IMCV vs. PVAL

Last updated Jun 13, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. IMCV is passively managed, while PVAL is actively managed. Over the past 5 years, IMCV returned 9.22%/yr vs 16.29%/yr for PVAL. Their correlation of 0.92 suggests significant overlap in exposure. IMCV charges 0.06%/yr vs 0.55%/yr for PVAL.

Performance

IMCV vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) 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, IMCV achieves a 12.04% return, which is significantly lower than PVAL's 13.07% return.

IMCV

• 1D: 0.91%
• 1M: 4.22%
• YTD: 12.04%
• 6M: 11.44%
• 1Y: 24.70%
• 3Y*: 16.21%
• 5Y*: 9.22%
• 10Y*: 10.78%

PVAL

• 1D: 1.06%
• 1M: 3.42%
• YTD: 13.07%
• 6M: 13.55%
• 1Y: 31.96%
• 3Y*: 23.14%
• 5Y*: 16.29%
• 10Y*: —

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

IMCV vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IMCV iShares Morningstar Mid-Cap ETF	12.04%	13.52%	12.28%	11.89%	-6.98%	6.81%
PVAL Putnam Focused Large Cap Value ETF	13.07%	24.13%	19.30%	18.41%	-2.61%	11.77%

Correlation

The correlation between IMCV and PVAL is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.92

The correlation between IMCV and PVAL has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

IMCV vs. PVAL - Sectors Allocation Comparison

Sectors	IMCV	PVAL
Financial Services	15.6%	19.1%
Energy	12.5%	8.4%
Industrials	12.1%	12.1%
Utilities	10.0%	5.0%
Technology	9.1%	11.9%
Consumer Defensive	8.9%	8.3%
Consumer Cyclical	8.7%	10.2%
Healthcare	8.5%	12.6%
Basic Materials	6.5%	4.4%
Real Estate	5.6%	2.1%
Communication Services	2.5%	5.8%

Return for Risk

IMCV vs. PVAL — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 77
IMCV Sharpe Ratio Rank: 76
IMCV Sortino Ratio Rank: 79
IMCV Omega Ratio Rank: 73
IMCV Calmar Ratio Rank: 79
IMCV Martin Ratio Rank: 79

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.

IMCV vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) 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.

	IMCV	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.89	-0.78
Sortino ratio: Return per unit of downside risk	3.06	4.03	-0.97
Omega ratio: Gain probability vs. loss probability	1.37	1.52	-0.15
Calmar ratio: Return relative to maximum drawdown	3.59	4.45	-0.85
Martin ratio: Return relative to average drawdown	13.41	16.87	-3.46

IMCV vs. PVAL - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.11, which is comparable to the PVAL Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of IMCV 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

IMCV vs. PVAL - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for IMCV and PVAL.

Drawdown Indicators

	IMCV	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-16.64%	-48.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-7.22%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	-15.42%	-3.21%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	-16.64%	-3.23%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.40%	-3.01%	-5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.90%	-0.05%

Volatility

IMCV vs. PVAL - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.87%, while Putnam Focused Large Cap Value ETF (PVAL) has a volatility of 3.68%. This indicates that IMCV 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

	IMCV	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.68%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	8.57%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	11.12%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	15.32%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	15.25%	+4.41%

IMCV vs. PVAL - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

IMCV vs. PVAL - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.90%, more than PVAL's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.90%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
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 IMCV and PVAL in my portfolio?

IMCV and PVAL have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMCV or PVAL?

PVAL has higher volatility (3.68%) compared to IMCV (2.87%). In terms of maximum drawdown, IMCV dropped -64.74% vs PVAL's -16.64%.

Which ETF is better, IMCV or PVAL?

On 5-year performance, PVAL leads with 16.29% vs 9.22% for IMCV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or PVAL?

Over the 5-year period, PVAL has performed better with a 16.29% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or PVAL?

IMCV is cheaper with a 0.06% expense ratio, compared with 0.55% for PVAL.

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

IMCV has the higher dividend yield at 1.90%, compared with 0.97% for PVAL.

What is the main difference between IMCV and PVAL?

IMCV is categorized as Mid Cap Value Equities, while PVAL is Large Cap Value Equities. They also come from different issuers: iShares and Putnam. Their fees differ too: 0.06% for IMCV and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.89 vs 2.11), 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.