PAEAX vs. VOOG

Last updated Jun 4, 2026

PAEAX (Putnam Dynamic Asset Allocation Growth Fund) and VOOG (Vanguard S&P 500 Growth ETF) are both funds - PAEAX is a Diversified Portfolio fund managed by Putnam, while VOOG is a S&P 500 fund tracking the S&P 500 Growth Index. Over the past 10 years, PAEAX returned 11.21%/yr vs 18.15%/yr for VOOG. Their correlation of 0.90 suggests significant overlap in exposure. PAEAX charges 1.03%/yr vs 0.07%/yr for VOOG.

Performance

PAEAX vs. VOOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Dynamic Asset Allocation Growth Fund (PAEAX) and Vanguard S&P 500 Growth ETF (VOOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAEAX achieves a 10.40% return, which is significantly lower than VOOG's 13.78% return. Over the past 10 years, PAEAX has underperformed VOOG with an annualized return of 11.21%, while VOOG has yielded a comparatively higher 18.15% annualized return.

PAEAX

• 1D: 0.38%
• 1M: 4.62%
• YTD: 10.40%
• 6M: 11.34%
• 1Y: 25.11%
• 3Y*: 19.86%
• 5Y*: 10.53%
• 10Y*: 11.21%

VOOG

• 1D: -0.93%
• 1M: 7.44%
• YTD: 13.78%
• 6M: 13.58%
• 1Y: 34.04%
• 3Y*: 28.13%
• 5Y*: 16.03%
• 10Y*: 18.15%

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

PAEAX vs. VOOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAEAX Putnam Dynamic Asset Allocation Growth Fund	10.40%	18.45%	18.71%	20.78%	-16.99%	16.63%	14.41%	20.79%	-9.73%	19.92%
VOOG Vanguard S&P 500 Growth ETF	13.78%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%

Correlation

The correlation between PAEAX and VOOG is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.90

The correlation between PAEAX and VOOG has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

PAEAX vs. VOOG — Risk / Return Rank

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

PAEAX

PAEAX Risk / Return Rank: 73
PAEAX Sharpe Ratio Rank: 73
PAEAX Sortino Ratio Rank: 69
PAEAX Omega Ratio Rank: 66
PAEAX Calmar Ratio Rank: 74
PAEAX Martin Ratio Rank: 81

VOOG

VOOG Risk / Return Rank: 58
VOOG Sharpe Ratio Rank: 63
VOOG Sortino Ratio Rank: 61
VOOG Omega Ratio Rank: 59
VOOG Calmar Ratio Rank: 50
VOOG Martin Ratio Rank: 58

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.

PAEAX vs. VOOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Dynamic Asset Allocation Growth Fund (PAEAX) and Vanguard S&P 500 Growth ETF (VOOG). 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.

	PAEAX	VOOG	Difference
Sharpe ratio Return per unit of total volatility	2.48	2.16	+0.32
Sortino ratio Return per unit of downside risk	3.47	2.91	+0.55
Omega ratio Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio Return relative to maximum drawdown	3.36	2.49	+0.87
Martin ratio Return relative to average drawdown	15.28	10.32	+4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAEAX vs. VOOG - Sharpe Ratio Comparison

The current PAEAX Sharpe Ratio is 2.48, which is comparable to the VOOG Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PAEAX and VOOG, 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

	PAEAX	VOOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.16	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.76	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.88	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.91	-0.35

Drawdowns

PAEAX vs. VOOG - Drawdown Comparison

The maximum PAEAX drawdown since its inception was -53.25%, which is greater than VOOG's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for PAEAX and VOOG.

Drawdown Indicators

	PAEAX	VOOG	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	-32.73%	-20.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-13.71%	+6.12%
Max Drawdown (3Y) Largest decline over 3 years	-21.31%	-22.18%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-32.73%	+9.43%
Max Drawdown (10Y) Largest decline over 10 years	-28.57%	-32.73%	+4.16%
Current Drawdown Current decline from peak	0.00%	-1.08%	+1.08%
Average Drawdown Average peak-to-trough decline	-7.67%	-4.97%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	3.31%	-1.64%

Volatility

PAEAX vs. VOOG - Volatility Comparison

The current volatility for Putnam Dynamic Asset Allocation Growth Fund (PAEAX) is 2.86%, while Vanguard S&P 500 Growth ETF (VOOG) has a volatility of 4.32%. This indicates that PAEAX experiences smaller price fluctuations and is considered to be less risky than VOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAEAX	VOOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	4.32%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	12.41%	-4.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	15.85%	-5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	21.19%	-5.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	20.73%	-5.74%

PAEAX vs. VOOG - Expense Ratio Comparison

PAEAX has a 1.03% expense ratio, which is higher than VOOG's 0.07% expense ratio.

Dividends

PAEAX vs. VOOG - Dividend Comparison

PAEAX's dividend yield for the trailing twelve months is around 6.18%, more than VOOG's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAEAX Putnam Dynamic Asset Allocation Growth Fund	6.18%	6.83%	11.00%	4.18%	1.73%	14.90%	0.47%	1.56%	10.41%	10.22%	1.58%	6.53%
VOOG Vanguard S&P 500 Growth ETF	0.44%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both PAEAX and VOOG in my portfolio?

PAEAX and VOOG have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAEAX or VOOG?

VOOG has higher volatility (4.32%) compared to PAEAX (2.86%). In terms of maximum drawdown, PAEAX dropped -53.25% vs VOOG's -32.73%.

Which has better risk-adjusted returns?

PAEAX currently has the higher Sharpe Ratio (2.48 vs 2.16), 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.