RWK vs. PVAL

Last updated Jun 14, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. RWK is passively managed, while PVAL is actively managed. Over the past 5 years, RWK returned 11.10%/yr vs 16.29%/yr for PVAL. Their correlation of 0.88 suggests significant overlap in exposure. RWK charges 0.39%/yr vs 0.55%/yr for PVAL.

Performance

RWK vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 Revenue ETF (RWK) and Putnam Focused Large Cap Value ETF (PVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWK achieves a 16.00% return, which is significantly higher than PVAL's 13.07% return.

RWK

• 1D: 0.81%
• 1M: 7.49%
• YTD: 16.00%
• 6M: 13.49%
• 1Y: 31.27%
• 3Y*: 17.33%
• 5Y*: 11.10%
• 10Y*: 13.21%

PVAL

• 1D: 1.06%
• 1M: 3.05%
• YTD: 13.07%
• 6M: 13.55%
• 1Y: 32.98%
• 3Y*: 23.14%
• 5Y*: 16.29%
• 10Y*: —

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

RWK vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RWK Invesco S&P MidCap 400 Revenue ETF	16.00%	10.27%	11.94%	23.76%	-8.19%	6.65%
PVAL Putnam Focused Large Cap Value ETF	13.07%	24.13%	19.30%	18.41%	-2.61%	11.77%

Correlation

The correlation between RWK and PVAL is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.88

The correlation between RWK and PVAL has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

RWK vs. PVAL - Sectors Allocation Comparison

Sectors	RWK	PVAL
Industrials	22.0%	12.1%
Consumer Cyclical	20.3%	10.2%
Technology	16.0%	11.9%
Financial Services	12.7%	19.1%
Consumer Defensive	10.3%	8.3%
Energy	5.0%	8.4%
Basic Materials	4.9%	4.4%
Healthcare	4.1%	12.6%
Real Estate	2.6%	2.1%
Utilities	1.5%	5.0%
Communication Services	0.7%	5.8%

Return for Risk

RWK vs. PVAL — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 60
RWK Sharpe Ratio Rank: 60
RWK Sortino Ratio Rank: 66
RWK Omega Ratio Rank: 56
RWK Calmar Ratio Rank: 61
RWK Martin Ratio Rank: 56

PVAL

PVAL Risk / Return Rank: 90
PVAL Sharpe Ratio Rank: 93
PVAL Sortino Ratio Rank: 92
PVAL Omega Ratio Rank: 91
PVAL Calmar Ratio Rank: 88
PVAL Martin Ratio Rank: 88

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.

RWK vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) 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.

	RWK	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.89	-1.13
Sortino ratio: Return per unit of downside risk	2.63	4.03	-1.41
Omega ratio: Gain probability vs. loss probability	1.30	1.52	-0.22
Calmar ratio: Return relative to maximum drawdown	2.66	4.45	-1.78
Martin ratio: Return relative to average drawdown	8.56	16.87	-8.32

RWK vs. PVAL - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.76, which is lower than the PVAL Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of RWK and PVAL, 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

RWK vs. PVAL - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for RWK and PVAL.

Drawdown Indicators

	RWK	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-16.64%	-39.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-7.22%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-15.42%	-9.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-16.64%	-7.94%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.54%	-3.01%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	1.90%	+1.56%

Volatility

RWK vs. PVAL - Volatility Comparison

Invesco S&P MidCap 400 Revenue ETF (RWK) has a higher volatility of 4.89% compared to Putnam Focused Large Cap Value ETF (PVAL) at 3.68%. This indicates that RWK's price experiences larger fluctuations and is considered to be riskier than PVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	3.68%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	8.57%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	11.12%	+5.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	15.32%	+5.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.96%	15.25%	+7.71%

RWK vs. PVAL - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

RWK vs. PVAL - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.10%, more than PVAL's 0.97% 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%
RWK Invesco S&P MidCap 400 Revenue ETF	1.10%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%

Frequently Asked Questions

Can I hold both RWK and PVAL in my portfolio?

RWK and PVAL have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWK or PVAL?

RWK has higher volatility (4.89%) compared to PVAL (3.68%). In terms of maximum drawdown, RWK dropped -56.49% vs PVAL's -16.64%.

Which ETF is better, RWK or PVAL?

On 5-year performance, PVAL leads with 16.29% vs 11.10% for RWK. On fees, RWK is cheaper at 0.39% per year. On volatility, PVAL has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or PVAL?

Over the 5-year period, PVAL has performed better with a 16.29% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or PVAL?

RWK is cheaper with a 0.39% expense ratio, compared with 0.55% for PVAL.

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

RWK has the higher dividend yield at 1.10%, compared with 0.97% for PVAL.

What is the main difference between RWK and PVAL?

RWK is categorized as Small Cap Blend Equities, while PVAL is Large Cap Value Equities. They also come from different issuers: Invesco and Putnam. Their fees differ too: 0.39% for RWK and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.89 vs 1.76), 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.