PVAL vs. FNDX

Last updated Jun 4, 2026

PVAL (Putnam Focused Large Cap Value ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds. PVAL is actively managed, while FNDX is passively managed. Over the past 5 years, PVAL returned 15.96%/yr vs 12.82%/yr for FNDX. Their correlation of 0.94 suggests significant overlap in exposure. PVAL charges 0.55%/yr vs 0.25%/yr for FNDX.

Performance

PVAL vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Value ETF (PVAL) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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 lower than FNDX's 14.57% return.

PVAL

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

FNDX

• 1D: -0.13%
• 1M: 3.88%
• YTD: 14.57%
• 6M: 14.58%
• 1Y: 32.32%
• 3Y*: 20.90%
• 5Y*: 12.82%
• 10Y*: 14.26%

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

PVAL vs. FNDX - 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%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.57%	16.94%	16.77%	18.23%	-6.92%	8.20%

Correlation

The correlation between PVAL and FNDX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.94

The correlation between PVAL and FNDX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

PVAL vs. FNDX - Sectors Allocation Comparison

Sectors	PVAL	FNDX
Financial Services	19.1%	14.1%
Healthcare	12.6%	12.0%
Industrials	12.1%	9.3%
Technology	11.9%	19.1%
Consumer Cyclical	10.2%	9.2%
Energy	8.4%	10.3%
Consumer Defensive	8.3%	7.4%
Communication Services	5.8%	10.1%
Utilities	5.0%	3.2%
Basic Materials	4.4%	3.7%
Real Estate	2.1%	1.8%

Return for Risk

PVAL vs. FNDX — 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

FNDX

FNDX Risk / Return Rank: 90
FNDX Sharpe Ratio Rank: 90
FNDX Sortino Ratio Rank: 91
FNDX Omega Ratio Rank: 90
FNDX Calmar Ratio Rank: 89
FNDX Martin Ratio Rank: 90

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. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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	FNDX	Difference
Sharpe ratio Return per unit of total volatility	3.04	3.18	-0.14
Sortino ratio Return per unit of downside risk	4.28	4.47	-0.19
Omega ratio Gain probability vs. loss probability	1.55	1.59	-0.03
Calmar ratio Return relative to maximum drawdown	4.53	5.35	-0.82
Martin ratio Return relative to average drawdown	17.33	20.97	-3.64
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. FNDX - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 3.04, which is comparable to the FNDX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of PVAL and FNDX, 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	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	3.18	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.85	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.79	+0.28

Drawdowns

PVAL vs. FNDX - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for PVAL and FNDX.

Drawdown Indicators

	PVAL	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-37.72%	+21.08%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-6.06%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-16.30%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-19.06%	+2.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.72%	—
Current Drawdown Current decline from peak	-0.16%	-0.13%	-0.03%
Average Drawdown Average peak-to-trough decline	-3.02%	-3.55%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.55%	+0.34%

Volatility

PVAL vs. FNDX - Volatility Comparison

Putnam Focused Large Cap Value ETF (PVAL) and Schwab Fundamental U.S. Large Company Index ETF (FNDX) have volatilities of 2.30% and 2.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	2.25%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	7.25%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	10.22%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	15.18%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	17.50%	-2.26%

PVAL vs. FNDX - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is higher than FNDX's 0.25% expense ratio.

Dividends

PVAL vs. FNDX - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.98%, less than FNDX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
PVAL Putnam Focused Large Cap Value ETF	0.98%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PVAL and FNDX in my portfolio?

With a correlation of 0.92, PVAL and FNDX 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, PVAL or FNDX?

PVAL has higher volatility (2.30%) compared to FNDX (2.25%). In terms of maximum drawdown, PVAL dropped -16.64% vs FNDX's -37.72%.

Which ETF is better, PVAL or FNDX?

On 5-year performance, PVAL leads with 15.96% vs 12.82% for FNDX. On fees, FNDX is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVAL or FNDX?

Over the 5-year period, PVAL has performed better with a 15.96% return vs 12.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or FNDX?

FNDX is cheaper with a 0.25% expense ratio, compared with 0.55% for PVAL.

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

FNDX has the higher dividend yield at 1.45%, compared with 0.98% for PVAL.

What is the main difference between PVAL and FNDX?

They also come from different issuers: Putnam and Charles Schwab. Their fees differ too: 0.55% for PVAL and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.18 vs 3.04), 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.