A valve assembly can include a housing having multiple longitudinally spaced apart ports, a sleeve longitudinally displaceable in the housing, and at least one deflector ring configured to block flow through an annular space formed between the housing and an outer surface of the sleeve. The deflector ring is positioned longitudinally between an adjacent pair of the ports. Another valve assembly can include a housing having a port, a sleeve longitudinally displaceable in the housing, and a nozzle having an orifice in communication with the port. The nozzle is secured to the housing.