PEYAX vs. DGRO
PEYAX (Putnam Large Cap Value Fund) and DGRO (iShares Core Dividend Growth ETF) are both funds - PEYAX is a Large Cap Value Equities fund managed by Putnam, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Over the past 10 years, PEYAX returned 13.64%/yr vs 13.62%/yr for DGRO. Their correlation of 0.94 suggests significant overlap in exposure. PEYAX charges 0.88%/yr vs 0.08%/yr for DGRO.
Performance
PEYAX vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, PEYAX achieves a 11.15% return, which is significantly higher than DGRO's 9.19% return. Both investments have delivered pretty close results over the past 10 years, with PEYAX having a 13.64% annualized return and DGRO not far behind at 13.62%.
PEYAX
- 1D
- 0.23%
- 1M
- 2.83%
- YTD
- 11.15%
- 6M
- 10.34%
- 1Y
- 26.97%
- 3Y*
- 20.50%
- 5Y*
- 12.71%
- 10Y*
- 13.64%
DGRO
- 1D
- 0.32%
- 1M
- 0.80%
- YTD
- 9.19%
- 6M
- 8.52%
- 1Y
- 22.22%
- 3Y*
- 16.92%
- 5Y*
- 11.00%
- 10Y*
- 13.62%
PEYAX vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEYAX Putnam Large Cap Value Fund | 11.15% | 20.09% | 18.99% | 15.09% | -8.37% | 26.84% | 5.87% | 29.94% | -8.63% | 18.79% |
DGRO iShares Core Dividend Growth ETF | 9.19% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between PEYAX and DGRO is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | 0.94 |
The correlation between PEYAX and DGRO has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
PEYAX vs. DGRO — Risk / Return Rank
PEYAX
DGRO
PEYAX vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Large Cap Value Fund (PEYAX) and iShares Core Dividend Growth ETF (DGRO). 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.
| PEYAX | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.42 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | 3.45 | +0.44 |
| Martin ratioReturn relative to average drawdown | 15.06 | 13.31 | +1.75 |
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Drawdowns
PEYAX vs. DGRO - Drawdown Comparison
The maximum PEYAX drawdown since its inception was -56.92%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for PEYAX and DGRO.
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Drawdown Indicators
| PEYAX | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.92% | -35.10% | -21.82% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -6.47% | -0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -14.03% | -1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -19.31% | +4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -35.10% | -0.96% |
Current DrawdownCurrent decline from peak | -0.62% | -0.90% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -14.04% | -3.43% | -10.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 1.67% | +0.19% |
Volatility
PEYAX vs. DGRO - Volatility Comparison
Putnam Large Cap Value Fund (PEYAX) has a higher volatility of 3.88% compared to iShares Core Dividend Growth ETF (DGRO) at 2.63%. This indicates that PEYAX's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEYAX | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 2.63% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 8.47% | 6.94% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.94% | 9.53% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.72% | 13.80% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.09% | 16.60% | +0.49% |
PEYAX vs. DGRO - Expense Ratio Comparison
PEYAX has a 0.88% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
PEYAX vs. DGRO - Dividend Comparison
PEYAX's dividend yield for the trailing twelve months is around 4.75%, more than DGRO's 1.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGRO iShares Core Dividend Growth ETF | 1.97% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
PEYAX Putnam Large Cap Value Fund | 4.75% | 5.36% | 6.80% | 4.93% | 1.21% | 7.09% | 5.97% | 3.79% | 5.67% | 3.31% | 2.27% | 5.86% |
Frequently Asked Questions
With a correlation of 0.91, PEYAX and DGRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PEYAX has higher volatility (3.88%) compared to DGRO (2.63%). In terms of maximum drawdown, PEYAX dropped -56.92% vs DGRO's -35.10%.
PEYAX currently has the higher Sharpe Ratio (2.58 vs 2.35), 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.
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