CMNWX vs. PNRAX
CMNWX (Principal Capital Appreciation Fund) and PNRAX (Putnam Research Fund) are both Large Cap Blend Equities funds. Over the past 10 years, CMNWX returned 14.88%/yr vs 15.68%/yr for PNRAX. Their correlation of 0.92 means they have usually moved in the same direction. CMNWX charges 0.80%/yr vs 1.03%/yr for PNRAX.
Performance
CMNWX vs. PNRAX - Performance Comparison
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Returns By Period
In the year-to-date period, CMNWX achieves a 8.06% return, which is significantly lower than PNRAX's 11.84% return. Over the past 10 years, CMNWX has underperformed PNRAX with an annualized return of 14.88%, while PNRAX has yielded a comparatively higher 15.68% annualized return.
CMNWX
- 1D
- 1.67%
- 1M
- -1.13%
- 6M
- 6.58%
- YTD
- 8.06%
- 1Y
- 17.20%
- 3Y*
- 19.55%
- 5Y*
- 12.95%
- 10Y*
- 14.88%
- ALL TIME*
- 14.03%
PNRAX
- 1D
- 2.24%
- 1M
- 0.08%
- 6M
- 10.11%
- YTD
- 11.84%
- 1Y
- 24.70%
- 3Y*
- 20.95%
- 5Y*
- 13.55%
- 10Y*
- 15.68%
- ALL TIME*
- 9.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
PNRAX Putnam Research Fund | $0.00 | $0.00 | $0.00 |
CMNWX vs. PNRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMNWX Principal Capital Appreciation Fund | 8.06% | 13.27% | 32.14% | 25.01% | -16.37% | 27.45% | 18.36% | 32.21% | -4.12% | 20.64% |
PNRAX Putnam Research Fund | 11.84% | 18.11% | 26.21% | 28.83% | -17.45% | 24.32% | 20.01% | 32.83% | -4.81% | 23.19% |
Correlation
The correlation between CMNWX and PNRAX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.92 |
The correlation between CMNWX and PNRAX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
CMNWX vs. PNRAX — Risk / Return Rank
CMNWX
PNRAX
CMNWX vs. PNRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Capital Appreciation Fund (CMNWX) and Putnam Research Fund (PNRAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CMNWX | PNRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.31 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 2.76 | -1.06 |
| Martin ratioReturn relative to average drawdown | 7.29 | 11.30 | -4.01 |
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Drawdowns
CMNWX vs. PNRAX - Drawdown Comparison
The maximum CMNWX drawdown since its inception was -50.43%, smaller than the maximum PNRAX drawdown of -57.49%. Use the drawdown chart below to compare losses from any high point for CMNWX and PNRAX.
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Drawdown Indicators
| CMNWX | PNRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.43% | -57.49% | +7.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.91% | -8.24% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -19.54% | -20.26% | +0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -23.35% | -24.37% | +1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -33.26% | -33.35% | +0.09% |
Current DrawdownCurrent decline from peak | -2.47% | -2.05% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -6.92% | -12.00% | +5.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 2.01% | +0.07% |
Volatility
CMNWX vs. PNRAX - Volatility Comparison
The current volatility for Principal Capital Appreciation Fund (CMNWX) is 3.39%, while Putnam Research Fund (PNRAX) has a volatility of 3.58%. This indicates that CMNWX experiences smaller price fluctuations and is considered to be less risky than PNRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMNWX | PNRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 3.58% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 10.45% | 10.38% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.39% | 13.21% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.94% | 17.22% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.20% | 17.98% | -0.78% |
CMNWX vs. PNRAX - Expense Ratio Comparison
CMNWX has a 0.80% expense ratio, which is lower than PNRAX's 1.03% expense ratio.
Dividends
CMNWX vs. PNRAX - Dividend Comparison
CMNWX's dividend yield for the trailing twelve months is around 8.10%, less than PNRAX's 10.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMNWX Principal Capital Appreciation Fund | 8.10% | 8.75% | 10.03% | 0.71% | 0.69% | 9.52% | 5.33% | 8.37% | 46.60% | 7.72% | 10.32% | 5.42% |
PNRAX Putnam Research Fund | 10.27% | 11.49% | 7.57% | 0.28% | 9.46% | 7.67% | 2.02% | 7.24% | 15.09% | 1.57% | 1.06% | 1.19% |
Frequently Asked Questions
With a correlation of 0.97, CMNWX and PNRAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PNRAX has higher volatility (3.58%) compared to CMNWX (3.39%). In terms of maximum drawdown, CMNWX dropped -50.43% vs PNRAX's -57.49%.
PNRAX currently has the higher Sharpe Ratio (1.72 vs 1.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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