PEQUX vs. FSPGX

Last updated Jul 14, 2026

PEQUX (Putnam Focused International Equity Fund) and FSPGX (Fidelity Large Cap Growth Index Fund) are both mutual funds - PEQUX is a Foreign Large Cap Equities fund managed by Putnam, while FSPGX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 5 years, PEQUX returned 9.67%/yr vs 13.10%/yr for FSPGX. A 0.77 correlation means they provide meaningful diversification when combined. PEQUX charges 1.07%/yr vs 0.04%/yr for FSPGX.

Performance

PEQUX vs. FSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused International Equity Fund (PEQUX) and Fidelity Large Cap Growth Index Fund (FSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEQUX achieves a 14.85% return, which is significantly higher than FSPGX's 5.06% return.

PEQUX

• 1D: 0.38%
• 1M: 1.97%
• 6M: 11.24%
• YTD: 14.85%
• 1Y: 28.63%
• 3Y*: 20.09%
• 5Y*: 9.67%
• 10Y*: 10.66%

FSPGX

• 1D: 0.50%
• 1M: 2.00%
• 6M: 4.16%
• YTD: 5.06%
• 1Y: 16.53%
• 3Y*: 22.67%
• 5Y*: 13.10%
• 10Y*: —

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

PEQUX vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEQUX Putnam Focused International Equity Fund	14.85%	36.14%	3.56%	19.05%	-18.17%	10.46%	10.12%	26.66%	-12.63%	28.08%
FSPGX Fidelity Large Cap Growth Index Fund	5.06%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	27.70%

Correlation

The correlation between PEQUX and FSPGX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.77

The correlation between PEQUX and FSPGX shifts across timeframes, from 0.64 (3 years) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEQUX vs. FSPGX — Risk / Return Rank

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

PEQUX

PEQUX Risk / Return Rank: 58
PEQUX Sharpe Ratio Rank: 57
PEQUX Sortino Ratio Rank: 52
PEQUX Omega Ratio Rank: 58
PEQUX Calmar Ratio Rank: 59
PEQUX Martin Ratio Rank: 66

FSPGX

FSPGX Risk / Return Rank: 19
FSPGX Sharpe Ratio Rank: 21
FSPGX Sortino Ratio Rank: 21
FSPGX Omega Ratio Rank: 20
FSPGX Calmar Ratio Rank: 15
FSPGX Martin Ratio Rank: 17

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.

PEQUX vs. FSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused International Equity Fund (PEQUX) and Fidelity Large Cap Growth Index Fund (FSPGX). 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.

	PEQUX	FSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	0.98	+0.71
Sortino ratio: Return per unit of downside risk	2.30	1.42	+0.88
Omega ratio: Gain probability vs. loss probability	1.31	1.18	+0.14
Calmar ratio: Return relative to maximum drawdown	2.36	1.01	+1.35
Martin ratio: Return relative to average drawdown	9.80	3.20	+6.61

PEQUX vs. FSPGX - Sharpe Ratio Comparison

The current PEQUX Sharpe Ratio is 1.70, which is higher than the FSPGX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of PEQUX and FSPGX, 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

PEQUX vs. FSPGX - Drawdown Comparison

The maximum PEQUX drawdown since its inception was -83.68%, which is greater than FSPGX's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for PEQUX and FSPGX.

Drawdown Indicators

	PEQUX	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-83.68%	-32.66%	-51.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-16.17%	+4.37%
Max Drawdown (3Y) Largest decline over 3 years	-11.80%	-23.32%	+11.52%
Max Drawdown (5Y) Largest decline over 5 years	-33.42%	-32.66%	-0.76%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	—	—
Current Drawdown Current decline from peak	-0.56%	-3.62%	+3.06%
Average Drawdown Average peak-to-trough decline	-33.87%	-6.36%	-27.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	5.09%	-2.25%

Volatility

PEQUX vs. FSPGX - Volatility Comparison

Putnam Focused International Equity Fund (PEQUX) and Fidelity Large Cap Growth Index Fund (FSPGX) have volatilities of 6.24% and 6.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEQUX	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	6.50%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	14.01%	13.28%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	16.60%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.24%	21.69%	-5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	21.56%	-4.61%

PEQUX vs. FSPGX - Expense Ratio Comparison

PEQUX has a 1.07% expense ratio, which is higher than FSPGX's 0.04% expense ratio.

Dividends

PEQUX vs. FSPGX - Dividend Comparison

PEQUX's dividend yield for the trailing twelve months is around 6.06%, more than FSPGX's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSPGX Fidelity Large Cap Growth Index Fund	0.37%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%	0.00%	0.00%
PEQUX Putnam Focused International Equity Fund	6.06%	6.96%	3.75%	1.01%	2.79%	34.47%	0.53%	0.05%	0.00%	0.35%	1.59%	0.56%

Frequently Asked Questions

Can I hold both PEQUX and FSPGX in my portfolio?

PEQUX and FSPGX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEQUX or FSPGX?

FSPGX has higher volatility (6.50%) compared to PEQUX (6.24%). In terms of maximum drawdown, PEQUX dropped -83.68% vs FSPGX's -32.66%.

Which has better risk-adjusted returns?

PEQUX currently has the higher Sharpe Ratio (1.70 vs 0.98), 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.