Data as of Oct 28, 2026.
FNDX vs PVAL: Differences, Returns & Fees
Over the year to Oct 28, 2026, FNDX returned +23.9% to PVAL's +26.6%; 25% of their weight is in the same names.
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Net assets on Aug 31, 2026: $27.6bn for Schwab Fundamental U.S. Large Company ETF and $14.1bn for Putnam Focused Large Cap Value ETF.
Pair scorecard
FNDX costs 0.30 points a year less; their one-year returns differ by 2.7 points; FNDX is 2.0 times larger.
| Measure | FNDX | PVAL |
|---|---|---|
| Return | ||
| Total return, 1 year | +23.9% | +26.6% |
| Benchmark | ||
| What it tracks | Fundamental U.S. Large Company | No index, actively managed |
| Cost and size | ||
| Expense ratio | 0.25% | 0.55% |
| Net assets, as of Aug 31, 2026 | $27.6bn | $14.1bn |
| Holdings | ||
| Holdings in common | 25% | |
| Top ten holdings, share of the fund | 21.0% | 42.8% |
Holdings in common uses holdings dated Aug 31, 2026. Method
Risk and return
Jun 4, 2021 to Oct 23, 2026 · 281 weekly returnsEach against its own benchmark: FNDX against IWB, Aug 23, 2013 to Oct 23, 2026; PVAL against IWD, Jun 4, 2021 to Oct 23, 2026.
PVAL returned more: +123.6% to +93.4%. FNDX swung slightly less: 14.4% to 14.9%. PVAL fell less at its worst: −15.6% to −18.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FNDX | PVAL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +93.4% | +123.6% | PVAL | Price change plus distributions, reinvested. |
| Annualized | +13.0% | +16.1% | PVAL | Total return as a yearly rate. |
| Price return | +74.8% | +111.2% | PVAL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 14.4% | 14.9% | FNDX (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 9.9% | 10.1% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.9% | −15.6% | PVAL | Deepest fall from a high to the low after it. |
| Upside capture | 86.4% | 105.1% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 92.1% | 94.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.93 | 1.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.93 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.67 | 0.83 | PVAL | Return above Treasury bills per unit of volatility. |
| Sortino | 0.97 | 1.23 | PVAL | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.128 | 0.123 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.69 | 1.03 | PVAL | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IWB | IWD | The ETF each fund is measured against. | |
| Alpha | +0.4% a year | +4.5% a year | FNDX not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.28 | 2.66 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.4% to +3.2% | +1.2% to +7.8% | FNDX includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.10 | 1.16 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 5.3% | 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, 281 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FNDX and PVAL hold 25% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026.
half
25% in common
Only in one fund ↓
Side by side
FNDX and PVAL on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FNDX and PVAL are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FNDX follows Fundamental U.S. Large Company and PVAL follows No index, actively managed.
- Holdings in common. 25% of the weight is in the same securities (holdings dated Aug 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 FNDX returned +23.9% and PVAL +26.6% with distributions reinvested, a gap of 2.7 points.
Data as of Oct 28, 2026.
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Over the year to Oct 28, 2026 it returned +23.9% with distributions reinvested, against +13.1% for its benchmark, the Russell 1000 Index.
FNDX tracks an index of Fundamental U.S. Large Company. The prospectus expense ratio is 0.25% a year. By its holdings filed for Aug 31, 2026, 88% of the fund by weight is stocks the S&P 500 also holds, across 731 positions, with the top ten at 21.0%.
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, FNDX or PVAL?
- In the year to Oct 28, 2026, with distributions reinvested, FNDX returned +23.9% and PVAL +26.6%.
- Which is cheaper, FNDX or PVAL?
- FNDX is cheaper, by 0.30 percentage points a year. That is about $30 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, FNDX against PVAL, data as of Oct 28, 2026. https://etfiq.com/compare/any/fndx-vs-pval
ETFIQ. (Oct 28, 2026). FNDX against PVAL. Retrieved from https://etfiq.com/compare/any/fndx-vs-pval
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