AELV vs PVAL
Harbor AlphaEdge Large Cap Value ETF vs Putnam Focused Large Cap Value ETF
Which is better, AELV or PVAL?
PVAL has been ahead.
AELV has a lower expense ratio. PVAL led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. AELV is less concentrated, with 37.0% of the fund in its ten largest positions against 42.7%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AELV | PVAL |
|---|---|---|
| Expense Ratio | 0.25%Best | 0.55% |
| AUM | $3M | $14.9B |
| Dividend Yield | 1.38% | 0.92% |
| Holdings | 150 | 93 |
| YTD Return | +11.24% | +17.95%Best |
| 1Y Return | +18.09% | +27.77%Best |
| 3Y Return (annualized) | - | +24.11% |
| 5Y Return (annualized) | - | +16.54% |
| Volatility (annualized) | 10.7%Best | 11.6% |
| Max Drawdown | -16.6% | -15.4%Best |
| $10,000 over 2.1 years | $13,487 | $15,008Best |
| Top 10 Weight | 37.0%Best | 42.7% |
| Fund Family | Harbor Funds | Putnam Investments |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Sep 4, 2024 | May 25, 2021 |
Volatility and max drawdown, and the $10,000 over 2.1 years row, are measured over the window both funds cover: Sep 5, 2024 to Oct 14, 2026 (2.1 years).
AELV vs PVAL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.1 years both funds cover.
AELV vs PVAL Performance
Harbor AlphaEdge Large Cap Value ETF (AELV) is an ETF from Harbor Funds and Putnam Focused Large Cap Value ETF (PVAL) is an ETF from Putnam Investments. Over the past year AELV returned +18.09% while PVAL returned +27.77%. Year to date, AELV is up 11.24% versus a gain of 17.95% for PVAL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PVAL has been the more volatile fund, with annualized monthly volatility of 11.6% compared with 10.7% for AELV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -16.6% for AELV and -15.4% for PVAL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
AELV charges 0.25% per year while PVAL charges 0.55%. On a $10,000 position that is $25 vs $55 annually, a gap of $30 per year that compounds over a long holding period. On income, AELV currently yields 1.38% against 0.92% for PVAL.
Holdings Overlap
26.5% of AELV's money is in holdings PVAL also owns. 45.9% of PVAL's money is in holdings AELV also owns.
The two portfolios partly overlap.
13 positions in common, counted across the 75 positions we hold weights for in AELV and 45 in PVAL, against full books of 150 and 93.
What only one of them owns
Our book lists 29 positions for PVAL that do not appear in our book for AELV (50.4% of the fund), and 59 for AELV that do not appear in PVAL (72.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in AELV | Weight in PVAL | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.05% | 6.69% | 0.36% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 3.13% | 9.26% | 6.13% |
| AMZNAmazon.Com Inc | 3.20% | 4.70% | 1.50% |
| BACBank Of America Corp. | 3.63% | 2.69% | 0.94% |
| CCitigroup, Inc. | 2.97% | 3.24% | 0.27% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 0.74% | 3.76% | 3.02% |
| VLOValero Energy Corp. | 1.69% | 2.53% | 0.84% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.79% | 2.88% | 2.09% |
| KOCoca-Cola Co/The | 0.50% | 2.94% | 2.44% |
| REGNRegeneron Pharmaceuticals, Inc. | 1.24% | 1.61% | 0.37% |
45.9% of PVAL is already inside AELV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, AELV or PVAL?
AELV has an expense ratio of 0.25% while PVAL charges 0.55%. AELV is the cheaper option, by $30 a year on a $10,000 investment.
Which performed better, AELV or PVAL?
Over the past year AELV returned +18.09% vs +27.77% for PVAL, so PVAL leads on 1-year performance. Over the longest common window we track (2 years), AELV annualized +15.31% vs +21.33% for PVAL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AELV or PVAL?
PVAL has been the more volatile fund at 11.6% annualized versus 10.7% for AELV. Worst drawdown: AELV -16.6% vs PVAL -15.4%.
Should I hold both AELV and PVAL?
AELV and PVAL have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between AELV and PVAL?
45.9% of PVAL's money is in holdings AELV also owns. 45.9% of PVAL's is in holdings AELV also owns. They hold 13 positions in common, counted across the 75 positions we hold weights for in AELV and 45 in PVAL.
Which pays a higher dividend, AELV or PVAL?
AELV yields 1.38% while PVAL yields 0.92%, so AELV currently pays the higher dividend yield.
Is PVAL better than AELV?
AELV has a lower expense ratio. PVAL led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. AELV is less concentrated, with 37.0% of the fund in its ten largest positions against 42.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.