PAFMX vs. PNSAX

Last updated Jun 24, 2026

PAFMX (Putnam Retirement Advantage 2045 Fund) and PNSAX (Putnam Small Cap Growth Fund) are both mutual funds - PAFMX is a Target Retirement Date fund managed by Putnam, while PNSAX is a Small Cap Growth Equities fund managed by Putnam. Over the past 5 years, PAFMX returned 10.60%/yr vs 10.36%/yr for PNSAX. Their correlation of 0.85 suggests significant overlap in exposure. PAFMX charges 0.45%/yr vs 1.23%/yr for PNSAX.

Performance

PAFMX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Retirement Advantage 2045 Fund (PAFMX) 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, PAFMX achieves a 9.65% return, which is significantly lower than PNSAX's 27.82% return.

PAFMX

• 1D: 0.00%
• 1M: 1.45%
• YTD: 9.65%
• 6M: 8.87%
• 1Y: 23.12%
• 3Y*: 19.36%
• 5Y*: 10.60%
• 10Y*: —

PNSAX

• 1D: 1.96%
• 1M: 9.13%
• YTD: 27.82%
• 6M: 24.45%
• 1Y: 39.31%
• 3Y*: 23.74%
• 5Y*: 10.36%
• 10Y*: 17.13%

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

PAFMX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PAFMX Putnam Retirement Advantage 2045 Fund	9.65%	18.27%	15.76%	25.02%	-16.53%	17.61%	14.31%
PNSAX Putnam Small Cap Growth Fund	27.82%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%

Correlation

The correlation between PAFMX and PNSAX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.85

The correlation between PAFMX and PNSAX has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

PAFMX vs. PNSAX — Risk / Return Rank

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

PAFMX

PAFMX Risk / Return Rank: 76
PAFMX Sharpe Ratio Rank: 74
PAFMX Sortino Ratio Rank: 71
PAFMX Omega Ratio Rank: 71
PAFMX Calmar Ratio Rank: 78
PAFMX Martin Ratio Rank: 85

PNSAX

PNSAX Risk / Return Rank: 47
PNSAX Sharpe Ratio Rank: 41
PNSAX Sortino Ratio Rank: 38
PNSAX Omega Ratio Rank: 36
PNSAX Calmar Ratio Rank: 64
PNSAX Martin Ratio Rank: 53

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.

PAFMX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Retirement Advantage 2045 Fund (PAFMX) 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.

	PAFMX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.73	+0.58
Sortino ratio: Return per unit of downside risk	3.20	2.38	+0.81
Omega ratio: Gain probability vs. loss probability	1.43	1.30	+0.13
Calmar ratio: Return relative to maximum drawdown	3.34	2.94	+0.40
Martin ratio: Return relative to average drawdown	14.85	10.22	+4.63

PAFMX vs. PNSAX - Sharpe Ratio Comparison

The current PAFMX Sharpe Ratio is 2.31, which is higher than the PNSAX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of PAFMX 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

PAFMX vs. PNSAX - Drawdown Comparison

The maximum PAFMX drawdown since its inception was -29.22%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for PAFMX and PNSAX.

Drawdown Indicators

	PAFMX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	-69.47%	+40.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-14.00%	+6.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	-26.25%	+12.21%
Max Drawdown (5Y) Largest decline over 5 years	-22.63%	-38.77%	+16.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.77%	—
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-5.08%	-23.51%	+18.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	4.02%	-2.40%

Volatility

PAFMX vs. PNSAX - Volatility Comparison

The current volatility for Putnam Retirement Advantage 2045 Fund (PAFMX) is 4.15%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.62%. This indicates that PAFMX 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

	PAFMX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	8.62%	-4.47%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	19.39%	-10.88%
Volatility (1Y) Calculated over the trailing 1-year period	10.47%	23.89%	-13.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.35%	23.46%	-10.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	23.70%	-7.93%

PAFMX vs. PNSAX - Expense Ratio Comparison

PAFMX has a 0.45% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

PAFMX vs. PNSAX - Dividend Comparison

PAFMX's dividend yield for the trailing twelve months is around 10.78%, more than PNSAX's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PAFMX Putnam Retirement Advantage 2045 Fund	10.78%	11.82%	5.67%	2.72%	12.24%	15.59%	1.22%	0.00%	0.00%	0.00%	0.00%
PNSAX Putnam Small Cap Growth Fund	0.33%	0.42%	0.00%	0.00%	0.00%	15.27%	4.87%	1.93%	1.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAFMX and PNSAX in my portfolio?

PAFMX and PNSAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAFMX or PNSAX?

PNSAX has higher volatility (8.62%) compared to PAFMX (4.15%). In terms of maximum drawdown, PAFMX dropped -29.22% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

PAFMX currently has the higher Sharpe Ratio (2.31 vs 1.73), 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.