PGRO vs. IVW

Last updated Jun 4, 2026

PGRO (Putnam Focused Large Cap Growth ETF) and IVW (iShares S&P 500 Growth ETF) are both Large Cap Growth Equities funds. PGRO is actively managed, while IVW is passively managed. Over the past 5 years, PGRO returned 14.11%/yr vs 15.93%/yr for IVW. With a 0.97 correlation, they move nearly in lockstep. PGRO charges 0.55%/yr vs 0.18%/yr for IVW.

Performance

PGRO vs. IVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Growth ETF (PGRO) and iShares S&P 500 Growth ETF (IVW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGRO achieves a 9.11% return, which is significantly lower than IVW's 13.68% return.

PGRO

• 1D: -0.97%
• 1M: 6.31%
• YTD: 9.11%
• 6M: 8.47%
• 1Y: 25.32%
• 3Y*: 24.74%
• 5Y*: 14.11%
• 10Y*: —

IVW

• 1D: -0.98%
• 1M: 7.39%
• YTD: 13.68%
• 6M: 13.49%
• 1Y: 33.77%
• 3Y*: 27.99%
• 5Y*: 15.93%
• 10Y*: 18.07%

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

PGRO vs. IVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PGRO Putnam Focused Large Cap Growth ETF	9.11%	15.13%	34.01%	45.19%	-31.53%	16.67%
IVW iShares S&P 500 Growth ETF	13.68%	21.95%	35.82%	29.83%	-29.50%	21.76%

Correlation

The correlation between PGRO and IVW is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.97

The correlation between PGRO and IVW has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

PGRO vs. IVW - Sectors Allocation Comparison

Sectors	PGRO	IVW
Technology	49.5%	49.3%
Communication Services	14.3%	18.0%
Consumer Cyclical	10.4%	9.4%
Industrials	7.1%	6.2%
Healthcare	7.1%	5.8%
Financial Services	5.4%	8.9%
Consumer Defensive	2.7%	1.0%
Basic Materials	2.5%	0.4%
Utilities	1.1%	0.4%
Real Estate	0.9%	0.6%
Energy	-	0.1%

Return for Risk

PGRO vs. IVW — Risk / Return Rank

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

PGRO

PGRO Risk / Return Rank: 39
PGRO Sharpe Ratio Rank: 45
PGRO Sortino Ratio Rank: 44
PGRO Omega Ratio Rank: 43
PGRO Calmar Ratio Rank: 32
PGRO Martin Ratio Rank: 34

IVW

IVW Risk / Return Rank: 57
IVW Sharpe Ratio Rank: 62
IVW Sortino Ratio Rank: 60
IVW Omega Ratio Rank: 59
IVW Calmar Ratio Rank: 49
IVW Martin Ratio Rank: 57

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.

PGRO vs. IVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Growth ETF (PGRO) and iShares S&P 500 Growth ETF (IVW). 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.

	PGRO	IVW	Difference
Sharpe ratio Return per unit of total volatility	1.58	2.14	-0.56
Sortino ratio Return per unit of downside risk	2.20	2.88	-0.69
Omega ratio Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio Return relative to maximum drawdown	1.56	2.47	-0.91
Martin ratio Return relative to average drawdown	5.12	10.19	-5.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGRO vs. IVW - Sharpe Ratio Comparison

The current PGRO Sharpe Ratio is 1.58, which is comparable to the IVW Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of PGRO and IVW, 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

	PGRO	IVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.14	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.76	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.45	+0.20

Drawdowns

PGRO vs. IVW - Drawdown Comparison

The maximum PGRO drawdown since its inception was -34.73%, smaller than the maximum IVW drawdown of -57.33%. Use the drawdown chart below to compare losses from any high point for PGRO and IVW.

Drawdown Indicators

	PGRO	IVW	Difference
Max Drawdown Largest peak-to-trough decline	-34.73%	-57.33%	+22.60%
Max Drawdown (1Y) Largest decline over 1 year	-16.34%	-13.75%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-22.15%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-34.73%	-32.72%	-2.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.72%	—
Current Drawdown Current decline from peak	-1.07%	-1.12%	+0.05%
Average Drawdown Average peak-to-trough decline	-10.27%	-17.62%	+7.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.96%	3.32%	+1.64%

Volatility

PGRO vs. IVW - Volatility Comparison

The current volatility for Putnam Focused Large Cap Growth ETF (PGRO) is 4.05%, while iShares S&P 500 Growth ETF (IVW) has a volatility of 4.30%. This indicates that PGRO experiences smaller price fluctuations and is considered to be less risky than IVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGRO	IVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.30%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	12.37%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.10%	15.87%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	21.16%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	20.62%	+1.15%

PGRO vs. IVW - Expense Ratio Comparison

PGRO has a 0.55% expense ratio, which is higher than IVW's 0.18% expense ratio.

Dividends

PGRO vs. IVW - Dividend Comparison

PGRO's dividend yield for the trailing twelve months is around 0.02%, less than IVW's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVW iShares S&P 500 Growth ETF	0.35%	0.40%	0.43%	1.03%	0.92%	0.46%	0.82%	1.63%	1.28%	1.30%	1.51%	1.51%
PGRO Putnam Focused Large Cap Growth ETF	0.02%	0.02%	0.08%	0.19%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PGRO and IVW in my portfolio?

With a correlation of 0.97, PGRO and IVW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PGRO or IVW?

IVW has higher volatility (4.30%) compared to PGRO (4.05%). In terms of maximum drawdown, PGRO dropped -34.73% vs IVW's -57.33%.

Which ETF is better, PGRO or IVW?

On 5-year performance, IVW leads with 15.93% vs 14.11% for PGRO. On fees, IVW is cheaper at 0.18% per year. On volatility, PGRO has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGRO or IVW?

Over the 5-year period, IVW has performed better with a 15.93% return vs 14.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGRO or IVW?

IVW is cheaper with a 0.18% expense ratio, compared with 0.55% for PGRO.

Which ETF pays a higher dividend yield, PGRO or IVW?

IVW has the higher dividend yield at 0.35%, compared with 0.02% for PGRO.

What is the main difference between PGRO and IVW?

They also come from different issuers: Power Corporation of Canada and iShares. Their fees differ too: 0.55% for PGRO and 0.18% for IVW.

Which has better risk-adjusted returns?

IVW currently has the higher Sharpe Ratio (2.14 vs 1.58), 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.