PABAX vs. SMIFX

Last updated Jun 5, 2026

PABAX (Putnam Dynamic Asset Allocation Balanced Fund) and SMIFX (Sound Mind Investing Fund) are both Diversified Portfolio funds. Over the past 10 years, PABAX returned 8.70%/yr vs 9.52%/yr for SMIFX. Their correlation of 0.90 suggests significant overlap in exposure. PABAX charges 0.94%/yr vs 1.19%/yr for SMIFX.

Performance

PABAX vs. SMIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Dynamic Asset Allocation Balanced Fund (PABAX) and Sound Mind Investing Fund (SMIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PABAX achieves a 6.94% return, which is significantly lower than SMIFX's 16.87% return. Over the past 10 years, PABAX has underperformed SMIFX with an annualized return of 8.70%, while SMIFX has yielded a comparatively higher 9.52% annualized return.

PABAX

• 1D: -0.50%
• 1M: 2.39%
• YTD: 6.94%
• 6M: 7.63%
• 1Y: 18.29%
• 3Y*: 15.18%
• 5Y*: 7.65%
• 10Y*: 8.70%

SMIFX

• 1D: -0.27%
• 1M: 2.45%
• YTD: 16.87%
• 6M: 16.66%
• 1Y: 20.20%
• 3Y*: 13.17%
• 5Y*: 5.89%
• 10Y*: 9.52%

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

PABAX vs. SMIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PABAX Putnam Dynamic Asset Allocation Balanced Fund	6.94%	14.90%	15.25%	15.80%	-15.76%	13.25%	11.81%	17.31%	-7.21%	15.21%
SMIFX Sound Mind Investing Fund	16.87%	3.16%	16.65%	5.17%	-8.93%	11.15%	20.76%	19.28%	-8.56%	17.49%

Correlation

The correlation between PABAX and SMIFX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 8, 2005	0.90

The correlation between PABAX and SMIFX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

PABAX vs. SMIFX — Risk / Return Rank

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

PABAX

PABAX Risk / Return Rank: 66
PABAX Sharpe Ratio Rank: 61
PABAX Sortino Ratio Rank: 63
PABAX Omega Ratio Rank: 60
PABAX Calmar Ratio Rank: 69
PABAX Martin Ratio Rank: 77

SMIFX

SMIFX Risk / Return Rank: 40
SMIFX Sharpe Ratio Rank: 38
SMIFX Sortino Ratio Rank: 35
SMIFX Omega Ratio Rank: 36
SMIFX Calmar Ratio Rank: 52
SMIFX Martin Ratio Rank: 42

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.

PABAX vs. SMIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Dynamic Asset Allocation Balanced Fund (PABAX) and Sound Mind Investing Fund (SMIFX). 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.

	PABAX	SMIFX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.72	+0.58
Sortino ratio: Return per unit of downside risk	3.30	2.37	+0.93
Omega ratio: Gain probability vs. loss probability	1.42	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	3.16	2.68	+0.48
Martin ratio: Return relative to average drawdown	14.18	8.61	+5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PABAX vs. SMIFX - Sharpe Ratio Comparison

The current PABAX Sharpe Ratio is 2.30, which is higher than the SMIFX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of PABAX and SMIFX, 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

	PABAX	SMIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.72	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.20	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.40	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.32	+0.33

Drawdowns

PABAX vs. SMIFX - Drawdown Comparison

The maximum PABAX drawdown since its inception was -45.92%, smaller than the maximum SMIFX drawdown of -54.33%. Use the drawdown chart below to compare losses from any high point for PABAX and SMIFX.

Drawdown Indicators

	PABAX	SMIFX	Difference
Max Drawdown Largest peak-to-trough decline	-45.92%	-54.33%	+8.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.93%	-7.42%	+1.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.28%	-19.98%	+1.70%
Max Drawdown (5Y) Largest decline over 5 years	-20.98%	-41.36%	+20.38%
Max Drawdown (10Y) Largest decline over 10 years	-22.31%	-41.36%	+19.05%
Current Drawdown Current decline from peak	-0.50%	-8.74%	+8.24%
Average Drawdown Average peak-to-trough decline	-5.67%	-14.28%	+8.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	2.31%	-0.99%

Volatility

PABAX vs. SMIFX - Volatility Comparison

The current volatility for Putnam Dynamic Asset Allocation Balanced Fund (PABAX) is 2.37%, while Sound Mind Investing Fund (SMIFX) has a volatility of 3.01%. This indicates that PABAX experiences smaller price fluctuations and is considered to be less risky than SMIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PABAX	SMIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	3.01%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	6.47%	8.89%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	8.16%	11.62%	-3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.56%	29.03%	-16.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	24.18%	-12.37%

PABAX vs. SMIFX - Expense Ratio Comparison

PABAX has a 0.94% expense ratio, which is lower than SMIFX's 1.19% expense ratio.

Dividends

PABAX vs. SMIFX - Dividend Comparison

PABAX's dividend yield for the trailing twelve months is around 6.59%, more than SMIFX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PABAX Putnam Dynamic Asset Allocation Balanced Fund	6.59%	7.60%	10.79%	1.63%	6.10%	11.51%	1.35%	1.81%	8.72%	6.15%	2.39%	7.06%
SMIFX Sound Mind Investing Fund	4.56%	5.33%	1.28%	1.73%	0.97%	46.86%	0.00%	0.48%	26.02%	10.06%	0.00%	14.94%

Frequently Asked Questions

Can I hold both PABAX and SMIFX in my portfolio?

PABAX and SMIFX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PABAX or SMIFX?

SMIFX has higher volatility (3.01%) compared to PABAX (2.37%). In terms of maximum drawdown, PABAX dropped -45.92% vs SMIFX's -54.33%.

Which has better risk-adjusted returns?

PABAX currently has the higher Sharpe Ratio (2.30 vs 1.72), 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.