PVAL vs VYM
Putnam Focused Large Cap Value ETF vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. PVAL delivered stronger 1-year returns. VYM offers more diversification with 616 holdings.
Side-by-Side Comparison
| Metric | PVAL | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 0.55% | 0.04% | |
| AUM | $14.0B | $81.6B | |
| Dividend Yield | 0.90% | 2.24% | |
| Holdings | 48 | 616 | |
| YTD Return | +18.43% | +15.75% | |
| 1Y Return | +32.72% | +23.85% | |
| 3Y Return (annualized) | +24.25% | +19.14% | |
| 5Y Return (annualized) | +17.37% | +12.45% | |
| Volatility (annualized) | 14.7% | 14.6% | |
| Max Drawdown | -16.6% | -58.8% | |
| Fund Family | Putnam Investments | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | May 25, 2021 | Nov 10, 2006 |
PVAL vs VYM Performance
Putnam Focused Large Cap Value ETF (PVAL) is a ETF from Putnam Investments and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year PVAL returned +32.72% while VYM returned +23.85%. Year to date, PVAL is up 18.43% versus a gain of 15.75% for VYM.
Over three years, PVAL compounded at +24.25% per year against +19.14% for VYM; over five years the annualized figures are +17.37% and +12.45% respectively. Across the full 5-year window we track, PVAL has the edge at +17.02% annualized vs +7.06%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PVAL has been the more volatile fund, with annualized monthly volatility of 14.7% compared with 14.6% for VYM. 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 -58.8% for VYM. 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 0.95. 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 VYM charges 0.04%. On a $10,000 position that is $55 vs $4 annually, a gap of $51 per year that compounds over a long holding period. On income, PVAL currently yields 0.90% against 2.24% for VYM.
Holdings Overlap
PVAL and VYM share 23 holdings out of 627 unique holdings combined, representing a 17.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PVAL or VYM?
PVAL has an expense ratio of 0.55% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, PVAL or VYM?
Over the past year PVAL returned +32.72% vs +23.85% for VYM, so PVAL leads on 1-year performance. Over the longest common window we track (5 years), PVAL annualized +17.02% vs +7.06% for VYM. Past performance does not guarantee future results.
Which is riskier, PVAL or VYM?
PVAL has been the more volatile fund at 14.7% annualized versus 14.6% for VYM. Worst drawdown: PVAL -16.6% vs VYM -58.8%.
Should I hold both PVAL and VYM?
PVAL and VYM have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between PVAL and VYM?
PVAL and VYM share 23 common holdings with a 17.9% weight overlap. Combined, they hold 627 unique securities.
Which pays a higher dividend, PVAL or VYM?
PVAL yields 0.90% while VYM yields 2.24%, so VYM currently pays the higher dividend yield.
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