PVAL vs SPLV: Differences, Returns & Fees
PVAL and SPLV hold 6% of their weight in the same names, and PVAL returned +28.6% over the year. Net assets: $11.1bn on May 29, 2026 for Putnam Focused Large Cap Value ETF, and $7.0bn on Oct 9, 2026 for Invesco S&P 500 Low Volatility ETF.
SPLV costs 0.30 points a year less; their one-year returns differ by 26.6 points; SPLV is 2.7 times larger.
| PVAL | SPLV | |
|---|---|---|
| Expense ratio | 0.55% | 0.25% |
| Net assets, as of May 31, 2025 | $3.0bn | $8.0bn |
| Total return, 1 year | +28.6% | +2.0% |
| What it tracks | No index, actively managed | S&P 500 Low Volatility Index |
| Holdings in common | 6% | |
| Holdings dated | May 29, 2026 | Oct 10, 2026 |
| Top ten holdings, share of the fund | 35.3% | 12.7% |
| Below its high | 7.1%, high on Jul 28, 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, PVAL and SPLV hold 6% 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
6% in common
On the same fields
PVAL and SPLV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.
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.
About SPLV
SPLV tracks an index. Over the year to Oct 9, 2026 it returned +2.0% with distributions reinvested. The prospectus expense ratio is 0.25% a year. By its holdings published by its issuer for Oct 10, 2026, 99% of the fund by weight is stocks the S&P 500 also holds, across 108 positions, with the top ten at 12.7%. It sat 7.1% below its high of Jul 28, 2026 on Oct 9, 2026.
Questions people ask
- Which returned more over the last year, PVAL or SPLV?
- In the year to Oct 9, 2026, with distributions reinvested, PVAL returned +28.6% and SPLV +2.0%.
- Which is cheaper, PVAL or SPLV?
- SPLV 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.
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, PVAL against SPLV, data as of Oct 9, 2026. https://etfiq.com/compare/any/pval-vs-splv
ETFIQ. (Oct 9, 2026). PVAL against SPLV. Retrieved from https://etfiq.com/compare/any/pval-vs-splv
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