Data as of Oct 28, 2026.
DFUS vs PVAL: Differences, Returns & Fees
Over the year to Oct 28, 2026, DFUS returned +13.8% to PVAL's +26.6%; 25% of their weight is in the same names.
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Net assets: $20.9bn on Jul 31, 2026 for Dimensional U.S. Equity Market ETF, and $14.1bn on Aug 31, 2026 for Putnam Focused Large Cap Value ETF.
Pair scorecard
DFUS costs 0.46 points a year less; their one-year returns differ by 12.8 points.
| Measure | DFUS | PVAL |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.8% | +26.6% |
| Benchmark | ||
| What it tracks | No index, actively managed | No index, actively managed |
| Cost and size | ||
| Expense ratio | 0.09% | 0.55% |
| Net assets, DFUS as of Jul 31, 2026 and PVAL as of Aug 31, 2026 | $20.9bn | $14.1bn |
| Holdings | ||
| Holdings in common | 25% | |
| Top ten holdings, share of the fund | 34.6% | 42.8% |
Holdings in common uses holdings dated Jul 31, 2026 and Aug 31, 2026. Method
Risk and return
Jun 25, 2021 to Oct 23, 2026 · 278 weekly returnsEach against its own benchmark: DFUS against IWV, Jun 25, 2021 to Oct 23, 2026; PVAL against IWD, Jun 4, 2021 to Oct 23, 2026.
PVAL returned more: +125.4% to +87.6%. PVAL swung slightly less: 14.8% to 16.2%. PVAL fell less at its worst: −15.6% to −24.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DFUS | PVAL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +87.6% | +125.4% | PVAL | Price change plus distributions, reinvested. |
| Annualized | +12.5% | +16.4% | PVAL | Total return as a yearly rate. |
| Price return | +76.2% | +112.9% | PVAL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.2% | 14.8% | PVAL (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.8% | 10.0% | PVAL (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −24.2% | −15.6% | PVAL | Deepest fall from a high to the low after it. |
| Upside capture | 101.4% | 105.1% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.4% | 94.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 1.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.93 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.58 | 0.86 | PVAL | Return above Treasury bills per unit of volatility. |
| Sortino | 0.87 | 1.26 | PVAL | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.094 | 0.123 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.52 | 1.06 | PVAL | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IWV | IWD | The ETF each fund is measured against. | |
| Alpha | +0.8% a year | +4.5% a year | Yearly return beyond what its beta to the benchmark predicts. | |
| Alpha t-stat | 2.33 | 2.66 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | +0.1% to +1.5% | +1.2% to +7.8% | Not an edge | The 95% range for the yearly alpha. |
| Information ratio | 1.04 | 1.16 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.8% | 3.9% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 278 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, DFUS and PVAL hold 25% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.
half
25% in common
Only in one fund ↓
Side by side
DFUS and PVAL on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
DFUS and PVAL do different jobs. What does each one do in a portfolio?
- Holdings in common. 25% of the weight is in the same securities (holdings dated Jul 31, 2026 and Aug 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 DFUS returned +13.8% and PVAL +26.6% with distributions reinvested, a gap of 12.8 points.
- Number of holdings. DFUS holds 2,236 positions and PVAL holds 44.
Data as of Oct 28, 2026.
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Over the year to Oct 28, 2026 it returned +13.8% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.
DFUS is actively managed and tracks no index. The prospectus expense ratio is 0.09% a year. By its holdings filed for Jul 31, 2026, 89% of the fund by weight is stocks the S&P 500 also holds, across 2,236 positions, with the top ten at 34.6%.
Over the year to Oct 28, 2026 it returned +26.6% with distributions reinvested, against +27.5% for its benchmark, the Russell 1000 Value Index.
PVAL is actively managed and tracks no index. The prospectus expense ratio is 0.55% a year. By its holdings filed for Aug 31, 2026, 91% of the fund by weight is stocks the S&P 500 also holds, across 44 positions, with the top ten at 42.8%.
Questions people ask
- Which returned more over the last year, DFUS or PVAL?
- In the year to Oct 28, 2026, with distributions reinvested, DFUS returned +13.8% and PVAL +26.6%.
- Which is cheaper, DFUS or PVAL?
- DFUS is cheaper, by 0.46 percentage points a year. That is about $46 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, DFUS against PVAL, data as of Oct 28, 2026. https://etfiq.com/compare/any/dfus-vs-pval
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