PCRB vs. PVAL

Last updated Jun 4, 2026

PCRB (Putnam ESG Core Bond ETF -) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - PCRB is a Intermediate Core Bond fund actively managed by Putnam, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. Both are actively managed. Over the past 3 years, PCRB returned 4.09%/yr vs 23.81%/yr for PVAL. At a 0.16 correlation, their price movements are largely independent. PCRB charges 0.35%/yr vs 0.55%/yr for PVAL.

Performance

PCRB vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG Core Bond ETF - (PCRB) 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, PCRB achieves a -0.32% return, which is significantly lower than PVAL's 11.75% return.

PCRB

• 1D: -0.13%
• 1M: -0.22%
• YTD: -0.32%
• 6M: -0.43%
• 1Y: 4.53%
• 3Y*: 4.09%
• 5Y*: —
• 10Y*: —

PVAL

• 1D: -0.16%
• 1M: 3.63%
• YTD: 11.75%
• 6M: 14.36%
• 1Y: 32.58%
• 3Y*: 23.81%
• 5Y*: 15.96%
• 10Y*: —

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

PCRB vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PCRB Putnam ESG Core Bond ETF -	-0.32%	7.21%	1.91%	2.41%
PVAL Putnam Focused Large Cap Value ETF	11.75%	24.13%	19.30%	15.27%

Correlation

The correlation between PCRB and PVAL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.16

PCRB vs. PVAL - Sectors Allocation Comparison

Sectors	PCRB	PVAL
Communication Services	11.8%	5.8%
Healthcare	0.4%	12.6%
Financial Services	0.3%	19.1%
Consumer Defensive	0.1%	8.3%
Basic Materials	-	4.4%
Consumer Cyclical	-	10.2%
Energy	-	8.4%
Industrials	-	12.1%
Real Estate	-	2.1%
Technology	-	11.9%
Utilities	-	5.0%

Return for Risk

PCRB vs. PVAL — Risk / Return Rank

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

PCRB

PCRB Risk / Return Rank: 33
PCRB Sharpe Ratio Rank: 34
PCRB Sortino Ratio Rank: 35
PCRB Omega Ratio Rank: 31
PCRB Calmar Ratio Rank: 31
PCRB Martin Ratio Rank: 33

PVAL

PVAL Risk / Return Rank: 87
PVAL Sharpe Ratio Rank: 88
PVAL Sortino Ratio Rank: 90
PVAL Omega Ratio Rank: 87
PVAL Calmar Ratio Rank: 83
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.

PCRB vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Core Bond ETF - (PCRB) 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.

	PCRB	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.21	3.04	-1.83
Sortino ratio: Return per unit of downside risk	1.84	4.28	-2.44
Omega ratio: Gain probability vs. loss probability	1.21	1.55	-0.34
Calmar ratio: Return relative to maximum drawdown	1.51	4.53	-3.02
Martin ratio: Return relative to average drawdown	4.90	17.33	-12.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCRB vs. PVAL - Sharpe Ratio Comparison

The current PCRB Sharpe Ratio is 1.21, which is lower than the PVAL Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of PCRB 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.

Sharpe Ratios by Period

	PCRB	PVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	3.04	-1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.07	-0.48

Drawdowns

PCRB vs. PVAL - Drawdown Comparison

The maximum PCRB drawdown since its inception was -7.20%, smaller than the maximum PVAL drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for PCRB and PVAL.

Drawdown Indicators

	PCRB	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-7.20%	-16.64%	+9.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-7.22%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	-15.42%	+9.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.64%	—
Current Drawdown Current decline from peak	-2.18%	-0.16%	-2.02%
Average Drawdown Average peak-to-trough decline	-1.64%	-3.02%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	1.89%	-0.96%

Volatility

PCRB vs. PVAL - Volatility Comparison

The current volatility for Putnam ESG Core Bond ETF - (PCRB) is 1.32%, while Putnam Focused Large Cap Value ETF (PVAL) has a volatility of 2.30%. This indicates that PCRB 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

	PCRB	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	2.30%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	8.19%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	10.78%	-7.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.63%	15.26%	-9.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.63%	15.24%	-9.61%

PCRB vs. PVAL - Expense Ratio Comparison

PCRB has a 0.35% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

PCRB vs. PVAL - Dividend Comparison

PCRB's dividend yield for the trailing twelve months is around 9.79%, more than PVAL's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021
PCRB Putnam ESG Core Bond ETF -	9.79%	4.30%	4.38%	3.65%	0.00%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.98%	1.00%	1.34%	1.33%	0.59%	0.47%

Frequently Asked Questions

Can I hold both PCRB and PVAL in my portfolio?

PCRB and PVAL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCRB or PVAL?

PVAL has higher volatility (2.30%) compared to PCRB (1.32%). In terms of maximum drawdown, PCRB dropped -7.20% vs PVAL's -16.64%.

Which ETF is better, PCRB or PVAL?

On 3-year performance, PVAL leads with 23.81% vs 4.09% for PCRB. On fees, PCRB is cheaper at 0.35% per year. On volatility, PCRB has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCRB or PVAL?

Over the 3-year period, PVAL has performed better with a 23.81% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCRB or PVAL?

PCRB is cheaper with a 0.35% expense ratio, compared with 0.55% for PVAL.

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

PCRB has the higher dividend yield at 9.79%, compared with 0.98% for PVAL.

What is the main difference between PCRB and PVAL?

PCRB is categorized as Intermediate Core Bond, while PVAL is Large Cap Value Equities. Their fees differ too: 0.35% for PCRB and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (3.04 vs 1.21), 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.