PVAL vs. PWV
PVAL (Putnam Focused Large Cap Value ETF) and PWV (Invesco 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 17.22%/yr vs 15.05%/yr for PWV. Their correlation of 0.88 means they have usually moved in the same direction. Both charge a 0.55% expense ratio.
Performance
PVAL vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, PVAL achieves a 17.84% return, which is significantly lower than PWV's 21.58% 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%
PWV
- 1D
- 0.13%
- 1M
- 3.22%
- 6M
- 18.00%
- YTD
- 21.58%
- 1Y
- 33.25%
- 3Y*
- 20.57%
- 5Y*
- 15.05%
- 10Y*
- 12.37%
- ALL TIME*
- 10.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $116.61M | $103.87M | $91.12M | |
| $10.04M | $7.39M | $4.81M |
PVAL vs. PWV - 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% |
PWV Invesco Large Cap Value ETF | 21.58% | 19.65% | 14.48% | 10.36% | -1.16% | 9.59% |
Correlation
The correlation between PVAL and PWV is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since May 26, 2021 | 0.88 |
The correlation between PVAL and PWV shifts across timeframes, from 0.74 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PVAL vs. PWV — Risk / Return Rank
PVAL
PWV
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 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.
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 | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.60 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 7.91 | -3.31 |
| Martin ratioReturn relative to average drawdown | 17.86 | 28.36 | -10.50 |
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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.
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Drawdown Indicators
| PVAL | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | 0.00% | -0.90% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -9.43% | +6.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 1.13% | +0.73% |
Volatility
PVAL vs. PWV - Volatility Comparison
Putnam Focused Large Cap Value ETF (PVAL) has a higher volatility of 3.11% compared to Invesco Large Cap Value ETF (PWV) at 2.91%. This indicates that PVAL's price experiences larger fluctuations and is considered to be riskier than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVAL | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 2.91% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 8.56% | 7.24% | +1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.24% | 9.69% | +1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 14.28% | +0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.14% | 17.14% | -2.00% |
PVAL vs. PWV - Expense Ratio Comparison
Both PVAL and PWV have an expense ratio of 0.55%.
Dividends
PVAL vs. PWV - Dividend Comparison
PVAL's dividend yield for the trailing twelve months is around 0.90%, less than PWV's 1.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PVAL Putnam Focused Large Cap Value ETF | 0.90% | 1.00% | 1.34% | 1.33% | 0.59% | 0.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PWV Invesco Large Cap Value ETF | 1.65% | 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
PVAL and PWV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PVAL has higher volatility (3.11%) compared to PWV (2.91%). In terms of maximum drawdown, PVAL dropped -16.64% vs PWV's -49.04%.
On 5-year performance, PVAL leads with 17.22% vs 15.05% for PWV. Both ETFs have the same 0.55% expense ratio. On volatility, PWV has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PVAL has performed better with a 17.22% return vs 15.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PVAL and PWV have the same expense ratio: 0.55% per year.
PWV has the higher dividend yield at 1.65%, compared with 0.90% for PVAL.
They also come from different issuers: Putnam and Invesco.
PWV currently has the higher Sharpe Ratio (3.32 vs 2.96), 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.
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