DFLV vs PVAL
Dimensional US Large Cap Value ETF vs Putnam Focused Large Cap Value ETF
Which is better, DFLV or PVAL?
Nearly the same fund. DFLV costs less.
DFLV has a lower expense ratio. PVAL led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. DFLV is less concentrated, with 25.0% 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 | DFLV | PVAL |
|---|---|---|
| Expense Ratio | 0.22%Best | 0.55% |
| AUM | $7.2B | $14.9B |
| Dividend Yield | 1.41% | 0.92% |
| Holdings | 339 | 93 |
| YTD Return | +19.75%Best | +17.95% |
| 1Y Return | +27.39% | +27.77%Best |
| 3Y Return (annualized) | +20.43% | +24.11%Best |
| 5Y Return (annualized) | - | +16.54% |
| Volatility (annualized) | 13.2% | 11.8%Best |
| Max Drawdown | -16.8% | -15.4%Best |
| $10,000 over 3.9 years | $17,816 | $20,829Best |
| Top 10 Weight | 25.0%Best | 42.7% |
| Fund Family | Dimensional | Putnam Investments |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Dec 6, 2022 | May 25, 2021 |
Volatility and max drawdown, and the $10,000 over 3.9 years row, are measured over the window both funds cover: Dec 7, 2022 to Oct 14, 2026 (3.9 years).
DFLV 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 3.9 years both funds cover.
DFLV vs PVAL Performance
Dimensional US Large Cap Value ETF (DFLV) is an ETF from Dimensional and Putnam Focused Large Cap Value ETF (PVAL) is an ETF from Putnam Investments. Over the past year DFLV returned +27.39% while PVAL returned +27.77%. Year to date, DFLV is up 19.75% versus a gain of 17.95% for PVAL.
Over three years, DFLV compounded at +20.43% per year against +24.11% for PVAL. Across the full 4-year window we track, PVAL has the edge at +20.70% annualized vs +15.96%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFLV has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 11.8% for PVAL. 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 -16.8% for DFLV 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DFLV charges 0.22% per year while PVAL charges 0.55%. On a $10,000 position that is $22 vs $55 annually, a gap of $33 per year that compounds over a long holding period. On income, DFLV currently yields 1.41% against 0.92% for PVAL.
Holdings Overlap
21.6% of DFLV's money is in holdings PVAL also owns. 59.0% of PVAL's money is in holdings DFLV also owns.
The two portfolios partly overlap.
28 positions in common, counted across the 335 positions we hold weights for in DFLV and 45 in PVAL, against full books of 339 and 93.
What only one of them owns
Our book lists 14 positions for PVAL that do not appear in our book for DFLV (37.3% of the fund), and 244 for DFLV that do not appear in PVAL (75.9%).
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 DFLV | Weight in PVAL | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 4.34% | 4.70% | 0.36% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 3.69% | 3.76% | 0.07% |
| FCXFreeport-Mcmoran Inc Common Stock Usd 0.1 | 0.77% | 3.12% | 2.35% |
| CCitigroup, Inc. | 0.47% | 3.24% | 2.77% |
| UNHUnited Healthcare Corp. | 1.42% | 2.22% | 0.80% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.72% | 2.88% | 2.16% |
| BACBank Of America Corp. | 0.88% | 2.69% | 1.81% |
| ALLAllstate Corp. | 0.70% | 2.85% | 2.15% |
| SCHWCharles Schwab Corp. | 0.13% | 3.24% | 3.11% |
| TMOThermo Fisherscientific Inc. | 0.87% | 2.48% | 1.61% |
59.0% of PVAL is already inside DFLV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DFLV or PVAL?
DFLV has an expense ratio of 0.22% while PVAL charges 0.55%. DFLV is the cheaper option, by $33 a year on a $10,000 investment.
Which performed better, DFLV or PVAL?
Over the past year DFLV returned +27.39% vs +27.77% for PVAL, so PVAL leads on 1-year performance. Over the longest common window we track (4 years), DFLV annualized +15.96% vs +20.70% for PVAL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFLV or PVAL?
DFLV has been the more volatile fund at 13.2% annualized versus 11.8% for PVAL. Worst drawdown: DFLV -16.8% vs PVAL -15.4%.
Should I hold both DFLV and PVAL?
DFLV and PVAL have a monthly-return correlation of 0.96, 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 DFLV and PVAL?
59.0% of PVAL's money is in holdings DFLV also owns. 59.0% of PVAL's is in holdings DFLV also owns. They hold 28 positions in common, counted across the 335 positions we hold weights for in DFLV and 45 in PVAL.
Which pays a higher dividend, DFLV or PVAL?
DFLV yields 1.41% while PVAL yields 0.92%, so DFLV currently pays the higher dividend yield.
Is PVAL better than DFLV?
DFLV has a lower expense ratio. PVAL led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. DFLV is less concentrated, with 25.0% 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.