Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
PVAL vs SPY: how they differ
PVAL and SPY hold 19% of their weight in the same names, and PVAL returned more over the year.
Putnam Focused Large Cap Value ETF and SPDR S&P 500 ETF Trust.
What they hold in common
By the books each fund has filed, PVAL and SPY hold 19% of their money in the same securities at the same weight.
| Holding | PVAL | SPY |
|---|---|---|
| ALPHABET INC | 3.33% | 3.25% |
| AMAZON.COM INC | 2.96% | 3.62% |
| MICROSOFT CORP | 2.96% | 4.30% |
| ADVANCED MICRO DEVICES INC | 3.09% | 1.47% |
| EXXON MOBIL CORP | 3.66% | 0.88% |
| WALMART INC | 1.39% | 0.77% |
| CISCO SYSTEMS INC | 6.06% | 0.72% |
| UNITEDHEALTH GROUP INC | 1.66% | 0.59% |
| BANK OF AMERICA CORP | 2.65% | 0.58% |
| COCA-COLA COMPANY (THE) | 2.85% | 0.49% |
| GOLDMAN SACHS GROUP INC (THE) | 2.24% | 0.46% |
| PHILIP MORRIS INTERNATIONAL INC | 2.72% | 0.44% |
| Only in PVAL | Only in SPY |
|---|---|
| SEAGATE TECHNOLOGY HOLDINGS PLC 3.08% | NVIDIA Corp. 7.52% |
| JOHNSON CONTROLS INTERNATIONAL PLC 2.05% | Apple, Inc. 6.59% |
| ASTRAZENECA PLC 1.86% | Broadcom, Inc. 2.77% |
| SANOFI SA 1.34% | Alphabet, Inc. 2.59% |
| BJ'S WHOLESALE CLUB HOLDINGS INC 1.03% | Micron Technology, Inc. 2.02% |
| NOVO NORDISK A/S 0.85% | Meta Platforms, Inc. 1.92% |
| Tesla, Inc. 1.84% | |
| Eli Lilly & Co. 1.47% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 29, 2026.
| PVAL Putnam Focused Large Cap Value ETF | SPY SPDR S&P 500 ETF Trust | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | Putnam | State Street |
| What it is | Putnam Focused Large Cap Value | S&P 500, book from IVV |
| Total return, 1 year | +28.4% | +17.5% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +10.8 pts | 0.0 pts |
| Expense ratio | not published | 0.09% |
| Already in the S&P 500 | 94.9% | 100.0% |
| Holdings | 45 | 504 |
PVAL in plain words
PVAL is an index equity fund tracking the Putnam Focused Large Cap Value. Over the year to Sep 11, 2026 it returned +28.4% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. By its holdings filed for May 29, 2026, 95% of the fund by weight is stocks the S&P 500 also holds, across 45 positions, with the top ten at 35.6%.
SPY in plain words
SPY is an index equity fund tracking the S&P 500. Over the year to Sep 11, 2026 it returned +17.5% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.09% a year. By its holdings filed for Jun 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 36.4%.
Questions people ask
- Which returned more over the last year, PVAL or SPY?
- In the year to Sep 12, 2026, with distributions reinvested, PVAL returned +28.4% and SPY returned +17.5%, so PVAL returned more. One year is one year; the longer windows are in the table.
- How much do PVAL and SPY overlap with the S&P 500?
- By their latest filed holdings, 95% of PVAL and 100% of SPY by weight is stocks the S&P 500 already holds. Between the two funds, 19% of their books are the same securities at the same weight.
Other comparisons
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Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PVAL against SPY, data as of Sep 12, 2026. https://etfiq.com/compare/any/PVAL-SPY Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources