PGHAX vs. PNRAX

Last updated Jun 23, 2026

PGHAX (Putnam Global Health Care Fund) and PNRAX (Putnam Research Fund) are both mutual funds - PGHAX is a Health & Biotech Equities fund managed by Putnam, while PNRAX is a Large Cap Blend Equities fund managed by Putnam. Over the past 5 years, PGHAX returned 6.28%/yr vs 14.83%/yr for PNRAX. A 0.60 correlation means they provide meaningful diversification when combined. PGHAX charges 0.72%/yr vs 1.03%/yr for PNRAX.

Performance

PGHAX vs. PNRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Global Health Care Fund (PGHAX) and Putnam Research Fund (PNRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGHAX achieves a -2.28% return, which is significantly lower than PNRAX's 12.42% return.

PGHAX

• 1D: -1.09%
• 1M: -1.42%
• YTD: -2.28%
• 6M: -2.44%
• 1Y: 16.08%
• 3Y*: 7.10%
• 5Y*: 6.28%
• 10Y*: —

PNRAX

• 1D: 1.03%
• 1M: 1.19%
• YTD: 12.42%
• 6M: 12.01%
• 1Y: 31.04%
• 3Y*: 22.81%
• 5Y*: 14.83%
• 10Y*: 16.24%

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

PGHAX vs. PNRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PGHAX Putnam Global Health Care Fund	-2.28%	15.58%	1.69%	9.48%	-4.39%	19.99%	13.35%
PNRAX Putnam Research Fund	12.42%	18.11%	26.21%	28.83%	-17.45%	24.32%	25.26%

Correlation

The correlation between PGHAX and PNRAX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jun 1, 2020	0.60

Over the past year, the correlation between PGHAX and PNRAX has dropped to 0.33 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Return for Risk

PGHAX vs. PNRAX — Risk / Return Rank

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

PGHAX

PGHAX Risk / Return Rank: 17
PGHAX Sharpe Ratio Rank: 16
PGHAX Sortino Ratio Rank: 19
PGHAX Omega Ratio Rank: 15
PGHAX Calmar Ratio Rank: 21
PGHAX Martin Ratio Rank: 15

PNRAX

PNRAX Risk / Return Rank: 80
PNRAX Sharpe Ratio Rank: 79
PNRAX Sortino Ratio Rank: 72
PNRAX Omega Ratio Rank: 74
PNRAX Calmar Ratio Rank: 84
PNRAX Martin Ratio Rank: 91

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.

PGHAX vs. PNRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Global Health Care Fund (PGHAX) and Putnam Research Fund (PNRAX). 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.

	PGHAX	PNRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.40	-1.33
Sortino ratio: Return per unit of downside risk	1.70	3.22	-1.52
Omega ratio: Gain probability vs. loss probability	1.19	1.44	-0.25
Calmar ratio: Return relative to maximum drawdown	1.60	3.73	-2.13
Martin ratio: Return relative to average drawdown	3.96	16.81	-12.85

PGHAX vs. PNRAX - Sharpe Ratio Comparison

The current PGHAX Sharpe Ratio is 1.07, which is lower than the PNRAX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of PGHAX and PNRAX, 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

PGHAX vs. PNRAX - Drawdown Comparison

The maximum PGHAX drawdown since its inception was -20.52%, smaller than the maximum PNRAX drawdown of -57.49%. Use the drawdown chart below to compare losses from any high point for PGHAX and PNRAX.

Drawdown Indicators

	PGHAX	PNRAX	Difference
Max Drawdown Largest peak-to-trough decline	-20.52%	-57.49%	+36.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-8.24%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-20.52%	-20.26%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-20.52%	-24.37%	+3.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.35%	—
Current Drawdown Current decline from peak	-6.35%	-1.55%	-4.80%
Average Drawdown Average peak-to-trough decline	-5.64%	-12.03%	+6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	1.82%	+2.08%

Volatility

PGHAX vs. PNRAX - Volatility Comparison

Putnam Global Health Care Fund (PGHAX) and Putnam Research Fund (PNRAX) have volatilities of 4.94% and 5.01%, 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

	PGHAX	PNRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.01%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.39%	10.17%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	12.81%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	17.19%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.43%	18.02%	-3.59%

PGHAX vs. PNRAX - Expense Ratio Comparison

PGHAX has a 0.72% expense ratio, which is lower than PNRAX's 1.03% expense ratio.

Dividends

PGHAX vs. PNRAX - Dividend Comparison

PGHAX's dividend yield for the trailing twelve months is around 1.90%, less than PNRAX's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGHAX Putnam Global Health Care Fund	1.90%	1.86%	4.71%	5.33%	7.48%	11.17%	8.93%	0.00%	0.00%	0.00%	0.00%	0.00%
PNRAX Putnam Research Fund	10.22%	11.49%	7.57%	0.28%	9.46%	7.67%	2.02%	7.24%	15.09%	1.57%	1.06%	1.19%

Frequently Asked Questions

Can I hold both PGHAX and PNRAX in my portfolio?

PGHAX and PNRAX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGHAX or PNRAX?

PNRAX has higher volatility (5.01%) compared to PGHAX (4.94%). In terms of maximum drawdown, PGHAX dropped -20.52% vs PNRAX's -57.49%.

Which has better risk-adjusted returns?

PNRAX currently has the higher Sharpe Ratio (2.40 vs 1.07), 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.