MMGEX vs. PNSAX

Last updated Aug 1, 2026

MMGEX (MassMutual Small Cap Growth Equity Fund) and PNSAX (Putnam Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, MMGEX returned 14.72%/yr vs 14.93%/yr for PNSAX. Their 0.95 correlation means they have historically moved very closely together. MMGEX charges 1.41%/yr vs 1.23%/yr for PNSAX.

Performance

MMGEX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Small Cap Growth Equity Fund (MMGEX) 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, MMGEX achieves a 20.51% return, which is significantly higher than PNSAX's 16.15% return. Both investments have delivered pretty close results over the past 10 years, with MMGEX having a 14.72% annualized return and PNSAX not far ahead at 14.93%.

MMGEX

• 1D: 3.12%
• 1M: -3.67%
• 6M: 14.34%
• YTD: 20.51%
• 1Y: 35.12%
• 3Y*: 16.33%
• 5Y*: 5.81%
• 10Y*: 14.72%
• ALL TIME*: 8.20%

PNSAX

• 1D: 3.67%
• 1M: -4.68%
• 6M: 10.87%
• YTD: 16.15%
• 1Y: 22.94%
• 3Y*: 17.06%
• 5Y*: 7.81%
• 10Y*: 14.93%
• ALL TIME*: 11.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMGEX MassMutual Small Cap Growth Equity Fund	$0.00	$0.00	$0.00
PNSAX Putnam Small Cap Growth Fund	$0.00	$0.00	$0.00

MMGEX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMGEX MassMutual Small Cap Growth Equity Fund	20.51%	10.66%	14.79%	16.35%	-26.21%	8.52%	40.08%	61.40%	-5.46%	24.28%
PNSAX Putnam Small Cap Growth Fund	16.15%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between MMGEX and PNSAX 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.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Apr 30, 1999	0.95

The correlation between MMGEX and PNSAX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

MMGEX vs. PNSAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MMGEX

MMGEX Risk / Return Rank: 66
MMGEX Sharpe Ratio Rank: 56
MMGEX Sortino Ratio Rank: 56
MMGEX Omega Ratio Rank: 49
MMGEX Calmar Ratio Rank: 85
MMGEX Martin Ratio Rank: 84

PNSAX

PNSAX Risk / Return Rank: 26
PNSAX Sharpe Ratio Rank: 22
PNSAX Sortino Ratio Rank: 24
PNSAX Omega Ratio Rank: 23
PNSAX Calmar Ratio Rank: 33
PNSAX Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MMGEX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Small Cap Growth Equity Fund (MMGEX) 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.

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.

	MMGEX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	0.78	+0.69
Sortino ratio: Return per unit of downside risk	2.12	1.24	+0.88
Omega ratio: Gain probability vs. loss probability	1.25	1.15	+0.10
Calmar ratio: Return relative to maximum drawdown	3.01	1.41	+1.60
Martin ratio: Return relative to average drawdown	10.77	4.27	+6.50

MMGEX vs. PNSAX - Sharpe Ratio Comparison

The current MMGEX Sharpe Ratio is 1.47, which is higher than the PNSAX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of MMGEX 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.

Drawdowns

MMGEX vs. PNSAX - Drawdown Comparison

The maximum MMGEX drawdown since its inception was -63.65%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for MMGEX and PNSAX.

Drawdown Indicators

	MMGEX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.65%	-69.47%	+5.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-14.00%	+3.53%
Max Drawdown (3Y) Largest decline over 3 years	-27.79%	-26.25%	-1.54%
Max Drawdown (5Y) Largest decline over 5 years	-51.21%	-38.77%	-12.44%
Max Drawdown (10Y) Largest decline over 10 years	-51.21%	-38.77%	-12.44%
Current Drawdown Current decline from peak	-6.88%	-9.57%	+2.69%
Average Drawdown Average peak-to-trough decline	-23.31%	-23.45%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	4.61%	-1.67%

Volatility

MMGEX vs. PNSAX - Volatility Comparison

The current volatility for MassMutual Small Cap Growth Equity Fund (MMGEX) is 6.74%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.02%. This indicates that MMGEX 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

	MMGEX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	8.02%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	17.21%	20.84%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	21.45%	25.20%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.60%	23.68%	+8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.04%	23.74%	+5.30%

MMGEX vs. PNSAX - Expense Ratio Comparison

MMGEX has a 1.41% expense ratio, which is higher than PNSAX's 1.23% expense ratio.

Dividends

MMGEX vs. PNSAX - Dividend Comparison

MMGEX's dividend yield for the trailing twelve months is around 31.48%, more than PNSAX's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMGEX MassMutual Small Cap Growth Equity Fund	31.48%	37.94%	8.94%	0.00%	0.00%	44.40%	10.36%	32.83%	29.40%	6.91%	0.00%	33.83%
PNSAX Putnam Small Cap Growth Fund	0.37%	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 MMGEX and PNSAX in my portfolio?

With a correlation of 0.97, MMGEX and PNSAX 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.

Which is riskier, MMGEX or PNSAX?

PNSAX has higher volatility (8.02%) compared to MMGEX (6.74%). In terms of maximum drawdown, MMGEX dropped -63.65% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

MMGEX currently has the higher Sharpe Ratio (1.47 vs 0.78), 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.