PPIE vs. PVAL

Last updated Jun 3, 2026

PPIE (Putnam Panagora ESG International Equity ETF -) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - PPIE is a Foreign Large Cap Equities 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, PPIE returned 18.31%/yr vs 23.88%/yr for PVAL. A 0.70 correlation means they provide meaningful diversification when combined. PPIE charges 0.49%/yr vs 0.55%/yr for PVAL.

Performance

PPIE vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Panagora ESG International Equity ETF - (PPIE) 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, PPIE achieves a 8.22% return, which is significantly lower than PVAL's 11.92% return.

PPIE

• 1D: 0.15%
• 1M: 4.36%
• YTD: 8.22%
• 6M: 10.71%
• 1Y: 19.89%
• 3Y*: 18.31%
• 5Y*: —
• 10Y*: —

PVAL

• 1D: 0.53%
• 1M: 3.12%
• YTD: 11.92%
• 6M: 15.37%
• 1Y: 33.51%
• 3Y*: 23.88%
• 5Y*: 16.05%
• 10Y*: —

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

PPIE vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPIE Putnam Panagora ESG International Equity ETF -	8.22%	32.77%	7.67%	9.66%
PVAL Putnam Focused Large Cap Value ETF	11.92%	24.13%	19.30%	15.27%

Correlation

The correlation between PPIE and PVAL is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.70

The correlation between PPIE and PVAL has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

PPIE vs. PVAL - Sectors Allocation Comparison

Sectors	PPIE	PVAL
Financial Services	24.8%	19.1%
Industrials	20.3%	12.1%
Technology	15.9%	11.9%
Healthcare	10.7%	12.6%
Consumer Defensive	6.0%	8.3%
Basic Materials	5.4%	4.4%
Consumer Cyclical	5.2%	10.2%
Communication Services	3.3%	5.8%
Energy	3.0%	8.4%
Utilities	2.9%	5.0%
Real Estate	1.0%	2.1%

Return for Risk

PPIE vs. PVAL — Risk / Return Rank

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

PPIE

PPIE Risk / Return Rank: 36
PPIE Sharpe Ratio Rank: 36
PPIE Sortino Ratio Rank: 35
PPIE Omega Ratio Rank: 35
PPIE Calmar Ratio Rank: 35
PPIE Martin Ratio Rank: 40

PVAL

PVAL Risk / Return Rank: 88
PVAL Sharpe Ratio Rank: 90
PVAL Sortino Ratio Rank: 91
PVAL Omega Ratio Rank: 89
PVAL Calmar Ratio Rank: 85
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.

PPIE vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG International Equity ETF - (PPIE) 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.

	PPIE	PVAL	Difference
Sharpe ratio Return per unit of total volatility	1.31	3.12	-1.82
Sortino ratio Return per unit of downside risk	1.88	4.38	-2.50
Omega ratio Gain probability vs. loss probability	1.24	1.57	-0.33
Calmar ratio Return relative to maximum drawdown	1.77	4.71	-2.94
Martin ratio Return relative to average drawdown	6.56	18.05	-11.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPIE vs. PVAL - Sharpe Ratio Comparison

The current PPIE Sharpe Ratio is 1.31, which is lower than the PVAL Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of PPIE 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

	PPIE	PVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	3.12	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.07	+0.08

Drawdowns

PPIE vs. PVAL - Drawdown Comparison

The maximum PPIE drawdown since its inception was -13.55%, smaller than the maximum PVAL drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for PPIE and PVAL.

Drawdown Indicators

	PPIE	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-13.55%	-16.64%	+3.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-7.22%	-4.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-15.42%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.64%	—
Current Drawdown Current decline from peak	-0.84%	0.00%	-0.84%
Average Drawdown Average peak-to-trough decline	-2.51%	-3.02%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	1.89%	+1.35%

Volatility

PPIE vs. PVAL - Volatility Comparison

Putnam Panagora ESG International Equity ETF - (PPIE) has a higher volatility of 4.60% compared to Putnam Focused Large Cap Value ETF (PVAL) at 2.42%. This indicates that PPIE'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

	PPIE	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	2.42%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	8.24%	+4.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	10.78%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	15.26%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	15.24%	-0.41%

PPIE vs. PVAL - Expense Ratio Comparison

PPIE has a 0.49% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

PPIE vs. PVAL - Dividend Comparison

PPIE's dividend yield for the trailing twelve months is around 12.07%, more than PVAL's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021
PPIE Putnam Panagora ESG International Equity ETF -	12.07%	8.40%	5.12%	3.30%	0.00%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.97%	1.00%	1.34%	1.33%	0.59%	0.47%

Frequently Asked Questions

Can I hold both PPIE and PVAL in my portfolio?

PPIE and PVAL have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPIE or PVAL?

PPIE has higher volatility (4.60%) compared to PVAL (2.42%). In terms of maximum drawdown, PPIE dropped -13.55% vs PVAL's -16.64%.

Which ETF is better, PPIE or PVAL?

On 3-year performance, PVAL leads with 23.88% vs 18.31% for PPIE. On fees, PPIE is cheaper at 0.49% per year. On volatility, PVAL has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPIE or PVAL?

Over the 3-year period, PVAL has performed better with a 23.88% return vs 18.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPIE or PVAL?

PPIE is cheaper with a 0.49% expense ratio, compared with 0.55% for PVAL.

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

PPIE has the higher dividend yield at 12.07%, compared with 0.97% for PVAL.

What is the main difference between PPIE and PVAL?

PPIE is categorized as Foreign Large Cap Equities, while PVAL is Large Cap Value Equities. Their fees differ too: 0.49% for PPIE and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (3.12 vs 1.31), 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.