PVAL vs SPY
Putnam Focused Large Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PVAL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PVAL led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.0%.
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 | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $14.1B | $804.7B |
| Dividend Yield | 0.89% | 0.98% |
| Holdings | 47 | 505 |
| YTD Return | +15.04%Best | +12.22% |
| 1Y Return | +24.45%Best | +15.43% |
| 3Y Return (annualized) | +23.79%Best | +22.71% |
| 5Y Return (annualized) | +16.83%Best | +13.64% |
| Volatility (annualized) | 14.7%Best | 15.4% |
| Max Drawdown | -16.6%Best | -24.5% |
| $10,000 over 5 years | $21,766Best | $18,952 |
| Top 10 Weight | 42.0% | 37.8%Best |
| Fund Family | Putnam Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | May 25, 2021 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 26, 2021 to Sep 30, 2026 (5.3 years).
PVAL vs SPY 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 5.3 years both funds cover.
PVAL vs SPY Performance
Putnam Focused Large Cap Value ETF (PVAL) is an ETF from Putnam Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PVAL returned +24.45% while SPY returned +15.43%. Year to date, PVAL is up 15.04% versus a gain of 12.22% for SPY.
Over three years, PVAL compounded at +23.79% per year against +22.71% for SPY; over five years the annualized figures are +16.83% and +13.64% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 14.7% 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 -16.6% for PVAL and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PVAL charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, PVAL currently yields 0.89% against 0.98% for SPY.
Holdings Overlap
91.1% of PVAL's money is in holdings SPY also owns. 27.5% of SPY's money is in holdings PVAL also owns.
Most of PVAL is already inside SPY. Owning both mostly buys the same companies twice.
40 positions in common, counted across the 46 positions we hold weights for in PVAL and 504 in SPY, against full books of 47 and 505.
What only one of them owns
Our book lists 457 positions for SPY that do not appear in our book for PVAL (71.8% of the fund), and 3 for PVAL that do not appear in SPY (5.0%).
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 PVAL | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 8.58% | 5.66% | 2.92% |
| AAPLApple, Inc | 6.60% | 7.26% | 0.66% |
| AMZNAmazon.Com Inc | 4.98% | 3.79% | 1.19% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 3.67% | 1.04% | 2.63% |
| CSCOCisco Systems Inc. - Ordinary Shares | 3.05% | 0.66% | 2.39% |
| CCitigroup Inc. | 3.30% | 0.34% | 2.96% |
| KOCoca Cola Co. | 2.94% | 0.52% | 2.42% |
| SCHWSchwab Strategic T | 3.15% | 0.27% | 2.88% |
| BACBank of America Corp.: Financials | 2.73% | 0.62% | 2.11% |
| PMPhilip Morris International Inc. | 2.72% | 0.44% | 2.28% |
91.1% of PVAL is already inside SPY.
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 SPY?
PVAL has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, PVAL or SPY?
Over the past year PVAL returned +24.45% vs +15.43% for SPY, 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 SPY?
SPY has been the more volatile fund at 15.4% annualized versus 14.7% for PVAL. Worst drawdown: PVAL -16.6% vs SPY -24.5%.
Should I hold both PVAL and SPY?
PVAL and SPY have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between PVAL and SPY?
91.1% of PVAL's money is in holdings SPY also owns. 27.5% of SPY's is in holdings PVAL also owns. They hold 40 positions in common, counted across the 46 positions we hold weights for in PVAL and 504 in SPY.
Which pays a higher dividend, PVAL or SPY?
PVAL yields 0.89% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PVAL?
SPY has a lower expense ratio. PVAL led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.