PEYAX vs. PEIYX

Last updated Jun 4, 2026

PEYAX (Putnam Large Cap Value Fund) and PEIYX (Putnam Large Cap Value Fund) are both Large Cap Value Equities funds from Putnam. Over the past 10 years, PEYAX returned 13.17%/yr vs 13.99%/yr for PEIYX. With a 1.00 correlation, they move nearly in lockstep. PEYAX charges 0.88%/yr vs 0.65%/yr for PEIYX.

Performance

PEYAX vs. PEIYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Large Cap Value Fund (PEYAX) and Putnam Large Cap Value Fund (PEIYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PEYAX having a 9.88% return and PEIYX slightly higher at 10.00%. Over the past 10 years, PEYAX has underperformed PEIYX with an annualized return of 13.17%, while PEIYX has yielded a comparatively higher 13.99% annualized return.

PEYAX

• 1D: 1.22%
• 1M: 3.96%
• YTD: 9.88%
• 6M: 11.85%
• 1Y: 27.05%
• 3Y*: 20.71%
• 5Y*: 11.97%
• 10Y*: 13.17%

PEIYX

• 1D: 1.22%
• 1M: 3.98%
• YTD: 10.00%
• 6M: 12.02%
• 1Y: 27.38%
• 3Y*: 20.88%
• 5Y*: 13.44%
• 10Y*: 13.99%

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

PEYAX vs. PEIYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEYAX Putnam Large Cap Value Fund	9.88%	20.09%	18.99%	15.09%	-8.37%	26.84%	5.87%	29.94%	-8.63%	18.79%
PEIYX Putnam Large Cap Value Fund	10.00%	19.94%	19.32%	15.34%	-2.83%	27.18%	6.11%	29.69%	-8.35%	18.96%

Correlation

The correlation between PEYAX and PEIYX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Oct 1, 1998	1.00

The correlation between PEYAX and PEIYX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

PEYAX vs. PEIYX — Risk / Return Rank

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

PEYAX

PEYAX Risk / Return Rank: 80
PEYAX Sharpe Ratio Rank: 83
PEYAX Sortino Ratio Rank: 80
PEYAX Omega Ratio Rank: 73
PEYAX Calmar Ratio Rank: 83
PEYAX Martin Ratio Rank: 80

PEIYX

PEIYX Risk / Return Rank: 81
PEIYX Sharpe Ratio Rank: 84
PEIYX Sortino Ratio Rank: 80
PEIYX Omega Ratio Rank: 74
PEIYX Calmar Ratio Rank: 84
PEIYX Martin Ratio Rank: 81

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.

PEYAX vs. PEIYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Large Cap Value Fund (PEYAX) and Putnam Large Cap Value Fund (PEIYX). 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.

	PEYAX	PEIYX	Difference
Sharpe ratio Return per unit of total volatility	2.66	2.69	-0.03
Sortino ratio Return per unit of downside risk	3.77	3.80	-0.03
Omega ratio Gain probability vs. loss probability	1.48	1.49	-0.01
Calmar ratio Return relative to maximum drawdown	3.85	3.92	-0.07
Martin ratio Return relative to average drawdown	15.02	15.27	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEYAX vs. PEIYX - Sharpe Ratio Comparison

The current PEYAX Sharpe Ratio is 2.66, which is comparable to the PEIYX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of PEYAX and PEIYX, 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

	PEYAX	PEIYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.69	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.93	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.83	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.53	-0.16

Drawdowns

PEYAX vs. PEIYX - Drawdown Comparison

The maximum PEYAX drawdown since its inception was -56.92%, which is greater than PEIYX's maximum drawdown of -51.28%. Use the drawdown chart below to compare losses from any high point for PEYAX and PEIYX.

Drawdown Indicators

	PEYAX	PEIYX	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-51.28%	-5.64%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-7.18%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-15.36%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-15.36%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-36.05%	-0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.06%	-6.32%	-7.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.84%	+0.01%

Volatility

PEYAX vs. PEIYX - Volatility Comparison

Putnam Large Cap Value Fund (PEYAX) and Putnam Large Cap Value Fund (PEIYX) have volatilities of 2.58% and 2.58%, 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

	PEYAX	PEIYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.58%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	7.99%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.47%	10.48%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	14.51%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	17.00%	+0.06%

PEYAX vs. PEIYX - Expense Ratio Comparison

PEYAX has a 0.88% expense ratio, which is higher than PEIYX's 0.65% expense ratio.

Dividends

PEYAX vs. PEIYX - Dividend Comparison

PEYAX's dividend yield for the trailing twelve months is around 4.81%, less than PEIYX's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEIYX Putnam Large Cap Value Fund	5.05%	5.29%	7.06%	5.17%	7.31%	7.32%	6.20%	3.59%	5.96%	3.44%	2.51%	6.14%
PEYAX Putnam Large Cap Value Fund	4.81%	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

Can I hold both PEYAX and PEIYX in my portfolio?

With a correlation of 1.00, PEYAX and PEIYX 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.

Which is riskier, PEYAX or PEIYX?

PEIYX has higher volatility (2.58%) compared to PEYAX (2.58%). In terms of maximum drawdown, PEYAX dropped -56.92% vs PEIYX's -51.28%.

Which has better risk-adjusted returns?

PEIYX currently has the higher Sharpe Ratio (2.69 vs 2.66), 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.