PVAL vs. SPYV

Last updated Aug 2, 2026

PVAL (Putnam Focused Large Cap Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. PVAL is actively managed, while SPYV is passively managed. Over the past 5 years, PVAL returned 17.22%/yr vs 11.52%/yr for SPYV. Their correlation of 0.92 means they have usually moved in the same direction. PVAL charges 0.55%/yr vs 0.04%/yr for SPYV.

Performance

PVAL vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Value ETF (PVAL) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVAL achieves a 17.84% return, which is significantly higher than SPYV's 10.14% 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%

SPYV

• 1D: -0.16%
• 1M: 0.68%
• 6M: 7.56%
• YTD: 10.14%
• 1Y: 21.27%
• 3Y*: 13.90%
• 5Y*: 11.52%
• 10Y*: 11.92%
• ALL TIME*: 7.87%

*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
SPYV SPDR Portfolio S&P 500 Value ETF	$129.05M	$117.43M	$146.49M

PVAL vs. SPYV - 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%
SPYV SPDR Portfolio S&P 500 Value ETF	10.14%	13.18%	12.24%	22.20%	-5.28%	6.90%

Correlation

The correlation between PVAL and SPYV is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.92

The correlation between PVAL and SPYV has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

PVAL vs. SPYV - Sectors Allocation Comparison

Sectors	PVAL	SPYV
Technology	20.6%	21.7%
Financial Services	17.0%	15.1%
Healthcare	13.1%	12.2%
Consumer Cyclical	10.7%	10.6%
Industrials	8.9%	10.9%
Consumer Defensive	7.9%	8.8%
Basic Materials	4.5%	3.3%
Utilities	4.1%	4.5%
Energy	3.6%	6.6%
Real Estate	1.9%	3.3%
Communication Services	0.9%	2.9%

Return for Risk

PVAL vs. SPYV — 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

SPYV

SPYV Risk / Return Rank: 85
SPYV Sharpe Ratio Rank: 85
SPYV Sortino Ratio Rank: 85
SPYV Omega Ratio Rank: 84
SPYV Calmar Ratio Rank: 84
SPYV Martin Ratio Rank: 86

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	2.96	1.98	+0.98
Sortino ratio: Return per unit of downside risk	4.13	2.78	+1.34
Omega ratio: Gain probability vs. loss probability	1.54	1.36	+0.18
Calmar ratio: Return relative to maximum drawdown	4.60	3.17	+1.43
Martin ratio: Return relative to average drawdown	17.86	12.28	+5.58

PVAL vs. SPYV - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 2.96, which is higher than the SPYV Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of PVAL and SPYV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PVAL vs. SPYV - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for PVAL and SPYV.

Drawdown Indicators

	PVAL	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-58.45%	+41.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-6.22%	-1.00%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-17.54%	+2.12%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-17.89%	+1.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.89%	—
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-2.94%	-8.67%	+5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.61%	+0.25%

Volatility

PVAL vs. SPYV - Volatility Comparison

Putnam Focused Large Cap Value ETF (PVAL) has a higher volatility of 3.11% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.72%. This indicates that PVAL's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	2.72%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	7.14%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	9.99%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	14.30%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.14%	16.88%	-1.74%

PVAL vs. SPYV - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is higher than SPYV's 0.04% expense ratio.

Dividends

PVAL vs. SPYV - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.90%, less than SPYV's 1.69% 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%
SPYV SPDR Portfolio S&P 500 Value ETF	1.69%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both PVAL and SPYV in my portfolio?

PVAL and SPYV have a correlation of 0.87, 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 SPYV?

PVAL has higher volatility (3.11%) compared to SPYV (2.72%). In terms of maximum drawdown, PVAL dropped -16.64% vs SPYV's -58.45%.

Which ETF is better, PVAL or SPYV?

On 5-year performance, PVAL leads with 17.22% vs 11.52% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVAL or SPYV?

Over the 5-year period, PVAL has performed better with a 17.22% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.55% for PVAL.

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

SPYV has the higher dividend yield at 1.69%, compared with 0.90% for PVAL.

What is the main difference between PVAL and SPYV?

PVAL is categorized as Large Cap Value Equities, while SPYV is S&P 500. They also come from different issuers: Putnam and State Street. Their fees differ too: 0.55% for PVAL and 0.04% for SPYV.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.96 vs 1.98), 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.