PVAL vs. PGRO

Last updated Aug 2, 2026

PVAL (Putnam Focused Large Cap Value ETF) and PGRO (Putnam Focused Large Cap Growth ETF) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while PGRO is a Large Cap Growth Equities fund actively managed by Putnam. Both are actively managed. Over the past 5 years, PVAL returned 17.22%/yr vs 10.40%/yr for PGRO. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.55% expense ratio.

Performance

PVAL vs. PGRO - Performance Comparison

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

Returns By Period

In the year-to-date period, PVAL achieves a 17.84% return, which is significantly higher than PGRO's 1.37% 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%

PGRO

• 1D: 0.76%
• 1M: -2.55%
• 6M: 2.79%
• YTD: 1.37%
• 1Y: 9.32%
• 3Y*: 19.26%
• 5Y*: 10.40%
• 10Y*: —
• ALL TIME*: 12.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PGRO Putnam Focused Large Cap Growth ETF	$9.82M	$4.94M	$2.18M
PVAL Putnam Focused Large Cap Value ETF	$116.61M	$103.87M	$91.12M

PVAL vs. PGRO - 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%
PGRO Putnam Focused Large Cap Growth ETF	1.37%	15.13%	34.01%	45.19%	-31.53%	16.63%

Correlation

The correlation between PVAL and PGRO is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.64

The correlation between PVAL and PGRO shifts across timeframes, from 0.50 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

PVAL vs. PGRO - Sectors Allocation Comparison

Sectors	PVAL	PGRO
Technology	20.6%	50.3%
Financial Services	17.0%	5.9%
Healthcare	13.1%	7.7%
Consumer Cyclical	10.7%	7.3%
Industrials	8.9%	4.1%
Consumer Defensive	7.9%	2.0%
Basic Materials	4.5%	2.4%
Utilities	4.1%	2.5%
Energy	3.6%	-
Real Estate	1.9%	0.9%
Communication Services	0.9%	15.8%

Return for Risk

PVAL vs. PGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PVAL

PVAL Risk / Return Rank: 95
PVAL Sharpe Ratio Rank: 96
PVAL Sortino Ratio Rank: 95
PVAL Omega Ratio Rank: 95
PVAL Calmar Ratio Rank: 94
PVAL Martin Ratio Rank: 94

PGRO

PGRO Risk / Return Rank: 20
PGRO Sharpe Ratio Rank: 20
PGRO Sortino Ratio Rank: 20
PGRO Omega Ratio Rank: 19
PGRO Calmar Ratio Rank: 19
PGRO Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PVAL vs. PGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Putnam Focused Large Cap Growth ETF (PGRO). 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	PGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.96	0.41	+2.55
Sortino ratio: Return per unit of downside risk	4.13	0.69	+3.44
Omega ratio: Gain probability vs. loss probability	1.54	1.08	+0.45
Calmar ratio: Return relative to maximum drawdown	4.60	0.45	+4.15
Martin ratio: Return relative to average drawdown	17.86	1.32	+16.54

PVAL vs. PGRO - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 2.96, which is higher than the PGRO Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of PVAL and PGRO, 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. PGRO - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum PGRO drawdown of -34.73%. Use the drawdown chart below to compare losses from any high point for PVAL and PGRO.

Drawdown Indicators

	PVAL	PGRO	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-34.73%	+18.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-16.34%	+9.12%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-23.31%	+7.89%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-34.73%	+18.09%
Current Drawdown Current decline from peak	0.00%	-8.08%	+8.08%
Average Drawdown Average peak-to-trough decline	-2.94%	-10.13%	+7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	5.52%	-3.66%

Volatility

PVAL vs. PGRO - Volatility Comparison

The current volatility for Putnam Focused Large Cap Value ETF (PVAL) is 3.11%, while Putnam Focused Large Cap Growth ETF (PGRO) has a volatility of 5.72%. This indicates that PVAL experiences smaller price fluctuations and is considered to be less risky than PGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	PGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	5.72%	-2.61%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	14.18%	-5.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	17.90%	-6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	22.07%	-6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.14%	21.77%	-6.63%

PVAL vs. PGRO - Expense Ratio Comparison

Both PVAL and PGRO have an expense ratio of 0.55%.

Dividends

PVAL vs. PGRO - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.90%, more than PGRO's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021
PGRO Putnam Focused Large Cap Growth ETF	0.02%	0.02%	0.08%	0.19%	0.12%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.90%	1.00%	1.34%	1.33%	0.59%	0.47%

Frequently Asked Questions

Can I hold both PVAL and PGRO in my portfolio?

PVAL and PGRO have a correlation of 0.50, 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 PGRO?

PGRO has higher volatility (5.72%) compared to PVAL (3.11%). In terms of maximum drawdown, PVAL dropped -16.64% vs PGRO's -34.73%.

Which ETF is better, PVAL or PGRO?

On 5-year performance, PVAL leads with 17.22% vs 10.40% for PGRO. Both ETFs have the same 0.55% expense ratio. On volatility, PVAL has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVAL or PGRO?

Over the 5-year period, PVAL has performed better with a 17.22% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or PGRO?

PVAL and PGRO have the same expense ratio: 0.55% per year.

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

PVAL has the higher dividend yield at 0.90%, compared with 0.02% for PGRO.

What is the main difference between PVAL and PGRO?

PVAL is categorized as Large Cap Value Equities, while PGRO is Large Cap Growth Equities.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.96 vs 0.41), 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.