PARYX vs. PNSAX

Last updated Jun 4, 2026

PARYX (Putnam Short Duration Bond Fund) and PNSAX (Putnam Small Cap Growth Fund) are both mutual funds - PARYX is a Short-Term Bond fund managed by Putnam, while PNSAX is a Small Cap Growth Equities fund managed by Putnam. Over the past 10 years, PARYX returned 2.95%/yr vs 15.74%/yr for PNSAX. At a 0.13 correlation, their price movements are largely independent. PARYX charges 0.37%/yr vs 1.23%/yr for PNSAX.

Performance

PARYX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Short Duration Bond Fund (PARYX) 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, PARYX achieves a 0.75% return, which is significantly lower than PNSAX's 19.33% return. Over the past 10 years, PARYX has underperformed PNSAX with an annualized return of 2.95%, while PNSAX has yielded a comparatively higher 15.74% annualized return.

PARYX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 0.75%
• 6M: 1.22%
• 1Y: 4.18%
• 3Y*: 5.19%
• 5Y*: 2.45%
• 10Y*: 2.95%

PNSAX

• 1D: 1.83%
• 1M: 3.40%
• YTD: 19.33%
• 6M: 17.46%
• 1Y: 30.89%
• 3Y*: 21.22%
• 5Y*: 9.93%
• 10Y*: 15.74%

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

PARYX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PARYX Putnam Short Duration Bond Fund	0.75%	5.96%	5.19%	5.62%	-4.53%	0.52%	3.37%	4.90%	2.23%	3.48%
PNSAX Putnam Small Cap Growth Fund	19.33%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between PARYX and PNSAX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 5, 2009	0.13

Return for Risk

PARYX vs. PNSAX — Risk / Return Rank

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

PARYX

PARYX Risk / Return Rank: 81
PARYX Sharpe Ratio Rank: 61
PARYX Sortino Ratio Rank: 92
PARYX Omega Ratio Rank: 88
PARYX Calmar Ratio Rank: 83
PARYX Martin Ratio Rank: 83

PNSAX

PNSAX Risk / Return Rank: 30
PNSAX Sharpe Ratio Rank: 25
PNSAX Sortino Ratio Rank: 24
PNSAX Omega Ratio Rank: 25
PNSAX Calmar Ratio Rank: 38
PNSAX Martin Ratio Rank: 37

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. PNSAX - Risk-Adjusted Trends Comparison

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

	PARYX	PNSAX	Difference
Sharpe ratio Return per unit of total volatility	2.31	1.44	+0.87
Sortino ratio Return per unit of downside risk	4.60	2.06	+2.54
Omega ratio Gain probability vs. loss probability	1.62	1.26	+0.36
Calmar ratio Return relative to maximum drawdown	3.83	2.33	+1.50
Martin ratio Return relative to average drawdown	15.69	8.14	+7.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PARYX vs. PNSAX - Sharpe Ratio Comparison

The current PARYX Sharpe Ratio is 2.31, which is higher than the PNSAX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PARYX 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.

Sharpe Ratios by Period

	PARYX	PNSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.44	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.43	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.46	0.67	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.44	+0.88

Drawdowns

PARYX vs. PNSAX - Drawdown Comparison

The maximum PARYX drawdown since its inception was -7.68%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for PARYX and PNSAX.

Drawdown Indicators

	PARYX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-7.68%	-69.47%	+61.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.10%	-14.00%	+12.90%
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	-26.25%	+25.15%
Max Drawdown (5Y) Largest decline over 5 years	-7.16%	-38.77%	+31.61%
Max Drawdown (10Y) Largest decline over 10 years	-7.68%	-38.77%	+31.09%
Current Drawdown Current decline from peak	-0.10%	-1.44%	+1.34%
Average Drawdown Average peak-to-trough decline	-0.76%	-23.55%	+22.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	3.99%	-3.72%

Volatility

PARYX vs. PNSAX - Volatility Comparison

The current volatility for Putnam Short Duration Bond Fund (PARYX) is 0.61%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.08%. This indicates that PARYX 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

	PARYX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	8.08%	-7.47%
Volatility (6M) Calculated over the trailing 6-month period	1.32%	18.35%	-17.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.81%	22.60%	-20.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.21%	23.23%	-21.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.03%	23.59%	-21.56%

PARYX vs. PNSAX - Expense Ratio Comparison

PARYX has a 0.37% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

PARYX vs. PNSAX - Dividend Comparison

PARYX's dividend yield for the trailing twelve months is around 4.11%, more than PNSAX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PARYX Putnam Short Duration Bond Fund	4.11%	4.15%	3.81%	3.04%	1.70%	1.91%	2.11%	2.98%	2.11%	2.54%	2.75%	1.86%
PNSAX Putnam Small Cap Growth Fund	0.36%	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 PARYX and PNSAX in my portfolio?

PARYX and PNSAX have a correlation of 0.12, 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 PNSAX?

PNSAX has higher volatility (8.08%) compared to PARYX (0.61%). In terms of maximum drawdown, PARYX dropped -7.68% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

PARYX currently has the higher Sharpe Ratio (2.31 vs 1.44), 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.