PVAL vs. SGOV
PVAL (Putnam Focused Large Cap Value ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. PVAL is actively managed, while SGOV is passively managed. Over the past 5 years, PVAL returned 15.91%/yr vs 3.55%/yr for SGOV. At a correlation of -0.02, they often move in opposite directions. PVAL charges 0.55%/yr vs 0.09%/yr for SGOV.
Performance
PVAL vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, PVAL achieves a 11.24% return, which is significantly higher than SGOV's 1.56% return.
PVAL
- 1D
- 0.02%
- 1M
- 2.45%
- YTD
- 11.24%
- 6M
- 14.07%
- 1Y
- 31.00%
- 3Y*
- 23.05%
- 5Y*
- 15.91%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 3.95%
- 3Y*
- 4.70%
- 5Y*
- 3.55%
- 10Y*
- —
PVAL vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PVAL Putnam Focused Large Cap Value ETF | 11.24% | 24.13% | 19.30% | 18.41% | -2.61% | 11.44% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.56% | 4.24% | 5.27% | 5.12% | 1.58% | 0.02% |
Correlation
The correlation between PVAL and SGOV is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 27, 2021 | -0.02 |
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Return for Risk
PVAL vs. SGOV — Risk / Return Rank
PVAL
SGOV
PVAL vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.42 | ||
| Sortino ratioReturn per unit of downside risk | -271.69 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 195.55 | -194.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.31 | 398.20 | -393.89 |
| Martin ratioReturn relative to average drawdown | 16.44 | 4,461.99 | -4,445.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PVAL | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.86 | 20.28 | -17.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 14.78 | -13.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 12.50 | -11.44 |
Drawdowns
PVAL vs. SGOV - Drawdown Comparison
The maximum PVAL drawdown since its inception was -16.64%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for PVAL and SGOV.
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Drawdown Indicators
| PVAL | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.64% | -0.03% | -16.61% |
Max Drawdown (1Y)Largest decline over 1 year | -7.22% | -0.01% | -7.21% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -0.01% | -15.41% |
Max Drawdown (5Y)Largest decline over 5 years | -16.64% | -0.03% | -16.61% |
Current DrawdownCurrent decline from peak | -1.60% | 0.00% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -3.01% | -0.00% | -3.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 0.00% | +1.89% |
Volatility
PVAL vs. SGOV - Volatility Comparison
Putnam Focused Large Cap Value ETF (PVAL) has a higher volatility of 2.87% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that PVAL's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVAL | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 0.06% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 8.41% | 0.13% | +8.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.91% | 0.20% | +10.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.29% | 0.24% | +15.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.24% | 0.24% | +15.00% |
PVAL vs. SGOV - Expense Ratio Comparison
PVAL has a 0.55% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
PVAL vs. SGOV - Dividend Comparison
PVAL's dividend yield for the trailing twelve months is around 0.98%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
PVAL Putnam Focused Large Cap Value ETF | 0.98% | 1.00% | 1.34% | 1.33% | 0.59% | 0.47% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
PVAL and SGOV have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PVAL has higher volatility (2.87%) compared to SGOV (0.06%). In terms of maximum drawdown, PVAL dropped -16.64% vs SGOV's -0.03%.
On 5-year performance, PVAL leads with 15.91% vs 3.55% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. 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 15.91% return vs 3.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.55% for PVAL.
SGOV has the higher dividend yield at 3.85%, compared with 0.98% for PVAL.
PVAL is categorized as Large Cap Value Equities, while SGOV is Ultrashort Bond. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.55% for PVAL and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 2.86), 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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