PARYX vs. PMYYX

Last updated Jun 24, 2026

PARYX (Putnam Short Duration Bond Fund) and PMYYX (Putnam Multi-Cap Core Fund) are both mutual funds - PARYX is a Short-Term Bond fund managed by Putnam, while PMYYX is a Large Cap Blend Equities fund managed by Putnam. Over the past 10 years, PARYX returned 2.92%/yr vs 16.71%/yr for PMYYX. At a 0.12 correlation, their price movements are largely independent. PARYX charges 0.37%/yr vs 0.71%/yr for PMYYX.

Performance

PARYX vs. PMYYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Short Duration Bond Fund (PARYX) and Putnam Multi-Cap Core Fund (PMYYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PARYX achieves a 0.45% return, which is significantly lower than PMYYX's 7.12% return. Over the past 10 years, PARYX has underperformed PMYYX with an annualized return of 2.92%, while PMYYX has yielded a comparatively higher 16.71% annualized return.

PARYX

• 1D: -0.10%
• 1M: 0.15%
• YTD: 0.45%
• 6M: 0.91%
• 1Y: 3.66%
• 3Y*: 5.20%
• 5Y*: 2.41%
• 10Y*: 2.92%

PMYYX

• 1D: -0.47%
• 1M: 0.25%
• YTD: 7.12%
• 6M: 6.13%
• 1Y: 23.76%
• 3Y*: 21.00%
• 5Y*: 13.37%
• 10Y*: 16.71%

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

PARYX vs. PMYYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PARYX Putnam Short Duration Bond Fund	0.45%	5.96%	5.19%	5.62%	-4.53%	0.52%	3.37%	4.90%	2.23%	3.48%
PMYYX Putnam Multi-Cap Core Fund	7.12%	17.33%	26.46%	27.98%	-15.94%	30.93%	17.69%	32.52%	-7.91%	24.00%

Correlation

The correlation between PARYX and PMYYX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.12

The correlation between PARYX and PMYYX shifts across timeframes, from 0.09 (10 years) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PARYX vs. PMYYX — Risk / Return Rank

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

PARYX

PARYX Risk / Return Rank: 78
PARYX Sharpe Ratio Rank: 57
PARYX Sortino Ratio Rank: 88
PARYX Omega Ratio Rank: 85
PARYX Calmar Ratio Rank: 80
PARYX Martin Ratio Rank: 80

PMYYX

PMYYX Risk / Return Rank: 52
PMYYX Sharpe Ratio Rank: 54
PMYYX Sortino Ratio Rank: 50
PMYYX Omega Ratio Rank: 51
PMYYX Calmar Ratio Rank: 47
PMYYX Martin Ratio Rank: 57

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.

PARYX vs. PMYYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Short Duration Bond Fund (PARYX) and Putnam Multi-Cap Core Fund (PMYYX). 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.

	PARYX	PMYYX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.00	+0.05
Sortino ratio: Return per unit of downside risk	3.93	2.74	+1.19
Omega ratio: Gain probability vs. loss probability	1.54	1.36	+0.18
Calmar ratio: Return relative to maximum drawdown	3.45	2.49	+0.95
Martin ratio: Return relative to average drawdown	13.88	10.78	+3.09

PARYX vs. PMYYX - Sharpe Ratio Comparison

The current PARYX Sharpe Ratio is 2.05, which is comparable to the PMYYX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of PARYX and PMYYX, 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

PARYX vs. PMYYX - Drawdown Comparison

The maximum PARYX drawdown since its inception was -7.68%, smaller than the maximum PMYYX drawdown of -35.25%. Use the drawdown chart below to compare losses from any high point for PARYX and PMYYX.

Drawdown Indicators

	PARYX	PMYYX	Difference
Max Drawdown Largest peak-to-trough decline	-7.68%	-35.25%	+27.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.10%	-10.02%	+8.92%
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	-18.92%	+17.82%
Max Drawdown (5Y) Largest decline over 5 years	-7.16%	-23.52%	+16.36%
Max Drawdown (10Y) Largest decline over 10 years	-7.68%	-35.25%	+27.57%
Current Drawdown Current decline from peak	-0.40%	-1.49%	+1.09%
Average Drawdown Average peak-to-trough decline	-0.76%	-4.11%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	2.31%	-2.04%

Volatility

PARYX vs. PMYYX - Volatility Comparison

The current volatility for Putnam Short Duration Bond Fund (PARYX) is 0.68%, while Putnam Multi-Cap Core Fund (PMYYX) has a volatility of 4.39%. This indicates that PARYX experiences smaller price fluctuations and is considered to be less risky than PMYYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PARYX	PMYYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	4.39%	-3.71%
Volatility (6M) Calculated over the trailing 6-month period	1.37%	9.84%	-8.47%
Volatility (1Y) Calculated over the trailing 1-year period	1.85%	12.54%	-10.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.22%	16.88%	-14.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.03%	18.43%	-16.40%

PARYX vs. PMYYX - Expense Ratio Comparison

PARYX has a 0.37% expense ratio, which is lower than PMYYX's 0.71% expense ratio.

Dividends

PARYX vs. PMYYX - Dividend Comparison

PARYX's dividend yield for the trailing twelve months is around 4.12%, more than PMYYX's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PARYX Putnam Short Duration Bond Fund	4.12%	4.15%	3.81%	3.04%	1.70%	1.91%	2.11%	2.98%	2.11%	2.54%	2.75%	1.86%
PMYYX Putnam Multi-Cap Core Fund	2.58%	2.76%	4.47%	2.62%	5.26%	9.25%	2.41%	4.76%	2.36%	2.71%	1.21%	1.26%

Frequently Asked Questions

Can I hold both PARYX and PMYYX in my portfolio?

PARYX and PMYYX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PARYX or PMYYX?

PMYYX has higher volatility (4.39%) compared to PARYX (0.68%). In terms of maximum drawdown, PARYX dropped -7.68% vs PMYYX's -35.25%.

Which has better risk-adjusted returns?

PARYX currently has the higher Sharpe Ratio (2.05 vs 2.00), 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.