PGRO vs. PVAL

Last updated Jul 12, 2026

PGRO (Putnam Focused Large Cap Growth ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - PGRO is a Large Cap Growth Equities fund actively managed by Power Corporation of Canada, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. Both are actively managed. Over the past 5 years, PGRO returned 11.62%/yr vs 16.59%/yr for PVAL. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

PGRO vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Growth ETF (PGRO) 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, PGRO achieves a 6.06% return, which is significantly lower than PVAL's 14.34% return.

PGRO

• 1D: 0.54%
• 1M: 1.50%
• 6M: 5.98%
• YTD: 6.06%
• 1Y: 15.05%
• 3Y*: 22.30%
• 5Y*: 11.62%
• 10Y*: —

PVAL

• 1D: 0.52%
• 1M: 1.12%
• 6M: 11.05%
• YTD: 14.34%
• 1Y: 28.01%
• 3Y*: 22.45%
• 5Y*: 16.59%
• 10Y*: —

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

PGRO vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PGRO Putnam Focused Large Cap Growth ETF	6.06%	15.13%	34.01%	45.19%	-31.53%	16.63%
PVAL Putnam Focused Large Cap Value ETF	14.34%	24.13%	19.30%	18.41%	-2.61%	11.77%

Correlation

The correlation between PGRO and PVAL is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.64

The correlation between PGRO and PVAL shifts across timeframes, from 0.50 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

PGRO vs. PVAL - Sectors Allocation Comparison

Sectors	PGRO	PVAL
Technology	48.3%	17.1%
Communication Services	17.1%	4.3%
Consumer Cyclical	7.8%	9.9%
Healthcare	7.3%	10.2%
Financial Services	5.4%	11.8%
Industrials	4.3%	9.3%
Utilities	2.6%	4.3%
Basic Materials	2.4%	6.6%
Consumer Defensive	1.9%	7.9%
Real Estate	0.9%	2.0%
Energy	-	7.3%

Return for Risk

PGRO vs. PVAL — Risk / Return Rank

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

PGRO

PGRO Risk / Return Rank: 26
PGRO Sharpe Ratio Rank: 28
PGRO Sortino Ratio Rank: 27
PGRO Omega Ratio Rank: 27
PGRO Calmar Ratio Rank: 23
PGRO Martin Ratio Rank: 26

PVAL

PVAL Risk / Return Rank: 89
PVAL Sharpe Ratio Rank: 91
PVAL Sortino Ratio Rank: 92
PVAL Omega Ratio Rank: 89
PVAL Calmar Ratio Rank: 86
PVAL Martin Ratio Rank: 87

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. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Growth ETF (PGRO) 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.

	PGRO	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	0.86	2.51	-1.64
Sortino ratio: Return per unit of downside risk	1.28	3.53	-2.25
Omega ratio: Gain probability vs. loss probability	1.16	1.45	-0.30
Calmar ratio: Return relative to maximum drawdown	0.91	3.85	-2.94
Martin ratio: Return relative to average drawdown	2.86	14.50	-11.64

PGRO vs. PVAL - Sharpe Ratio Comparison

The current PGRO Sharpe Ratio is 0.86, which is lower than the PVAL Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of PGRO 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

PGRO vs. PVAL - Drawdown Comparison

The maximum PGRO drawdown since its inception was -34.73%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for PGRO and PVAL.

Drawdown Indicators

	PGRO	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-34.73%	-16.64%	-18.09%
Max Drawdown (1Y) Largest decline over 1 year	-16.34%	-7.22%	-9.12%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-15.42%	-7.89%
Max Drawdown (5Y) Largest decline over 5 years	-34.73%	-16.64%	-18.09%
Current Drawdown Current decline from peak	-3.83%	-0.06%	-3.77%
Average Drawdown Average peak-to-trough decline	-10.16%	-2.98%	-7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	1.92%	+3.27%

Volatility

PGRO vs. PVAL - Volatility Comparison

Putnam Focused Large Cap Growth ETF (PGRO) has a higher volatility of 6.38% compared to Putnam Focused Large Cap Value ETF (PVAL) at 3.46%. This indicates that PGRO'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

	PGRO	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	3.46%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	8.52%	+5.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	11.12%	+6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.00%	15.25%	+6.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	15.18%	+6.60%

PGRO vs. PVAL - Expense Ratio Comparison

Both PGRO and PVAL have an expense ratio of 0.55%.

Dividends

PGRO vs. PVAL - Dividend Comparison

PGRO's dividend yield for the trailing twelve months is around 0.02%, less than PVAL's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021
PGRO Putnam Focused Large Cap Growth ETF	0.02%	0.02%	0.08%	0.19%	0.12%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.93%	1.00%	1.34%	1.33%	0.59%	0.47%

Frequently Asked Questions

Can I hold both PGRO and PVAL in my portfolio?

PGRO and PVAL have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGRO or PVAL?

PGRO has higher volatility (6.38%) compared to PVAL (3.46%). In terms of maximum drawdown, PGRO dropped -34.73% vs PVAL's -16.64%.

Which ETF is better, PGRO or PVAL?

On 5-year performance, PVAL leads with 16.59% vs 11.62% for PGRO. Both ETFs have the same 0.55% expense ratio. On volatility, PVAL has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGRO or PVAL?

Over the 5-year period, PVAL has performed better with a 16.59% return vs 11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGRO or PVAL?

PGRO and PVAL have the same expense ratio: 0.55% per year.

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

PVAL has the higher dividend yield at 0.93%, compared with 0.02% for PGRO.

What is the main difference between PGRO and PVAL?

PGRO is categorized as Large Cap Growth Equities, while PVAL is Large Cap Value Equities. They also come from different issuers: Power Corporation of Canada and Putnam.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.51 vs 0.86), 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.