PEQUX vs. PPYPX

Last updated Jun 26, 2026

PEQUX (Putnam Focused International Equity Fund) and PPYPX (PIMCO RAE International Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PEQUX returned 10.97%/yr vs 9.09%/yr for PPYPX. A 0.80 correlation means they provide meaningful diversification when combined. PEQUX charges 1.07%/yr vs 0.60%/yr for PPYPX.

Performance

PEQUX vs. PPYPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused International Equity Fund (PEQUX) and PIMCO RAE International Fund (PPYPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEQUX achieves a 11.83% return, which is significantly higher than PPYPX's 8.64% return. Over the past 10 years, PEQUX has outperformed PPYPX with an annualized return of 10.97%, while PPYPX has yielded a comparatively lower 9.09% annualized return.

PEQUX

• 1D: 0.05%
• 1M: 0.19%
• YTD: 11.83%
• 6M: 12.68%
• 1Y: 25.46%
• 3Y*: 19.38%
• 5Y*: 8.79%
• 10Y*: 10.97%

PPYPX

• 1D: -0.51%
• 1M: -4.72%
• YTD: 8.64%
• 6M: 4.54%
• 1Y: 21.98%
• 3Y*: 15.87%
• 5Y*: 7.90%
• 10Y*: 9.09%

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

PEQUX vs. PPYPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEQUX Putnam Focused International Equity Fund	11.83%	36.14%	3.56%	19.05%	-18.17%	10.46%	10.12%	26.66%	-12.63%	28.08%
PPYPX PIMCO RAE International Fund	8.64%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-15.49%	24.89%

Correlation

The correlation between PEQUX and PPYPX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.80

The correlation between PEQUX and PPYPX shifts across timeframes, from 0.63 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEQUX vs. PPYPX — Risk / Return Rank

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

PEQUX

PEQUX Risk / Return Rank: 43
PEQUX Sharpe Ratio Rank: 42
PEQUX Sortino Ratio Rank: 38
PEQUX Omega Ratio Rank: 44
PEQUX Calmar Ratio Rank: 42
PEQUX Martin Ratio Rank: 50

PPYPX

PPYPX Risk / Return Rank: 51
PPYPX Sharpe Ratio Rank: 46
PPYPX Sortino Ratio Rank: 43
PPYPX Omega Ratio Rank: 44
PPYPX Calmar Ratio Rank: 74
PPYPX Martin Ratio Rank: 51

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. PPYPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused International Equity Fund (PEQUX) and PIMCO RAE International Fund (PPYPX). 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	PPYPX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.65	-0.08
Sortino ratio: Return per unit of downside risk	2.15	2.26	-0.11
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.16	2.87	-0.71
Martin ratio: Return relative to average drawdown	8.97	8.99	-0.02

PEQUX vs. PPYPX - Sharpe Ratio Comparison

The current PEQUX Sharpe Ratio is 1.57, which is comparable to the PPYPX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PEQUX and PPYPX, 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. PPYPX - Drawdown Comparison

The maximum PEQUX drawdown since its inception was -83.68%, which is greater than PPYPX's maximum drawdown of -42.48%. Use the drawdown chart below to compare losses from any high point for PEQUX and PPYPX.

Drawdown Indicators

	PEQUX	PPYPX	Difference
Max Drawdown Largest peak-to-trough decline	-83.68%	-42.48%	-41.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-7.48%	-4.32%
Max Drawdown (3Y) Largest decline over 3 years	-11.80%	-14.00%	+2.20%
Max Drawdown (5Y) Largest decline over 5 years	-33.42%	-35.65%	+2.23%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	-42.48%	+6.73%
Current Drawdown Current decline from peak	-2.91%	-5.93%	+3.02%
Average Drawdown Average peak-to-trough decline	-33.91%	-10.11%	-23.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.38%	+0.46%

Volatility

PEQUX vs. PPYPX - Volatility Comparison

Putnam Focused International Equity Fund (PEQUX) has a higher volatility of 7.14% compared to PIMCO RAE International Fund (PPYPX) at 3.29%. This indicates that PEQUX's price experiences larger fluctuations and is considered to be riskier than PPYPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEQUX	PPYPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	3.29%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	13.83%	10.26%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	13.00%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	19.54%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	18.75%	-1.75%

PEQUX vs. PPYPX - Expense Ratio Comparison

PEQUX has a 1.07% expense ratio, which is higher than PPYPX's 0.60% expense ratio.

Dividends

PEQUX vs. PPYPX - Dividend Comparison

PEQUX's dividend yield for the trailing twelve months is around 6.23%, less than PPYPX's 7.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEQUX Putnam Focused International Equity Fund	6.23%	6.96%	3.75%	1.01%	2.79%	34.47%	0.53%	0.05%	0.00%	0.35%	1.59%	0.56%
PPYPX PIMCO RAE International Fund	7.16%	7.78%	6.57%	10.09%	7.20%	27.06%	2.23%	4.20%	5.96%	2.53%	2.41%	0.00%

Frequently Asked Questions

Can I hold both PEQUX and PPYPX in my portfolio?

PEQUX and PPYPX have a correlation of 0.63, 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 PPYPX?

PEQUX has higher volatility (7.14%) compared to PPYPX (3.29%). In terms of maximum drawdown, PEQUX dropped -83.68% vs PPYPX's -42.48%.

Which has better risk-adjusted returns?

PPYPX currently has the higher Sharpe Ratio (1.65 vs 1.57), 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.