PVAL vs. INCO

Last updated Jul 22, 2026

PVAL (Putnam Focused Large Cap Value ETF) and INCO (Columbia India Consumer ETF) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while INCO is a India Equities fund tracking the Indxx India Consumer Index. PVAL is actively managed, while INCO is passively managed. Over the past 5 years, PVAL returned 17.05%/yr vs 6.72%/yr for INCO. At a 0.40 correlation, their price movements are largely independent. PVAL charges 0.55%/yr vs 0.75%/yr for INCO.

Performance

PVAL vs. INCO - Performance Comparison

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

Returns By Period

In the year-to-date period, PVAL achieves a 15.24% return, which is significantly higher than INCO's -8.71% return.

PVAL

• 1D: 0.83%
• 1M: 1.84%
• 6M: 13.72%
• YTD: 15.24%
• 1Y: 29.47%
• 3Y*: 21.78%
• 5Y*: 17.05%
• 10Y*: —
• ALL TIME*: 16.53%

INCO

• 1D: 0.55%
• 1M: -1.11%
• 6M: -4.14%
• YTD: -8.71%
• 1Y: -7.94%
• 3Y*: 6.40%
• 5Y*: 6.72%
• 10Y*: 8.08%
• ALL TIME*: 9.20%

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

PVAL vs. INCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PVAL Putnam Focused Large Cap Value ETF	15.24%	24.13%	19.30%	18.41%	-2.61%	11.77%
INCO Columbia India Consumer ETF	-8.71%	0.59%	12.70%	34.63%	-7.01%	8.63%

Correlation

The correlation between PVAL and INCO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.40

PVAL vs. INCO - Sectors Allocation Comparison

Sectors	PVAL	INCO
Technology	17.1%	0.8%
Financial Services	11.8%	-
Industrials	11.4%	1.4%
Healthcare	10.2%	2.0%
Consumer Cyclical	9.9%	61.2%
Consumer Defensive	7.9%	36.0%
Energy	7.3%	-
Basic Materials	4.6%	-
Utilities	4.3%	-
Communication Services	4.3%	-
Real Estate	2.0%	-

Return for Risk

PVAL vs. INCO — Risk / Return Rank

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

PVAL

PVAL Risk / Return Rank: 92
PVAL Sharpe Ratio Rank: 94
PVAL Sortino Ratio Rank: 94
PVAL Omega Ratio Rank: 92
PVAL Calmar Ratio Rank: 90
PVAL Martin Ratio Rank: 91

INCO

INCO Risk / Return Rank: 6
INCO Sharpe Ratio Rank: 6
INCO Sortino Ratio Rank: 5
INCO Omega Ratio Rank: 5
INCO Calmar Ratio Rank: 7
INCO Martin Ratio Rank: 6

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. INCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Columbia India Consumer ETF (INCO). 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	INCO	Difference
Sharpe ratio: Return per unit of total volatility	2.67	-0.47	+3.14
Sortino ratio: Return per unit of downside risk	3.75	-0.58	+4.32
Omega ratio: Gain probability vs. loss probability	1.48	0.94	+0.55
Calmar ratio: Return relative to maximum drawdown	4.10	-0.37	+4.47
Martin ratio: Return relative to average drawdown	15.44	-0.84	+16.28

PVAL vs. INCO - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 2.67, which is higher than the INCO Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of PVAL and INCO, 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. INCO - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum INCO drawdown of -47.69%. Use the drawdown chart below to compare losses from any high point for PVAL and INCO.

Drawdown Indicators

	PVAL	INCO	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-47.69%	+31.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-21.37%	+14.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-29.98%	+14.56%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-29.98%	+13.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.69%	—
Current Drawdown Current decline from peak	0.00%	-22.25%	+22.25%
Average Drawdown Average peak-to-trough decline	-2.96%	-10.67%	+7.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	9.47%	-7.56%

Volatility

PVAL vs. INCO - Volatility Comparison

The current volatility for Putnam Focused Large Cap Value ETF (PVAL) is 2.49%, while Columbia India Consumer ETF (INCO) has a volatility of 3.35%. This indicates that PVAL experiences smaller price fluctuations and is considered to be less risky than INCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	INCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	3.35%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	14.42%	-5.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.09%	17.08%	-5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	16.98%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	20.29%	-5.14%

PVAL vs. INCO - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is lower than INCO's 0.75% expense ratio.

Dividends

PVAL vs. INCO - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.92%, while INCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
INCO Columbia India Consumer ETF	0.00%	0.00%	2.88%	3.81%	10.57%	6.25%	0.34%	0.28%	0.12%	0.05%	0.09%
PVAL Putnam Focused Large Cap Value ETF	0.92%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PVAL and INCO in my portfolio?

PVAL and INCO have a correlation of 0.33, 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 INCO?

INCO has higher volatility (3.35%) compared to PVAL (2.49%). In terms of maximum drawdown, PVAL dropped -16.64% vs INCO's -47.69%.

Which ETF is better, PVAL or INCO?

On 5-year performance, PVAL leads with 17.05% vs 6.72% for INCO. On fees, PVAL is cheaper at 0.55% per year. On volatility, PVAL has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVAL or INCO?

Over the 5-year period, PVAL has performed better with a 17.05% return vs 6.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or INCO?

PVAL is cheaper with a 0.55% expense ratio, compared with 0.75% for INCO.

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

PVAL has the higher dividend yield at 0.92%, compared with 0.00% for INCO.

What is the main difference between PVAL and INCO?

PVAL is categorized as Large Cap Value Equities, while INCO is India Equities. They also come from different issuers: Putnam and Ameriprise Financial. Their fees differ too: 0.55% for PVAL and 0.75% for INCO.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.67 vs -0.47), 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.