PVAL vs SPY
Putnam Focused Large Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PVAL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PVAL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.55% | 0.09% | |
| AUM | $14.0B | $821.1B | |
| Dividend Yield | 0.90% | 1.01% | |
| Holdings | 48 | 505 | |
| YTD Return | +18.98% | +13.17% | |
| 1Y Return | +32.97% | +21.53% | |
| 3Y Return (annualized) | +24.41% | +22.06% | |
| 5Y Return (annualized) | +17.57% | +13.35% | |
| Volatility (annualized) | 14.7% | 15.3% | |
| Max Drawdown | -16.6% | -56.5% | |
| Fund Family | Putnam Investments | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 25, 2021 | Jan 22, 1993 |
PVAL vs SPY Performance
Putnam Focused Large Cap Value ETF (PVAL) is a ETF from Putnam Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PVAL returned +32.97% while SPY returned +21.53%. Year to date, PVAL is up 18.98% versus a gain of 13.17% for SPY.
Over three years, PVAL compounded at +24.41% per year against +22.06% for SPY; over five years the annualized figures are +17.57% and +13.35% respectively. Across the full 5-year window we track, PVAL has the edge at +17.11% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 0.90% against 1.01% for SPY.
Holdings Overlap
PVAL and SPY share 41 holdings out of 510 unique holdings combined, representing a 26.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $46 per year of difference.
Which performed better, PVAL or SPY?
Over the past year PVAL returned +32.97% vs +21.53% for SPY, so PVAL leads on 1-year performance. Over the longest common window we track (5 years), PVAL annualized +17.11% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, PVAL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.7% for PVAL. Worst drawdown: PVAL -16.6% vs SPY -56.5%.
Should I hold both PVAL and SPY?
PVAL and SPY have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PVAL and SPY?
PVAL and SPY share 41 common holdings with a 26.9% weight overlap. Combined, they hold 510 unique securities.
Which pays a higher dividend, PVAL or SPY?
PVAL yields 0.90% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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