VSMV vs. PVAL

Last updated Apr 1, 2026

Compare and contrast key facts about VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) and Putnam Focused Large Cap Value ETF (PVAL).

VSMV and PVAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VSMV is a passively managed fund by Crestview that tracks the performance of the Nasdaq Victory Multi-Factor Minimum Volatility Index. It was launched on Jun 22, 2017. PVAL is an actively managed fund by Putnam. It was launched on May 25, 2021.

Performance

VSMV vs. PVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) and Putnam Focused Large Cap Value ETF (PVAL). The values are adjusted to include any dividend payments, if applicable.

VSMV vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	2.63%	16.77%	15.79%	12.34%	-7.56%	12.62%
PVAL Putnam Focused Large Cap Value ETF	1.82%	24.13%	19.30%	18.41%	-2.61%	11.44%

Returns By Period

In the year-to-date period, VSMV achieves a 2.63% return, which is significantly higher than PVAL's 1.82% return.

VSMV

• 1D: 1.41%
• 1M: -3.84%
• YTD: 2.63%
• 6M: 6.16%
• 1Y: 18.57%
• 3Y*: 15.25%
• 5Y*: 11.14%
• 10Y*: —

PVAL

• 1D: 2.05%
• 1M: -4.23%
• YTD: 1.82%
• 6M: 9.15%
• 1Y: 23.20%
• 3Y*: 20.23%
• 5Y*: —
• 10Y*: —

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

VSMV vs. PVAL - Expense Ratio Comparison

VSMV has a 0.35% expense ratio, which is lower than PVAL's 0.55% expense ratio.

PVAL

Putnam Focused Large Cap Value ETF

VSMV

VictoryShares US Multi-Factor Minimum Volatility ETF

Return for Risk

VSMV vs. PVAL — Risk / Return Rank

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

VSMV

VSMV Risk / Return Rank: 79
VSMV Sharpe Ratio Rank: 77
VSMV Sortino Ratio Rank: 79
VSMV Omega Ratio Rank: 78
VSMV Calmar Ratio Rank: 75
VSMV Martin Ratio Rank: 87

PVAL

PVAL Risk / Return Rank: 81
PVAL Sharpe Ratio Rank: 80
PVAL Sortino Ratio Rank: 80
PVAL Omega Ratio Rank: 83
PVAL Calmar Ratio Rank: 80
PVAL Martin Ratio Rank: 84

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.

VSMV vs. PVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) 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.

	VSMV	PVAL	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.45	-0.05
Sortino ratio Return per unit of downside risk	2.01	2.00	0.00
Omega ratio Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio Return relative to maximum drawdown	1.90	2.06	-0.16
Martin ratio Return relative to average drawdown	10.28	9.20	+1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSMV vs. PVAL - Sharpe Ratio Comparison

The current VSMV Sharpe Ratio is 1.39, which is comparable to the PVAL Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of VSMV and PVAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VSMV	PVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.45	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.96	-0.17

Correlation

The correlation between VSMV and PVAL is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VSMV vs. PVAL - Dividend Comparison

VSMV's dividend yield for the trailing twelve months is around 1.40%, more than PVAL's 0.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.40%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%
PVAL Putnam Focused Large Cap Value ETF	0.98%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VSMV vs. PVAL - Drawdown Comparison

The maximum VSMV drawdown since its inception was -31.33%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for VSMV and PVAL.

Drawdown Indicators

	VSMV	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-31.33%	-16.64%	-14.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.43%	-11.94%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	—	—
Current Drawdown Current decline from peak	-3.84%	-5.33%	+1.49%
Average Drawdown Average peak-to-trough decline	-3.46%	-3.09%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.68%	-0.75%

Volatility

VSMV vs. PVAL - Volatility Comparison

The current volatility for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) is 2.80%, while Putnam Focused Large Cap Value ETF (PVAL) has a volatility of 4.48%. This indicates that VSMV 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.

Volatility by Period

	VSMV	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	4.48%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	8.51%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	16.14%	-2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	15.39%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.14%	15.39%	-0.25%