratio Rank: 90
PVAL Sortino Ratio Rank: 91
PVAL Omega Ratio Rank: 88
PVAL Calmar Ratio Rank: 84
PVAL Martin Ratio Rank: 85

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.

FTA vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Value AlphaDEX Fund (FTA) 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.

	FTA	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.70	-0.48
Sortino ratio: Return per unit of downside risk	3.27	3.79	-0.52
Omega ratio: Gain probability vs. loss probability	1.38	1.49	-0.10
Calmar ratio: Return relative to maximum drawdown	5.08	4.15	+0.93
Martin ratio: Return relative to average drawdown	15.98	15.71	+0.27

FTA vs. PVAL - Sharpe Ratio Comparison

The current FTA Sharpe Ratio is 2.22, which is comparable to the PVAL Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FTA 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

FTA vs. PVAL - Drawdown Comparison

The maximum FTA drawdown since its inception was -62.45%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for FTA and PVAL.

Drawdown Indicators

	FTA	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-16.64%	-45.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.13%	-7.22%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-15.42%	-3.31%
Max Drawdown (5Y) Largest decline over 5 years	-19.80%	-16.64%	-3.16%
Max Drawdown (10Y) Largest decline over 10 years	-44.97%	—	—
Current Drawdown Current decline from peak	-0.56%	-1.56%	+1.00%
Average Drawdown Average peak-to-trough decline	-9.01%	-2.99%	-6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.90%	-0.27%

Volatility

FTA vs. PVAL - Volatility Comparison

The current volatility for First Trust Large Cap Value AlphaDEX Fund (FTA) is 3.37%, while Putnam Focused Large Cap Value ETF (PVAL) has a volatility of 3.57%. This indicates that FTA 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

	FTA	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	3.57%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	8.61%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	11.74%	11.13%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	15.28%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	15.22%	+4.69%

FTA vs. PVAL - Expense Ratio Comparison

FTA has a 0.60% expense ratio, which is higher than PVAL's 0.55% expense ratio.

Dividends

FTA vs. PVAL - Dividend Comparison

FTA's dividend yield for the trailing twelve months is around 1.65%, more than PVAL's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTA First Trust Large Cap Value AlphaDEX Fund	1.65%	1.89%	2.02%	2.10%	2.15%	1.54%	2.03%	1.88%	2.28%	1.53%	1.56%	2.05%
PVAL Putnam Focused Large Cap Value ETF	0.97%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTA and PVAL in my portfolio?

FTA and PVAL have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTA or PVAL?

PVAL has higher volatility (3.57%) compared to FTA (3.37%). In terms of maximum drawdown, FTA dropped -62.45% vs PVAL's -16.64%.

Which ETF is better, FTA or PVAL?

On 5-year performance, PVAL leads with 16.28% vs 10.15% for FTA. On fees, PVAL is cheaper at 0.55% per year. On volatility, FTA has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTA or PVAL?

Over the 5-year period, PVAL has performed better with a 16.28% return vs 10.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTA or PVAL?

PVAL is cheaper with a 0.55% expense ratio, compared with 0.60% for FTA.

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

FTA has the higher dividend yield at 1.65%, compared with 0.97% for PVAL.

What is the main difference between FTA and PVAL?

They also come from different issuers: First Trust and Putnam. Their fees differ too: 0.60% for FTA and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.70 vs 2.22), 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.