PVAL vs. PEYAX

Last updated Jun 4, 2026

PVAL (Putnam Focused Large Cap Value ETF) and PEYAX (Putnam Large Cap Value Fund) are both Large Cap Value Equities funds from Putnam. Over the past 5 years, PVAL returned 15.96%/yr vs 11.97%/yr for PEYAX. With a 0.96 correlation, they move nearly in lockstep. PVAL charges 0.55%/yr vs 0.88%/yr for PEYAX.

Performance

PVAL vs. PEYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Value ETF (PVAL) and Putnam Large Cap Value Fund (PEYAX). 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 PEYAX's 9.88% return.

PVAL

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

PEYAX

• 1D: 1.22%
• 1M: 3.96%
• YTD: 9.88%
• 6M: 11.85%
• 1Y: 27.05%
• 3Y*: 20.71%
• 5Y*: 11.97%
• 10Y*: 13.17%

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

PVAL vs. PEYAX - 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%
PEYAX Putnam Large Cap Value Fund	9.88%	20.09%	18.99%	15.09%	-8.37%	7.37%

Correlation

The correlation between PVAL and PEYAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.96

The correlation between PVAL and PEYAX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

PVAL vs. PEYAX — 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

PEYAX

PEYAX Risk / Return Rank: 80
PEYAX Sharpe Ratio Rank: 83
PEYAX Sortino Ratio Rank: 80
PEYAX Omega Ratio Rank: 73
PEYAX Calmar Ratio Rank: 83
PEYAX Martin Ratio Rank: 80

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. PEYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Putnam Large Cap Value Fund (PEYAX). 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	PEYAX	Difference
Sharpe ratio: Return per unit of total volatility	3.04	2.66	+0.38
Sortino ratio: Return per unit of downside risk	4.28	3.77	+0.51
Omega ratio: Gain probability vs. loss probability	1.55	1.48	+0.07
Calmar ratio: Return relative to maximum drawdown	4.53	3.85	+0.68
Martin ratio: Return relative to average drawdown	17.33	15.02	+2.31
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. PEYAX - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 3.04, which is comparable to the PEYAX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of PVAL and PEYAX, 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	PEYAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	2.66	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.82	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.38	+0.69

Drawdowns

PVAL vs. PEYAX - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum PEYAX drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for PVAL and PEYAX.

Drawdown Indicators

	PVAL	PEYAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-56.92%	+40.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-7.23%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-15.12%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-15.31%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-3.02%	-14.06%	+11.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.85%	+0.04%

Volatility

PVAL vs. PEYAX - Volatility Comparison

The current volatility for Putnam Focused Large Cap Value ETF (PVAL) is 2.30%, while Putnam Large Cap Value Fund (PEYAX) has a volatility of 2.58%. This indicates that PVAL experiences smaller price fluctuations and is considered to be less risky than PEYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	PEYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	2.58%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	8.01%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	10.47%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	14.68%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	17.06%	-1.82%

PVAL vs. PEYAX - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is lower than PEYAX's 0.88% expense ratio.

Dividends

PVAL vs. PEYAX - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.98%, less than PEYAX's 4.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEYAX Putnam Large Cap Value Fund	4.81%	5.36%	6.80%	4.93%	1.21%	7.09%	5.97%	3.79%	5.67%	3.31%	2.27%	5.86%
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 PEYAX in my portfolio?

With a correlation of 0.98, PVAL and PEYAX 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 PEYAX?

PEYAX has higher volatility (2.58%) compared to PVAL (2.30%). In terms of maximum drawdown, PVAL dropped -16.64% vs PEYAX's -56.92%.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (3.04 vs 2.66), 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.