PVAL vs. PPEM

Last updated Aug 2, 2026

PVAL (Putnam Focused Large Cap Value ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while PPEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index. PVAL is actively managed, while PPEM is passively managed. Their 0.53 correlation means they have sometimes moved together and sometimes differently. PVAL charges 0.55%/yr vs 0.61%/yr for PPEM.

Performance

PVAL vs. PPEM - Performance Comparison

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

Returns By Period

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%

PPEM

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
PVAL Putnam Focused Large Cap Value ETF	$116.61M	$103.87M	$91.12M

PVAL vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PVAL Putnam Focused Large Cap Value ETF	17.84%	24.13%	19.30%	17.02%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%

Correlation

The correlation between PVAL and PPEM is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.53

The correlation between PVAL and PPEM has been stable across timeframes, ranging from 0.49 to 0.53 - a consistent structural relationship.

PVAL vs. PPEM - Sectors Allocation Comparison

Sectors	PVAL	PPEM
Technology	20.6%	50.9%
Financial Services	17.0%	16.8%
Healthcare	13.1%	2.5%
Consumer Cyclical	10.7%	7.7%
Industrials	8.9%	3.2%
Consumer Defensive	7.9%	1.0%
Basic Materials	4.5%	3.6%
Utilities	4.1%	2.4%
Energy	3.6%	2.5%
Real Estate	1.9%	1.5%
Communication Services	0.9%	8.0%

Return for Risk

PVAL vs. PPEM — 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

PPEM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). 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	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.96	—	—
Sortino ratio: Return per unit of downside risk	4.13	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	4.60	—	—
Martin ratio: Return relative to average drawdown	17.86	—	—

Drawdowns

Drawdown Indicators

	PVAL	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-2.94%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	—	—

Volatility

Volatility by Period

	PVAL	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.14%	—	—

PVAL vs. PPEM - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is lower than PPEM's 0.61% expense ratio.

Dividends

PVAL vs. PPEM - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.90%, while PPEM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%	0.00%	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 PPEM in my portfolio?

PVAL and PPEM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PVAL or PPEM?

On fees, PVAL is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PVAL or PPEM?

PVAL is cheaper with a 0.55% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 0.90% for PVAL.

What is the main difference between PVAL and PPEM?

PVAL is categorized as Large Cap Value Equities, while PPEM is Emerging Markets Equities. Their fees differ too: 0.55% for PVAL and 0.61% for PPEM.