Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
PVAL vs USMV: how they differ
PVAL and USMV hold 13% of their weight in the same names, and PVAL returned more over the year.
Putnam Focused Large Cap Value ETF and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, PVAL and USMV hold 13% of their money in the same securities at the same weight.
| Holding | PVAL | USMV |
|---|---|---|
| CISCO SYSTEMS INC | 6.06% | 1.81% |
| EXXON MOBIL CORP | 3.66% | 1.60% |
| MICROSOFT CORP | 2.96% | 1.56% |
| MCKESSON CORP | 2.44% | 1.31% |
| COCA-COLA COMPANY (THE) | 2.85% | 1.20% |
| T-MOBILE US INC | 1.03% | 1.17% |
| WALMART INC | 1.39% | 0.88% |
| NORTHROP GRUMMAN CORP | 1.85% | 0.85% |
| ADVANCED MICRO DEVICES INC | 3.09% | 0.53% |
| PHILIP MORRIS INTERNATIONAL INC | 2.72% | 0.52% |
| ALLSTATE CORP (THE) | 2.48% | 0.51% |
| UNITEDHEALTH GROUP INC | 1.66% | 0.39% |
| Only in PVAL | Only in USMV |
|---|---|
| CITIGROUP INC 4.68% | NVIDIA CORPORATION 1.64% |
| ALPHABET INC 3.33% | DUKE ENERGY CORPORATION 1.55% |
| SEAGATE TECHNOLOGY HOLDINGS PLC 3.08% | THE SOUTHERN COMPANY 1.53% |
| FREEPORT-MCMORAN INC 2.95% | AMPHENOL CORPORATION 1.51% |
| HILTON WORLDWIDE HOLDINGS INC 2.87% | Chubb Limited 1.50% |
| FEDEX CORP 2.71% | VERIZON COMMUNICATIONS INC. 1.49% |
| BANK OF AMERICA CORP 2.65% | WASTE MANAGEMENT, INC. 1.48% |
| SOUTHWEST AIRLINES COMPANY 2.60% | MOTOROLA SOLUTIONS, INC. 1.46% |
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 Apr 30, 2026 and May 29, 2026.
| PVAL Putnam Focused Large Cap Value ETF | USMV iShares MSCI USA Min Vol Factor ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | Putnam | iShares |
| What it is | Putnam Focused Large Cap Value | MSCI USA Min Vol Factor |
| Total return, 1 year | +28.4% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +10.8 pts | −10.9 pts |
| Expense ratio | not published | 0.15% |
| Already in the S&P 500 | 94.9% | 94.8% |
| Holdings | 45 | 170 |
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%.
USMV in plain words
USMV is an index equity fund tracking the MSCI USA Min Vol Factor. Over the year to Sep 11, 2026 it returned +6.6% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.15% a year. By its holdings filed for Apr 30, 2026, 95% of the fund by weight is stocks the S&P 500 also holds, across 170 positions, with the top ten at 15.7%.
Questions people ask
- Which returned more over the last year, PVAL or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, PVAL returned +28.4% and USMV returned +6.6%, so PVAL returned more. One year is one year; the longer windows are in the table.
- How much do PVAL and USMV overlap with the S&P 500?
- By their latest filed holdings, 95% of PVAL and 95% of USMV by weight is stocks the S&P 500 already holds. Between the two funds, 13% of their books are the same securities at the same weight.
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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 USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/PVAL-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources