PVAL vs. PWV

Last updated Jun 3, 2026

PVAL (Putnam Focused Large Cap Value ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds. PVAL is actively managed, while PWV is passively managed. Over the past 5 years, PVAL returned 16.05%/yr vs 12.61%/yr for PWV. Their correlation of 0.89 suggests significant overlap in exposure. PVAL charges 0.55%/yr vs 0.58%/yr for PWV.

Performance

PVAL vs. PWV - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PVAL having a 11.92% return and PWV slightly higher at 12.26%.

PVAL

• 1D: 0.53%
• 1M: 3.12%
• YTD: 11.92%
• 6M: 15.37%
• 1Y: 33.51%
• 3Y*: 23.88%
• 5Y*: 16.05%
• 10Y*: —

PWV

• 1D: 0.91%
• 1M: 1.91%
• YTD: 12.26%
• 6M: 13.15%
• 1Y: 26.39%
• 3Y*: 20.85%
• 5Y*: 12.61%
• 10Y*: 11.83%

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

PVAL vs. PWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PVAL Putnam Focused Large Cap Value ETF	11.92%	24.13%	19.30%	18.41%	-2.61%	11.44%
PWV Invesco Dynamic Large Cap Value ETF	12.26%	19.65%	14.48%	10.36%	-1.16%	9.26%

Correlation

The correlation between PVAL and PWV is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.89

The correlation between PVAL and PWV has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

PVAL vs. PWV — Risk / Return Rank

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

PVAL

PVAL Risk / Return Rank: 88
PVAL Sharpe Ratio Rank: 90
PVAL Sortino Ratio Rank: 91
PVAL Omega Ratio Rank: 89
PVAL Calmar Ratio Rank: 85
PVAL Martin Ratio Rank: 85

PWV

PWV Risk / Return Rank: 88
PWV Sharpe Ratio Rank: 85
PWV Sortino Ratio Rank: 88
PWV Omega Ratio Rank: 82
PWV Calmar Ratio Rank: 93
PWV Martin Ratio Rank: 91

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. PWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and Invesco Dynamic Large Cap Value ETF (PWV). 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	PWV	Difference
Sharpe ratio Return per unit of total volatility	3.12	2.85	+0.28
Sortino ratio Return per unit of downside risk	4.38	4.07	+0.31
Omega ratio Gain probability vs. loss probability	1.57	1.50	+0.07
Calmar ratio Return relative to maximum drawdown	4.71	6.60	-1.89
Martin ratio Return relative to average drawdown	18.05	22.26	-4.21
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. PWV - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 3.12, which is comparable to the PWV Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of PVAL and PWV, 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	PWV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	2.85	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.88	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.41	+0.66

Drawdowns

PVAL vs. PWV - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for PVAL and PWV.

Drawdown Indicators

	PVAL	PWV	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-49.04%	+32.40%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-4.05%	-3.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-14.31%	-1.11%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-16.36%	-0.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.67%	—
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-3.02%	-9.50%	+6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.20%	+0.69%

Volatility

PVAL vs. PWV - Volatility Comparison

Putnam Focused Large Cap Value ETF (PVAL) and Invesco Dynamic Large Cap Value ETF (PWV) have volatilities of 2.42% and 2.46%, 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.

Volatility by Period

	PVAL	PWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	2.46%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	6.65%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	9.31%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	14.36%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	17.16%	-1.92%

PVAL vs. PWV - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is lower than PWV's 0.58% expense ratio.

Dividends

PVAL vs. PWV - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.97%, less than PWV's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PVAL Putnam Focused Large Cap Value ETF	0.97%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PWV Invesco Dynamic Large Cap Value ETF	1.81%	2.12%	2.08%	2.16%	2.29%	1.89%	2.66%	2.24%	2.34%	1.55%	2.35%	2.42%

Frequently Asked Questions

Can I hold both PVAL and PWV in my portfolio?

PVAL and PWV have a correlation of 0.81, 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 PWV?

PWV has higher volatility (2.46%) compared to PVAL (2.42%). In terms of maximum drawdown, PVAL dropped -16.64% vs PWV's -49.04%.

Which ETF is better, PVAL or PWV?

On 5-year performance, PVAL leads with 16.05% vs 12.61% for PWV. On fees, PVAL is cheaper at 0.55% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVAL or PWV?

Over the 5-year period, PVAL has performed better with a 16.05% return vs 12.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or PWV?

PVAL is cheaper with a 0.55% expense ratio, compared with 0.58% for PWV.

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

PWV has the higher dividend yield at 1.81%, compared with 0.97% for PVAL.

What is the main difference between PVAL and PWV?

They also come from different issuers: Putnam and Invesco. Their fees differ too: 0.55% for PVAL and 0.58% for PWV.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (3.12 vs 2.85), 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.