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Putnam Small Cap Growth Fund (PNSAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 4, 2026

The fund invests mainly in common stocks of small U.S. companies, with a focus on growth stocks. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. It invests at least 80% of the fund's net assets in companies of a size similar to those in the Russell 2000 Growth Index.

Looking to diversify beyond PNSAX? The mutual funds below have the lowest correlation with PNSAX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from PNSAX.

Best Diversifiers for PNSAX

5 mutual funds have low correlation with PNSAX (below 0.3), 1 of which are negatively correlated. The least correlated is Putnam Mortgage Opportunities Fund (PMOTX) (Nontraditional Bonds) with a 1Y correlation of -0.07, down from 0.14 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PMOTX
Putnam Mortgage Opportunities Fund-0.070.050.14
64
Nontraditional BondsPNSAX vs PMOTX
PSDYX
Putnam Ultra Short Duration Income Fund0.110.070.04
98
Ultrashort BondPNSAX vs PSDYX
PARYX
Putnam Short Duration Bond Fund0.130.110.12
81
Short-Term BondPNSAX vs PARYX
PGSIX
Putnam Mortgage Securities Fund0.180.200.22
51
Intermediate Core-Plus BondPNSAX vs PGSIX
QISGX
Federated Hermes MDT Small Cap Growth Fund0.270.610.78
66
Small Cap Growth EquitiesPNSAX vs QISGX
See all 63 diversifiers for PNSAX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from PNSAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PNSAX and solid risk/return profiles. The least correlated is NVIDIA Corporation (NVDA) (Technology) with a 1Y correlation of 0.36, down from 0.52 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
NVDA
NVIDIA Corporation0.360.400.52
78
Technology

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