PMVAX vs. BARAX
PMVAX (Putnam Sustainable Future Fund) and BARAX (Baron Asset Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, PMVAX returned 8.85%/yr vs 10.30%/yr for BARAX. Their correlation of 0.88 means they have usually moved in the same direction. PMVAX charges 1.00%/yr vs 1.29%/yr for BARAX.
Performance
PMVAX vs. BARAX - Performance Comparison
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Returns By Period
In the year-to-date period, PMVAX achieves a 1.73% return, which is significantly higher than BARAX's -2.47% return. Over the past 10 years, PMVAX has underperformed BARAX with an annualized return of 8.85%, while BARAX has yielded a comparatively higher 10.30% annualized return.
PMVAX
- 1D
- 2.58%
- 1M
- -4.05%
- 6M
- 4.28%
- YTD
- 1.73%
- 1Y
- 1.86%
- 3Y*
- 9.24%
- 5Y*
- -1.18%
- 10Y*
- 8.85%
- ALL TIME*
- 9.24%
BARAX
- 1D
- -0.89%
- 1M
- -10.38%
- 6M
- 1.29%
- YTD
- -2.47%
- 1Y
- 3.06%
- 3Y*
- 6.65%
- 5Y*
- 0.39%
- 10Y*
- 10.30%
- ALL TIME*
- 9.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BARAX Baron Asset Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
PMVAX vs. BARAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMVAX Putnam Sustainable Future Fund | 1.73% | 2.64% | 14.87% | 28.60% | -33.93% | 5.99% | 52.93% | 29.77% | -7.08% | 10.61% |
BARAX Baron Asset Fund | -2.47% | 7.89% | 10.35% | 17.05% | -26.06% | 13.88% | 32.98% | 37.64% | -0.15% | 26.18% |
Correlation
The correlation between PMVAX and BARAX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 1999 | 0.88 |
Over the past year, the correlation between PMVAX and BARAX has dropped to 0.65 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.
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Return for Risk
PMVAX vs. BARAX — Risk / Return Rank
PMVAX
BARAX
PMVAX vs. BARAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Future Fund (PMVAX) and Baron Asset Fund (BARAX). 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.
| PMVAX | BARAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.02 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 0.01 | -0.04 |
| Martin ratioReturn relative to average drawdown | -0.09 | 0.02 | -0.11 |
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Drawdowns
PMVAX vs. BARAX - Drawdown Comparison
The maximum PMVAX drawdown since its inception was -61.94%, roughly equal to the maximum BARAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for PMVAX and BARAX.
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Drawdown Indicators
| PMVAX | BARAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.94% | -59.71% | -2.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -16.75% | +1.79% |
Max Drawdown (3Y)Largest decline over 3 years | -27.38% | -17.82% | -9.56% |
Max Drawdown (5Y)Largest decline over 5 years | -44.20% | -37.53% | -6.67% |
Max Drawdown (10Y)Largest decline over 10 years | -44.20% | -37.53% | -6.67% |
Current DrawdownCurrent decline from peak | -9.36% | -15.54% | +6.18% |
Average DrawdownAverage peak-to-trough decline | -10.98% | -11.41% | +0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 6.25% | -0.92% |
Volatility
PMVAX vs. BARAX - Volatility Comparison
The current volatility for Putnam Sustainable Future Fund (PMVAX) is 5.64%, while Baron Asset Fund (BARAX) has a volatility of 6.09%. This indicates that PMVAX experiences smaller price fluctuations and is considered to be less risky than BARAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMVAX | BARAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 6.09% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 14.31% | 16.99% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.65% | 20.91% | -3.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 20.53% | +1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.50% | 20.23% | +0.27% |
PMVAX vs. BARAX - Expense Ratio Comparison
PMVAX has a 1.00% expense ratio, which is lower than BARAX's 1.29% expense ratio.
Dividends
PMVAX vs. BARAX - Dividend Comparison
PMVAX's dividend yield for the trailing twelve months is around 14.00%, more than BARAX's 11.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BARAX Baron Asset Fund | 11.80% | 11.51% | 19.23% | 3.48% | 0.01% | 7.65% | 3.05% | 1.78% | 7.42% | 7.25% | 4.88% | 11.50% |
PMVAX Putnam Sustainable Future Fund | 14.00% | 14.24% | 12.53% | 0.00% | 0.00% | 16.32% | 10.06% | 2.67% | 31.09% | 4.49% | 2.25% | 8.33% |
Frequently Asked Questions
PMVAX and BARAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BARAX has higher volatility (6.09%) compared to PMVAX (5.64%). In terms of maximum drawdown, PMVAX dropped -61.94% vs BARAX's -59.71%.
BARAX currently has the higher Sharpe Ratio (0.01 vs -0.03), 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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