SPHQ vs. PVAL

Last updated Jul 14, 2026

SPHQ (Invesco S&P 500 Quality ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. SPHQ is passively managed, while PVAL is actively managed. Over the past 5 years, SPHQ returned 13.45%/yr vs 16.78%/yr for PVAL. Their correlation of 0.84 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.55%/yr for PVAL.

Performance

SPHQ vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) 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, SPHQ achieves a 16.39% return, which is significantly higher than PVAL's 14.45% return.

SPHQ

• 1D: -1.48%
• 1M: -0.34%
• 6M: 12.52%
• YTD: 16.39%
• 1Y: 23.43%
• 3Y*: 20.91%
• 5Y*: 13.45%
• 10Y*: 14.76%

PVAL

• 1D: 0.10%
• 1M: 1.22%
• 6M: 11.34%
• YTD: 14.45%
• 1Y: 28.14%
• 3Y*: 22.37%
• 5Y*: 16.78%
• 10Y*: —

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

SPHQ vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPHQ Invesco S&P 500 Quality ETF	16.39%	13.25%	25.44%	24.83%	-15.76%	15.54%
PVAL Putnam Focused Large Cap Value ETF	14.45%	24.13%	19.30%	18.41%	-2.61%	11.77%

Correlation

The correlation between SPHQ and PVAL is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.84

The correlation between SPHQ and PVAL has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

SPHQ vs. PVAL - Sectors Allocation Comparison

Sectors	SPHQ	PVAL
Technology	40.1%	17.1%
Financial Services	16.1%	11.8%
Industrials	12.6%	9.3%
Consumer Defensive	7.9%	7.9%
Consumer Cyclical	5.6%	9.9%
Utilities	4.5%	4.3%
Communication Services	3.9%	4.3%
Basic Materials	3.5%	6.6%
Healthcare	3.3%	10.2%
Energy	1.0%	7.3%
Real Estate	-	2.0%

Return for Risk

SPHQ vs. PVAL — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 65
SPHQ Sharpe Ratio Rank: 63
SPHQ Sortino Ratio Rank: 64
SPHQ Omega Ratio Rank: 59
SPHQ Calmar Ratio Rank: 66
SPHQ Martin Ratio Rank: 74

PVAL

PVAL Risk / Return Rank: 90
PVAL Sharpe Ratio Rank: 92
PVAL Sortino Ratio Rank: 92
PVAL Omega Ratio Rank: 90
PVAL Calmar Ratio Rank: 87
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.

SPHQ vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

	SPHQ	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.55	-0.89
Sortino ratio: Return per unit of downside risk	2.36	3.58	-1.22
Omega ratio: Gain probability vs. loss probability	1.29	1.46	-0.17
Calmar ratio: Return relative to maximum drawdown	2.65	3.91	-1.27
Martin ratio: Return relative to average drawdown	10.96	14.73	-3.76

SPHQ vs. PVAL - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.66, which is lower than the PVAL Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of SPHQ 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

SPHQ vs. PVAL - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for SPHQ and PVAL.

Drawdown Indicators

	SPHQ	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-16.64%	-41.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-7.22%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-15.42%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-16.64%	-8.40%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	-3.64%	0.00%	-3.64%
Average Drawdown Average peak-to-trough decline	-10.65%	-2.97%	-7.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.92%	+0.22%

Volatility

SPHQ vs. PVAL - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 6.97% compared to Putnam Focused Large Cap Value ETF (PVAL) at 3.11%. This indicates that SPHQ'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

	SPHQ	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	3.11%	+3.86%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	8.50%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	11.12%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	15.26%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	15.18%	+2.77%

SPHQ vs. PVAL - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

SPHQ vs. PVAL - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.07%, more than PVAL's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PVAL Putnam Focused Large Cap Value ETF	0.93%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHQ Invesco S&P 500 Quality ETF	1.07%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both SPHQ and PVAL in my portfolio?

SPHQ and PVAL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or PVAL?

SPHQ has higher volatility (6.97%) compared to PVAL (3.11%). In terms of maximum drawdown, SPHQ dropped -57.83% vs PVAL's -16.64%.

Which ETF is better, SPHQ or PVAL?

On 5-year performance, PVAL leads with 16.78% vs 13.45% for SPHQ. On fees, SPHQ is cheaper at 0.15% per year. On volatility, PVAL has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or PVAL?

Over the 5-year period, PVAL has performed better with a 16.78% return vs 13.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or PVAL?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.55% for PVAL.

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

SPHQ has the higher dividend yield at 1.07%, compared with 0.93% for PVAL.

What is the main difference between SPHQ and PVAL?

SPHQ is categorized as S&P 500, while PVAL is Large Cap Value Equities. They also come from different issuers: Invesco and Putnam. Their fees differ too: 0.15% for SPHQ and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.55 vs 1.66), 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.