PVAL vs. DFLV

Last updated Aug 6, 2026

PVAL (Putnam Focused Large Cap Value ETF) and DFLV (Dimensional US Large Cap Value ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past 3 years, PVAL returned 23.28%/yr vs 18.72%/yr for DFLV. Their correlation of 0.92 means they have usually moved in the same direction. PVAL charges 0.55%/yr vs 0.22%/yr for DFLV.

Performance

PVAL vs. DFLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Value ETF (PVAL) and Dimensional US Large Cap Value ETF (DFLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVAL achieves a 19.61% return, which is significantly lower than DFLV's 21.70% return.

PVAL

• 1D: 0.18%
• 1M: 4.54%
• 6M: 12.50%
• YTD: 19.61%
• 1Y: 35.91%
• 3Y*: 23.28%
• 5Y*: 17.29%
• 10Y*: —
• ALL TIME*: 17.23%

DFLV

• 1D: -0.13%
• 1M: 3.77%
• 6M: 13.78%
• YTD: 21.70%
• 1Y: 34.69%
• 3Y*: 18.72%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFLV Dimensional US Large Cap Value ETF	$28.52M	$29.26M	$30.59M
PVAL Putnam Focused Large Cap Value ETF	$94.53M	$102.33M	$92.20M

PVAL vs. DFLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PVAL Putnam Focused Large Cap Value ETF	19.61%	24.13%	19.30%	18.41%	-1.01%
DFLV Dimensional US Large Cap Value ETF	21.70%	15.90%	12.88%	12.31%	-0.94%

Correlation

The correlation between PVAL and DFLV is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (All Time) Calculated using the full available price history since Dec 7, 2022	0.92

The correlation between PVAL and DFLV has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

PVAL vs. DFLV - Sectors Allocation Comparison

Sectors	PVAL	DFLV
Technology	20.6%	11.4%
Financial Services	17.0%	22.2%
Healthcare	13.1%	14.5%
Consumer Cyclical	10.7%	7.4%
Industrials	8.9%	13.5%
Consumer Defensive	7.9%	4.4%
Basic Materials	4.5%	6.8%
Utilities	4.1%	-
Energy	3.6%	14.4%
Real Estate	1.9%	0.4%
Communication Services	0.9%	4.7%

Return for Risk

PVAL vs. DFLV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PVAL

PVAL Risk / Return Rank: 95
PVAL Sharpe Ratio Rank: 96
PVAL Sortino Ratio Rank: 96
PVAL Omega Ratio Rank: 95
PVAL Calmar Ratio Rank: 93
PVAL Martin Ratio Rank: 94

DFLV

DFLV Risk / Return Rank: 95
DFLV Sharpe Ratio Rank: 96
DFLV Sortino Ratio Rank: 95
DFLV Omega Ratio Rank: 95
DFLV Calmar Ratio Rank: 96
DFLV Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PVAL vs. DFLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Dimensional US Large Cap Value ETF (DFLV). 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.

	PVAL	DFLV	Difference
Sharpe ratio: Return per unit of total volatility	3.26	3.12	+0.13
Sortino ratio: Return per unit of downside risk	4.53	4.32	+0.21
Omega ratio: Gain probability vs. loss probability	1.59	1.57	+0.03
Calmar ratio: Return relative to maximum drawdown	4.99	6.36	-1.36
Martin ratio: Return relative to average drawdown	19.40	23.54	-4.14

PVAL vs. DFLV - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 3.26, which is comparable to the DFLV Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of PVAL and DFLV, 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

PVAL vs. DFLV - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, roughly equal to the maximum DFLV drawdown of -16.80%. Use the drawdown chart below to compare losses from any high point for PVAL and DFLV.

Drawdown Indicators

	PVAL	DFLV	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-16.80%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-5.48%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-16.80%	+1.38%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	—	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-2.94%	-2.95%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.48%	+0.38%

Volatility

PVAL vs. DFLV - Volatility Comparison

Putnam Focused Large Cap Value ETF (PVAL) has a higher volatility of 2.97% compared to Dimensional US Large Cap Value ETF (DFLV) at 2.53%. This indicates that PVAL's price experiences larger fluctuations and is considered to be riskier than DFLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	DFLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.53%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	8.02%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.08%	11.16%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	14.06%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.13%	14.06%	+1.07%

PVAL vs. DFLV - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is higher than DFLV's 0.22% expense ratio.

Dividends

PVAL vs. DFLV - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.89%, less than DFLV's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021
DFLV Dimensional US Large Cap Value ETF	1.34%	1.61%	1.65%	1.72%	0.11%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.89%	1.00%	1.34%	1.33%	0.59%	0.47%

Frequently Asked Questions

Can I hold both PVAL and DFLV in my portfolio?

PVAL and DFLV have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PVAL or DFLV?

PVAL has higher volatility (2.97%) compared to DFLV (2.53%). In terms of maximum drawdown, PVAL dropped -16.64% vs DFLV's -16.80%.

Which ETF is better, PVAL or DFLV?

On 3-year performance, PVAL leads with 23.28% vs 18.72% for DFLV. On fees, DFLV is cheaper at 0.22% per year. On volatility, DFLV has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVAL or DFLV?

Over the 3-year period, PVAL has performed better with a 23.28% return vs 18.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or DFLV?

DFLV is cheaper with a 0.22% expense ratio, compared with 0.55% for PVAL.

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

DFLV has the higher dividend yield at 1.34%, compared with 0.89% for PVAL.

What is the main difference between PVAL and DFLV?

They also come from different issuers: Putnam and Dimensional. Their fees differ too: 0.55% for PVAL and 0.22% for DFLV.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (3.26 vs 3.12), 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.