PVAL vs. DIVZ

Last updated Jun 4, 2026

PVAL (Putnam Focused Large Cap Value ETF) and DIVZ (Opal Dividend Income ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past 5 years, PVAL returned 15.96%/yr vs 8.36%/yr for DIVZ. Their correlation of 0.82 suggests significant overlap in exposure. PVAL charges 0.55%/yr vs 0.65%/yr for DIVZ.

Performance

PVAL vs. DIVZ - Performance Comparison

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

Returns By Period

In the year-to-date period, PVAL achieves a 11.75% return, which is significantly higher than DIVZ's 3.10% return.

PVAL

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

DIVZ

• 1D: -0.26%
• 1M: -0.16%
• YTD: 3.10%
• 6M: 3.41%
• 1Y: 10.40%
• 3Y*: 15.03%
• 5Y*: 8.36%
• 10Y*: —

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

PVAL vs. DIVZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PVAL Putnam Focused Large Cap Value ETF	11.75%	24.13%	19.30%	18.41%	-2.61%	11.44%
DIVZ Opal Dividend Income ETF	3.10%	16.72%	18.44%	-0.51%	3.51%	3.39%

Correlation

The correlation between PVAL and DIVZ is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.82

Over the past year, the correlation between PVAL and DIVZ has dropped to 0.61 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

PVAL vs. DIVZ - Sectors Allocation Comparison

Sectors	PVAL	DIVZ
Financial Services	19.1%	8.7%
Healthcare	12.6%	16.0%
Industrials	12.1%	4.6%
Technology	11.9%	8.0%
Consumer Cyclical	10.2%	6.6%
Energy	8.4%	19.4%
Consumer Defensive	8.3%	20.0%
Communication Services	5.8%	5.9%
Utilities	5.0%	17.2%
Basic Materials	4.4%	5.7%
Real Estate	2.1%	-

Return for Risk

PVAL vs. DIVZ — Risk / Return Rank

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

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

DIVZ

DIVZ Risk / Return Rank: 31
DIVZ Sharpe Ratio Rank: 30
DIVZ Sortino Ratio Rank: 31
DIVZ Omega Ratio Rank: 28
DIVZ Calmar Ratio Rank: 36
DIVZ Martin Ratio Rank: 30

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.

PVAL vs. DIVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Opal Dividend Income ETF (DIVZ). 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.

	PVAL	DIVZ	Difference
Sharpe ratio Return per unit of total volatility	3.04	1.13	+1.91
Sortino ratio Return per unit of downside risk	4.28	1.67	+2.61
Omega ratio Gain probability vs. loss probability	1.55	1.19	+0.36
Calmar ratio Return relative to maximum drawdown	4.53	1.79	+2.74
Martin ratio Return relative to average drawdown	17.33	4.44	+12.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PVAL vs. DIVZ - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 3.04, which is higher than the DIVZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of PVAL and DIVZ, 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

	PVAL	DIVZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	1.13	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.66	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.89	+0.18

Drawdowns

PVAL vs. DIVZ - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, which is greater than DIVZ's maximum drawdown of -15.42%. Use the drawdown chart below to compare losses from any high point for PVAL and DIVZ.

Drawdown Indicators

	PVAL	DIVZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-15.42%	-1.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-5.83%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-9.52%	-5.90%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-15.42%	-1.22%
Current Drawdown Current decline from peak	-0.16%	-4.50%	+4.34%
Average Drawdown Average peak-to-trough decline	-3.02%	-3.49%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.35%	-0.46%

Volatility

PVAL vs. DIVZ - Volatility Comparison

The current volatility for Putnam Focused Large Cap Value ETF (PVAL) is 2.30%, while Opal Dividend Income ETF (DIVZ) has a volatility of 3.33%. This indicates that PVAL experiences smaller price fluctuations and is considered to be less risky than DIVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	DIVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	3.33%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	7.02%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	9.28%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	12.65%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	12.57%	+2.67%

PVAL vs. DIVZ - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is lower than DIVZ's 0.65% expense ratio.

Dividends

PVAL vs. DIVZ - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.98%, less than DIVZ's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021
DIVZ Opal Dividend Income ETF	2.60%	2.60%	2.63%	3.66%	3.23%	3.83%
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 PVAL and DIVZ in my portfolio?

PVAL and DIVZ have a correlation of 0.61, 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 DIVZ?

DIVZ has higher volatility (3.33%) compared to PVAL (2.30%). In terms of maximum drawdown, PVAL dropped -16.64% vs DIVZ's -15.42%.

Which ETF is better, PVAL or DIVZ?

On 5-year performance, PVAL leads with 15.96% vs 8.36% for DIVZ. On fees, PVAL is cheaper at 0.55% per year. On volatility, PVAL has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVAL or DIVZ?

Over the 5-year period, PVAL has performed better with a 15.96% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or DIVZ?

PVAL is cheaper with a 0.55% expense ratio, compared with 0.65% for DIVZ.

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

DIVZ has the higher dividend yield at 2.60%, compared with 0.98% for PVAL.

What is the main difference between PVAL and DIVZ?

They also come from different issuers: Putnam and TrueShares. Their fees differ too: 0.55% for PVAL and 0.65% for DIVZ.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (3.04 vs 1.13), 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.