PGRI vs. AFOS

Last updated Jul 10, 2026

PGRI (Putnam International Stock ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - PGRI is a Actively Managed fund actively managed by Putnam, while AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners. A 0.78 correlation means they provide meaningful diversification when combined. PGRI charges 0.55%/yr vs 0.45%/yr for AFOS.

Performance

PGRI vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam International Stock ETF (PGRI) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGRI achieves a 8.61% return, which is significantly lower than AFOS's 31.59% return.

PGRI

• 1D: 0.26%
• 1M: 0.82%
• 6M: 6.03%
• YTD: 8.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.12%
• 1M: 4.27%
• 6M: 26.78%
• YTD: 31.59%
• 1Y: 74.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PGRI vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
PGRI Putnam International Stock ETF	8.61%	-1.11%
AFOS ARS Focused Opportunities Strategy ETF	31.59%	10.56%

Correlation

The correlation between PGRI and AFOS is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.78

Return for Risk

PGRI vs. AFOS — Risk / Return Rank

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

PGRI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 94
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

PGRI vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam International Stock ETF (PGRI) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	PGRI	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	—	3.39	—
Sortino ratio: Return per unit of downside risk	—	4.08	—
Omega ratio: Gain probability vs. loss probability	—	1.55	—
Calmar ratio: Return relative to maximum drawdown	—	6.48	—
Martin ratio: Return relative to average drawdown	—	28.69	—

Drawdowns

PGRI vs. AFOS - Drawdown Comparison

The maximum PGRI drawdown since its inception was -12.87%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for PGRI and AFOS.

Drawdown Indicators

	PGRI	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-12.87%	-11.52%	-1.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.52%	—
Current Drawdown Current decline from peak	-3.58%	-3.80%	+0.22%
Average Drawdown Average peak-to-trough decline	-3.04%	-1.51%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.60%	—

Volatility

Volatility by Period

	PGRI	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	22.00%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	21.74%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.77%	21.74%	-0.97%

PGRI vs. AFOS - Expense Ratio Comparison

PGRI has a 0.55% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

PGRI vs. AFOS - Dividend Comparison

PGRI's dividend yield for the trailing twelve months is around 0.11%, less than AFOS's 0.23% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%
PGRI Putnam International Stock ETF	0.11%	0.12%

Frequently Asked Questions

Can I hold both PGRI and AFOS in my portfolio?

PGRI and AFOS have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PGRI or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PGRI or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.55% for PGRI.

Which ETF pays a higher dividend yield, PGRI or AFOS?

AFOS has the higher dividend yield at 0.23%, compared with 0.11% for PGRI.

What is the main difference between PGRI and AFOS?

PGRI is categorized as Actively Managed, while AFOS is Large Cap Blend Equities. They also come from different issuers: Putnam and ARS Investment Partners. Their fees differ too: 0.55% for PGRI and 0.45% for AFOS.