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 |
| Volatility (annualized) | 10.7%Best | 11.7% |
| Max Drawdown | -16.6% | -15.4%Best |
| $10,000 over 2.1 years | $13,581 | $15,089Best |
| 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 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 8 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. AELV has data through Oct 15, 2026 and PVAL through Oct 23, 2026.
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 15, 2026 (2.1 years).
Risk: Volatility and Drawdowns
PVAL has been the more volatile fund, with annualized monthly volatility of 11.7% 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 | 3.13% | 9.26% | 6.13% |
| AMZNAmazon.Com Inc | 3.20% | 4.70% | 1.50% |
| BACBank of America Corp.: Financials | 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 | 1.69% | 2.53% | 0.84% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.79% | 2.88% | 2.09% |
| KOCoca Cola Co. | 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 is riskier, AELV or PVAL?
PVAL has been the more volatile fund at 11.7% 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.