MISGX vs. PNSAX

Last updated Jun 5, 2026

MISGX (Meridian Small Cap Growth Fund) and PNSAX (Putnam Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, MISGX returned 8.75%/yr vs 15.72%/yr for PNSAX. Their correlation of 0.85 suggests significant overlap in exposure. MISGX charges 1.22%/yr vs 1.23%/yr for PNSAX.

Performance

MISGX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Meridian Small Cap Growth Fund (MISGX) and Putnam Small Cap Growth Fund (PNSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MISGX achieves a 2.63% return, which is significantly lower than PNSAX's 19.11% return. Over the past 10 years, MISGX has underperformed PNSAX with an annualized return of 8.75%, while PNSAX has yielded a comparatively higher 15.72% annualized return.

MISGX

• 1D: -1.19%
• 1M: 0.64%
• YTD: 2.63%
• 6M: 2.55%
• 1Y: 9.20%
• 3Y*: 6.52%
• 5Y*: -0.48%
• 10Y*: 8.75%

PNSAX

• 1D: -0.19%
• 1M: 0.68%
• YTD: 19.11%
• 6M: 15.58%
• 1Y: 30.48%
• 3Y*: 21.14%
• 5Y*: 9.67%
• 10Y*: 15.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MISGX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MISGX Meridian Small Cap Growth Fund	2.63%	-1.28%	13.89%	14.02%	-24.63%	8.55%	27.78%	18.96%	0.40%	22.83%
PNSAX Putnam Small Cap Growth Fund	19.11%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between MISGX and PNSAX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 18, 2013	0.85

Over the past year, the correlation between MISGX and PNSAX has dropped to 0.62 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

MISGX vs. PNSAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MISGX

MISGX Risk / Return Rank: 9
MISGX Sharpe Ratio Rank: 8
MISGX Sortino Ratio Rank: 9
MISGX Omega Ratio Rank: 8
MISGX Calmar Ratio Rank: 9
MISGX Martin Ratio Rank: 9

PNSAX

PNSAX Risk / Return Rank: 27
PNSAX Sharpe Ratio Rank: 23
PNSAX Sortino Ratio Rank: 22
PNSAX Omega Ratio Rank: 22
PNSAX Calmar Ratio Rank: 35
PNSAX Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MISGX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Meridian Small Cap Growth Fund (MISGX) and Putnam Small Cap Growth Fund (PNSAX). 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.

	MISGX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.36	-0.72
Sortino ratio: Return per unit of downside risk	1.02	1.97	-0.95
Omega ratio: Gain probability vs. loss probability	1.12	1.25	-0.13
Calmar ratio: Return relative to maximum drawdown	0.84	2.20	-1.36
Martin ratio: Return relative to average drawdown	2.53	7.69	-5.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MISGX vs. PNSAX - Sharpe Ratio Comparison

The current MISGX Sharpe Ratio is 0.65, which is lower than the PNSAX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of MISGX and PNSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MISGX	PNSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.36	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.42	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.67	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.44	-0.01

Drawdowns

MISGX vs. PNSAX - Drawdown Comparison

The maximum MISGX drawdown since its inception was -41.11%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for MISGX and PNSAX.

Drawdown Indicators

	MISGX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-69.47%	+28.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-14.00%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-27.23%	-26.25%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-37.70%	-38.77%	+1.07%
Max Drawdown (10Y) Largest decline over 10 years	-41.11%	-38.77%	-2.34%
Current Drawdown Current decline from peak	-10.37%	-1.63%	-8.74%
Average Drawdown Average peak-to-trough decline	-11.29%	-23.55%	+12.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	3.99%	+0.28%

Volatility

MISGX vs. PNSAX - Volatility Comparison

The current volatility for Meridian Small Cap Growth Fund (MISGX) is 6.04%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.08%. This indicates that MISGX experiences smaller price fluctuations and is considered to be less risky than PNSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MISGX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	8.08%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	12.45%	18.25%	-5.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	22.60%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.36%	23.23%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	23.58%	-2.35%

MISGX vs. PNSAX - Expense Ratio Comparison

MISGX has a 1.22% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

MISGX vs. PNSAX - Dividend Comparison

MISGX's dividend yield for the trailing twelve months is around 7.69%, more than PNSAX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MISGX Meridian Small Cap Growth Fund	7.69%	7.89%	3.76%	0.00%	14.39%	33.08%	1.96%	5.78%	12.50%	4.18%	0.00%	1.62%
PNSAX Putnam Small Cap Growth Fund	0.36%	0.42%	0.00%	0.00%	0.00%	15.27%	4.87%	1.93%	1.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MISGX and PNSAX in my portfolio?

MISGX and PNSAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MISGX or PNSAX?

PNSAX has higher volatility (8.08%) compared to MISGX (6.04%). In terms of maximum drawdown, MISGX dropped -41.11% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

PNSAX currently has the higher Sharpe Ratio (1.36 vs 0.65), 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.