PMVAX vs. BFGIX

Last updated Apr 2, 2026

Compare and contrast key facts about Putnam Sustainable Future Fund (PMVAX) and Baron Focused Growth Fund Institutional Shares (BFGIX).

PMVAX is managed by Putnam. It was launched on Nov 1, 1999. BFGIX is an actively managed fund by Baron Capital. It was launched on May 29, 2009.

Performance

PMVAX vs. BFGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Sustainable Future Fund (PMVAX) and Baron Focused Growth Fund Institutional Shares (BFGIX). The values are adjusted to include any dividend payments, if applicable.

PMVAX vs. BFGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMVAX Putnam Sustainable Future Fund	-8.08%	2.64%	14.87%	28.60%	-33.93%	5.99%	52.93%	29.77%	-7.08%	10.61%
BFGIX Baron Focused Growth Fund Institutional Shares	-4.99%	22.26%	29.85%	27.78%	-28.05%	19.00%	122.92%	30.34%	4.08%	26.58%

Returns By Period

In the year-to-date period, PMVAX achieves a -8.08% return, which is significantly lower than BFGIX's -4.99% return. Over the past 10 years, PMVAX has underperformed BFGIX with an annualized return of 8.17%, while BFGIX has yielded a comparatively higher 20.45% annualized return.

PMVAX

• 1D: 3.00%
• 1M: -5.93%
• YTD: -8.08%
• 6M: -9.98%
• 1Y: 4.97%
• 3Y*: 8.66%
• 5Y*: -1.23%
• 10Y*: 8.17%

BFGIX

• 1D: 2.39%
• 1M: -6.00%
• YTD: -4.99%
• 6M: 6.65%
• 1Y: 25.63%
• 3Y*: 18.96%
• 5Y*: 10.28%
• 10Y*: 20.45%

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

PMVAX vs. BFGIX - Expense Ratio Comparison

PMVAX has a 1.00% expense ratio, which is lower than BFGIX's 1.05% expense ratio.

BFGIX

Baron Focused Growth Fund Institutional Shares

PMVAX

Putnam Sustainable Future Fund

Return for Risk

PMVAX vs. BFGIX — Risk / Return Rank

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

PMVAX

PMVAX Risk / Return Rank: 9
PMVAX Sharpe Ratio Rank: 9
PMVAX Sortino Ratio Rank: 9
PMVAX Omega Ratio Rank: 9
PMVAX Calmar Ratio Rank: 11
PMVAX Martin Ratio Rank: 10

BFGIX

BFGIX Risk / Return Rank: 73
BFGIX Sharpe Ratio Rank: 58
BFGIX Sortino Ratio Rank: 76
BFGIX Omega Ratio Rank: 64
BFGIX Calmar Ratio Rank: 86
BFGIX Martin Ratio Rank: 82

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.

PMVAX vs. BFGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Future Fund (PMVAX) and Baron Focused Growth Fund Institutional Shares (BFGIX). 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.

	PMVAX	BFGIX	Difference
Sharpe ratio Return per unit of total volatility	0.27	1.14	-0.87
Sortino ratio Return per unit of downside risk	0.54	2.01	-1.47
Omega ratio Gain probability vs. loss probability	1.07	1.26	-0.19
Calmar ratio Return relative to maximum drawdown	0.37	2.31	-1.95
Martin ratio Return relative to average drawdown	1.14	8.71	-7.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMVAX vs. BFGIX - Sharpe Ratio Comparison

The current PMVAX Sharpe Ratio is 0.27, which is lower than the BFGIX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of PMVAX and BFGIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PMVAX	BFGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	1.14	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.46	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.86	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.77	-0.35

Correlation

The correlation between PMVAX and BFGIX is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PMVAX vs. BFGIX - Dividend Comparison

PMVAX's dividend yield for the trailing twelve months is around 15.49%, while BFGIX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMVAX Putnam Sustainable Future Fund	15.49%	14.24%	12.53%	0.00%	0.00%	16.32%	10.06%	2.67%	31.09%	4.49%	2.25%	8.33%
BFGIX Baron Focused Growth Fund Institutional Shares	0.00%	0.00%	0.00%	0.00%	11.79%	15.01%	2.78%	1.74%	1.05%	2.07%	5.92%	6.01%

Drawdowns

PMVAX vs. BFGIX - Drawdown Comparison

The maximum PMVAX drawdown since its inception was -61.94%, which is greater than BFGIX's maximum drawdown of -43.62%. Use the drawdown chart below to compare losses from any high point for PMVAX and BFGIX.

Drawdown Indicators

	PMVAX	BFGIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-43.62%	-18.32%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-11.96%	-3.00%
Max Drawdown (5Y) Largest decline over 5 years	-44.20%	-35.71%	-8.49%
Max Drawdown (10Y) Largest decline over 10 years	-44.20%	-43.62%	-0.58%
Current Drawdown Current decline from peak	-18.10%	-7.50%	-10.60%
Average Drawdown Average peak-to-trough decline	-11.00%	-7.89%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	3.18%	+1.65%

Volatility

PMVAX vs. BFGIX - Volatility Comparison

Putnam Sustainable Future Fund (PMVAX) has a higher volatility of 6.53% compared to Baron Focused Growth Fund Institutional Shares (BFGIX) at 4.98%. This indicates that PMVAX's price experiences larger fluctuations and is considered to be riskier than BFGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMVAX	BFGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.53%	4.98%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	15.80%	-3.41%
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	23.05%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	22.58%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	23.96%	-3.56%