PVAL vs. PULT

Last updated Jul 17, 2026

PVAL (Putnam Focused Large Cap Value ETF) and PULT (Putnam ESG Ultra Short ETF) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while PULT is a Ultrashort Bond fund actively managed by Putnam. Both are actively managed. At a 0.00 correlation, their price movements are largely independent. PVAL charges 0.55%/yr vs 0.25%/yr for PULT.

Performance

PVAL vs. PULT - Performance Comparison

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

Returns By Period

PVAL

• 1D: 0.69%
• 1M: 0.90%
• 6M: 11.69%
• YTD: 15.22%
• 1Y: 29.95%
• 3Y*: 22.52%
• 5Y*: 17.26%
• 10Y*: —

PULT

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

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

PVAL vs. PULT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PVAL Putnam Focused Large Cap Value ETF	15.22%	24.13%	19.30%	17.02%
PULT Putnam ESG Ultra Short ETF	1.23%	5.08%	5.93%	5.47%

Correlation

The correlation between PVAL and PULT is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.00

Return for Risk

PVAL vs. PULT — Risk / Return Rank

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

PVAL

PVAL Risk / Return Rank: 91
PVAL Sharpe Ratio Rank: 93
PVAL Sortino Ratio Rank: 93
PVAL Omega Ratio Rank: 92
PVAL Calmar Ratio Rank: 89
PVAL Martin Ratio Rank: 89

PULT

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

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. PULT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Putnam ESG Ultra Short ETF (PULT). 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	PULT	Difference
Sharpe ratio: Return per unit of total volatility	2.72	—	—
Sortino ratio: Return per unit of downside risk	3.81	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	4.17	—	—
Martin ratio: Return relative to average drawdown	15.70	—	—

Drawdowns

Drawdown Indicators

	PVAL	PULT	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	-2.97%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	—	—

Volatility

Volatility by Period

	PVAL	PULT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.06%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.25%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.16%	—	—

PVAL vs. PULT - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is higher than PULT's 0.25% expense ratio.

Dividends

PVAL vs. PULT - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021
PULT Putnam ESG Ultra Short ETF	3.89%	4.59%	5.38%	4.88%	0.00%	0.00%
PVAL Putnam Focused Large Cap Value ETF	0.92%	1.00%	1.34%	1.33%	0.59%	0.47%

Frequently Asked Questions

Can I hold both PVAL and PULT in my portfolio?

PVAL and PULT have a correlation of 0.04, 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 PULT?

On fees, PULT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PVAL or PULT?

PULT is cheaper with a 0.25% expense ratio, compared with 0.55% for PVAL.

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

PULT has the higher dividend yield at 3.89%, compared with 0.92% for PVAL.

What is the main difference between PVAL and PULT?

PVAL is categorized as Large Cap Value Equities, while PULT is Ultrashort Bond. Their fees differ too: 0.55% for PVAL and 0.25% for PULT.