PVAL vs. IWX
PVAL (Putnam Focused Large Cap Value ETF) and IWX (iShares Russell Top 200 Value ETF) are both Large Cap Value Equities funds. PVAL is actively managed, while IWX is passively managed. Over the past 5 years, PVAL returned 17.22%/yr vs 12.65%/yr for IWX. Their correlation of 0.92 means they have usually moved in the same direction. PVAL charges 0.55%/yr vs 0.20%/yr for IWX.
Performance
PVAL vs. IWX - Performance Comparison
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Returns By Period
In the year-to-date period, PVAL achieves a 17.84% return, which is significantly lower than IWX's 20.90% return.
PVAL
- 1D
- 0.06%
- 1M
- 3.62%
- 6M
- 13.49%
- YTD
- 17.84%
- 1Y
- 35.15%
- 3Y*
- 22.28%
- 5Y*
- 17.22%
- 10Y*
- —
- ALL TIME*
- 16.94%
IWX
- 1D
- 0.74%
- 1M
- 2.59%
- 6M
- 15.57%
- YTD
- 20.90%
- 1Y
- 34.92%
- 3Y*
- 18.98%
- 5Y*
- 12.65%
- 10Y*
- 12.13%
- ALL TIME*
- 11.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $55.11M | $49.72M | $33.93M | |
| $116.61M | $103.87M | $91.12M |
PVAL vs. IWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PVAL Putnam Focused Large Cap Value ETF | 17.84% | 24.13% | 19.30% | 18.41% | -2.61% | 11.77% |
IWX iShares Russell Top 200 Value ETF | 20.90% | 18.23% | 14.89% | 10.45% | -5.33% | 5.98% |
Correlation
The correlation between PVAL and IWX is 0.90, 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. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 26, 2021 | 0.92 |
The correlation between PVAL and IWX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
PVAL vs. IWX - Sectors Allocation Comparison
Sectors
PVAL
IWX
Technology
Financial Services
Healthcare
Consumer Cyclical
Industrials
Consumer Defensive
Basic Materials
Utilities
Energy
Real Estate
Communication Services
Technology
PVAL
IWX
Financial Services
PVAL
IWX
Healthcare
PVAL
IWX
Consumer Cyclical
PVAL
IWX
Industrials
PVAL
IWX
Consumer Defensive
PVAL
IWX
Basic Materials
PVAL
IWX
Utilities
PVAL
IWX
Energy
PVAL
IWX
Real Estate
PVAL
IWX
Communication Services
PVAL
IWX
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Return for Risk
PVAL vs. IWX — Risk / Return Rank
PVAL
IWX
PVAL vs. IWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and iShares Russell Top 200 Value ETF (IWX). 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 | IWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.55 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 5.05 | -0.45 |
| Martin ratioReturn relative to average drawdown | 17.86 | 22.22 | -4.35 |
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Drawdowns
PVAL vs. IWX - Drawdown Comparison
The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum IWX drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for PVAL and IWX.
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Drawdown Indicators
| PVAL | IWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.64% | -35.76% | +19.12% |
Max Drawdown (1Y)Largest decline over 1 year | -7.22% | -6.59% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -13.37% | -2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -16.64% | -18.13% | +1.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.76% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -3.79% | +0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 1.50% | +0.36% |
Volatility
PVAL vs. IWX - Volatility Comparison
Putnam Focused Large Cap Value ETF (PVAL) and iShares Russell Top 200 Value ETF (IWX) have volatilities of 3.11% and 3.10%, 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.
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Volatility by Period
| PVAL | IWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 3.10% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 8.56% | 8.46% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.24% | 10.81% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 13.89% | +1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.14% | 16.48% | -1.34% |
PVAL vs. IWX - Expense Ratio Comparison
PVAL has a 0.55% expense ratio, which is higher than IWX's 0.20% expense ratio.
Dividends
PVAL vs. IWX - Dividend Comparison
PVAL's dividend yield for the trailing twelve months is around 0.90%, less than IWX's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWX iShares Russell Top 200 Value ETF | 1.39% | 1.59% | 1.97% | 2.13% | 2.07% | 1.79% | 2.12% | 2.60% | 2.66% | 2.12% | 2.22% | 2.77% |
PVAL Putnam Focused Large Cap Value ETF | 0.90% | 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
PVAL and IWX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PVAL has higher volatility (3.11%) compared to IWX (3.10%). In terms of maximum drawdown, PVAL dropped -16.64% vs IWX's -35.76%.
On 5-year performance, PVAL leads with 17.22% vs 12.65% for IWX. On fees, IWX is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PVAL has performed better with a 17.22% return vs 12.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWX is cheaper with a 0.20% expense ratio, compared with 0.55% for PVAL.
IWX has the higher dividend yield at 1.39%, compared with 0.90% for PVAL.
They also come from different issuers: Putnam and iShares. Their fees differ too: 0.55% for PVAL and 0.20% for IWX.
IWX currently has the higher Sharpe Ratio (3.10 vs 2.96), 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.
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