FDL vs PVAL: Differences, Returns & Fees
FDL and PVAL hold 3% of their weight in the same names, and PVAL returned +28.6% over the year. Net assets: $7.7bn on Oct 9, 2026 for First Trust Morningstar ETF, and $11.1bn on May 29, 2026 for Putnam Focused Large Cap Value ETF.
FDL costs 0.12 points a year less; their one-year returns differ by 8.0 points.
| FDL | PVAL | |
|---|---|---|
| Expense ratio | 0.43% | 0.55% |
| Net assets, FDL as of Oct 9, 2026 and PVAL as of May 29, 2026 | $7.7bn | $11.1bn |
| Total return, 1 year | +20.6% | +28.6% |
| What it tracks | Morningstar Dividend Leaders Index | No index, actively managed |
| Holdings in common | 3% | |
| Top ten holdings, share of the fund | 50.4% | 35.3% |
| Below its high | 5.9%, high on Aug 24, 2026 | |
Holdings in common uses holdings dated May 29, 2026 and Oct 9, 2026.
What they hold in common
By the books each fund has filed, FDL and PVAL hold 3% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 29, 2026 and Oct 9, 2026.
half
3% in common
On the same fields
FDL and PVAL on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.
About FDL
FDL tracks an index. Over the year to Oct 9, 2026 it returned +20.6% with distributions reinvested. The prospectus expense ratio is 0.43% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 100 positions, with the top ten at 50.4%. It sat 5.9% below its high of Aug 24, 2026 on Oct 9, 2026.
About PVAL
PVAL is actively managed and tracks no index. The prospectus expense ratio is 0.55% a year. By its holdings filed for May 29, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 45 positions, with the top ten at 35.3%.
Over the year to Oct 9, 2026 it returned +28.6% with distributions reinvested, against +26.4% for its benchmark, the Russell 1000 Value Index.
Questions people ask
- Which returned more over the last year, FDL or PVAL?
- In the year to Oct 9, 2026, with distributions reinvested, FDL returned +20.6% and PVAL +28.6%.
- Which is cheaper, FDL or PVAL?
- FDL is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. 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, FDL against PVAL, data as of Oct 9, 2026. https://etfiq.com/compare/any/fdl-vs-pval
ETFIQ. (Oct 9, 2026). FDL against PVAL. Retrieved from https://etfiq.com/compare/any/fdl-vs-pval
[FDL against PVAL (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/any/fdl-vs-pval)
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