PWV vs. PVAL
PWV (Invesco Large Cap Value ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both Large Cap Value Equities funds. PWV is passively managed, while PVAL is actively managed. Over the past 5 years, PWV returned 15.05%/yr vs 17.22%/yr for PVAL. Their correlation of 0.88 means they have usually moved in the same direction. Both charge a 0.55% expense ratio.
Performance
PWV vs. PVAL - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 21.58% return, which is significantly higher than PVAL's 17.84% return.
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%
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%
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 |
PWV vs. PVAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PWV Invesco Large Cap Value ETF | 21.58% | 19.65% | 14.48% | 10.36% | -1.16% | 9.59% |
PVAL Putnam Focused Large Cap Value ETF | 17.84% | 24.13% | 19.30% | 18.41% | -2.61% | 11.77% |
Correlation
The correlation between PWV and PVAL 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 PWV and PVAL 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
PWV vs. PVAL — Risk / Return Rank
PWV
PVAL
PWV vs. PVAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Large Cap Value ETF (PWV) and Putnam Focused Large Cap Value ETF (PVAL). 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.
| PWV | PVAL | 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 | 1.60 | 1.54 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 7.91 | 4.60 | +3.31 |
| Martin ratioReturn relative to average drawdown | 28.36 | 17.86 | +10.50 |
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Drawdowns
PWV vs. PVAL - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for PWV and PVAL.
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Drawdown Indicators
| PWV | PVAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -16.64% | -32.40% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -7.22% | +3.17% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -15.42% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -16.64% | +0.28% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | — | — |
Current DrawdownCurrent decline from peak | -0.90% | 0.00% | -0.90% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -2.94% | -6.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.86% | -0.73% |
Volatility
PWV vs. PVAL - Volatility Comparison
The current volatility for Invesco Large Cap Value ETF (PWV) is 2.91%, while Putnam Focused Large Cap Value ETF (PVAL) has a volatility of 3.11%. This indicates that PWV experiences smaller price fluctuations and is considered to be less risky than PVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWV | PVAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 3.11% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 8.56% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.69% | 11.24% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 15.24% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.14% | 15.14% | +2.00% |
PWV vs. PVAL - Expense Ratio Comparison
Both PWV and PVAL have an expense ratio of 0.55%.
Dividends
PWV vs. PVAL - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.65%, more than PVAL's 0.90% 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
PWV and PVAL 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, PWV dropped -49.04% vs PVAL's -16.64%.
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.
PWV and PVAL 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: Invesco and Putnam.
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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