PVAL vs TVAL
Putnam Focused Large Cap Value ETF vs T. Rowe Price Value ETF
Which is better, PVAL or TVAL?
Nearly the same fund. TVAL costs less.
TVAL has a lower expense ratio. PVAL led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. TVAL is less concentrated, with 29.8% 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 | PVAL | TVAL |
|---|---|---|
| Expense Ratio | 0.55% | 0.33%Best |
| AUM | $14.9B | $1.1B |
| Dividend Yield | 0.92% | 0.97% |
| Holdings | 93 | 155 |
| YTD Return | +17.95% | +20.77%Best |
| 1Y Return | +27.77%Best | +27.42% |
| 3Y Return (annualized) | +24.11%Best | +20.43% |
| 5Y Return (annualized) | +16.54% | - |
| Volatility (annualized) | 11.5%Best | 12.2% |
| Max Drawdown | -15.4%Best | -15.8% |
| $10,000 over 3.3 years | $19,238Best | $17,223 |
| Top 10 Weight | 42.7% | 29.8%Best |
| Fund Family | Putnam Investments | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | May 25, 2021 | Jun 14, 2023 |
Volatility and max drawdown, and the $10,000 over 3.3 years row, are measured over the window both funds cover: Jun 15, 2023 to Oct 14, 2026 (3.3 years).
PVAL vs TVAL 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 3.3 years both funds cover.
PVAL vs TVAL Performance
Putnam Focused Large Cap Value ETF (PVAL) is an ETF from Putnam Investments and T. Rowe Price Value ETF (TVAL) is an ETF from T.Rowe Price. Over the past year PVAL returned +27.77% while TVAL returned +27.42%. Year to date, PVAL is up 17.95% versus a gain of 20.77% for TVAL.
Over three years, PVAL compounded at +24.11% per year against +20.43% for TVAL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TVAL has been the more volatile fund, with annualized monthly volatility of 12.2% compared with 11.5% 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 -15.4% for PVAL and -15.8% for TVAL. 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
PVAL charges 0.55% per year while TVAL charges 0.33%. On a $10,000 position that is $55 vs $33 annually, a gap of $22 per year that compounds over a long holding period. On income, PVAL currently yields 0.92% against 0.97% for TVAL.
Holdings Overlap
74.6% of PVAL's money is in holdings TVAL also owns. 37.0% of TVAL's money is in holdings PVAL also owns.
Most of PVAL is already inside TVAL. Owning both mostly buys the same companies twice.
29 positions in common, counted across the 45 positions we hold weights for in PVAL and 148 in TVAL, against full books of 93 and 155.
What only one of them owns
Our book lists 112 positions for TVAL that do not appear in our book for PVAL (58.7% of the fund), and 14 for PVAL that do not appear in TVAL (23.2%).
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 PVAL | Weight in TVAL | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 9.26% | 5.15% | 4.11% |
| AAPLApple, Inc | 6.69% | 5.78% | 0.91% |
| AMZNAmazon.Com Inc | 4.70% | 6.50% | 1.80% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 3.76% | 2.02% | 1.74% |
| SCHWCharles Schwab Corp. | 3.24% | 1.69% | 1.55% |
| CSCOCisco Systems Inc. - Ordinary Shares | 2.88% | 1.43% | 1.45% |
| PMPhilip Morris International Inc. | 2.64% | 1.33% | 1.31% |
| COPConocophillips Co | 2.00% | 1.94% | 0.06% |
| KOCoca-Cola Co/The | 2.94% | 0.86% | 2.08% |
| BACBank Of America Corp. | 2.69% | 1.02% | 1.67% |
74.6% of PVAL is already inside TVAL.
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, PVAL or TVAL?
PVAL has an expense ratio of 0.55% while TVAL charges 0.33%. TVAL is the cheaper option, by $22 a year on a $10,000 investment.
Which performed better, PVAL or TVAL?
Over the past year PVAL returned +27.77% vs +27.42% for TVAL, so PVAL leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PVAL or TVAL?
TVAL has been the more volatile fund at 12.2% annualized versus 11.5% for PVAL. Worst drawdown: PVAL -15.4% vs TVAL -15.8%.
Should I hold both PVAL and TVAL?
PVAL and TVAL 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 PVAL and TVAL?
74.6% of PVAL's money is in holdings TVAL also owns. 37.0% of TVAL's is in holdings PVAL also owns. They hold 29 positions in common, counted across the 45 positions we hold weights for in PVAL and 148 in TVAL.
Which pays a higher dividend, PVAL or TVAL?
PVAL yields 0.92% while TVAL yields 0.97%, so TVAL currently pays the higher dividend yield.
Is TVAL better than PVAL?
TVAL has a lower expense ratio. PVAL led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. TVAL is less concentrated, with 29.8% 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.