PMVAX vs. PEYAX

Last updated Jun 3, 2026

PMVAX (Putnam Sustainable Future Fund) and PEYAX (Putnam Large Cap Value Fund) are both mutual funds - PMVAX is a Mid Cap Growth Equities fund managed by Putnam, while PEYAX is a Large Cap Value Equities fund managed by Putnam. Over the past 10 years, PMVAX returned 9.09%/yr vs 13.03%/yr for PEYAX. Their correlation of 0.86 suggests significant overlap in exposure. PMVAX charges 1.00%/yr vs 0.88%/yr for PEYAX.

Performance

PMVAX vs. PEYAX - Performance Comparison

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

Returns By Period

In the year-to-date period, PMVAX achieves a 3.73% return, which is significantly lower than PEYAX's 8.55% return. Over the past 10 years, PMVAX has underperformed PEYAX with an annualized return of 9.09%, while PEYAX has yielded a comparatively higher 13.03% annualized return.

PMVAX

• 1D: 0.59%
• 1M: 4.02%
• YTD: 3.73%
• 6M: 1.59%
• 1Y: 7.60%
• 3Y*: 12.36%
• 5Y*: 1.06%
• 10Y*: 9.09%

PEYAX

• 1D: -0.26%
• 1M: 1.94%
• YTD: 8.55%
• 6M: 11.41%
• 1Y: 26.16%
• 3Y*: 20.23%
• 5Y*: 11.72%
• 10Y*: 13.03%

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

PMVAX vs. PEYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMVAX Putnam Sustainable Future Fund	3.73%	2.64%	14.87%	28.60%	-33.93%	5.99%	52.93%	29.77%	-7.08%	10.61%
PEYAX Putnam Large Cap Value Fund	8.55%	20.09%	18.99%	15.09%	-8.37%	26.84%	5.87%	29.94%	-8.63%	18.79%

Correlation

The correlation between PMVAX and PEYAX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 1, 1999	0.86

The correlation between PMVAX and PEYAX shifts across timeframes, from 0.73 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PMVAX vs. PEYAX — Risk / Return Rank

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

PMVAX

PMVAX Risk / Return Rank: 6
PMVAX Sharpe Ratio Rank: 6
PMVAX Sortino Ratio Rank: 6
PMVAX Omega Ratio Rank: 6
PMVAX Calmar Ratio Rank: 5
PMVAX Martin Ratio Rank: 6

PEYAX

PEYAX Risk / Return Rank: 75
PEYAX Sharpe Ratio Rank: 76
PEYAX Sortino Ratio Rank: 74
PEYAX Omega Ratio Rank: 68
PEYAX Calmar Ratio Rank: 79
PEYAX Martin Ratio Rank: 75

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. PEYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Future Fund (PMVAX) and Putnam Large Cap Value Fund (PEYAX). 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	PEYAX	Difference
Sharpe ratio Return per unit of total volatility	0.50	2.54	-2.04
Sortino ratio Return per unit of downside risk	0.81	3.60	-2.79
Omega ratio Gain probability vs. loss probability	1.09	1.46	-0.37
Calmar ratio Return relative to maximum drawdown	0.54	3.61	-3.07
Martin ratio Return relative to average drawdown	1.59	14.13	-12.54
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. PEYAX - Sharpe Ratio Comparison

The current PMVAX Sharpe Ratio is 0.50, which is lower than the PEYAX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of PMVAX and PEYAX, 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

	PMVAX	PEYAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	2.54	-2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.80	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.77	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.38	+0.06

Drawdowns

PMVAX vs. PEYAX - Drawdown Comparison

The maximum PMVAX drawdown since its inception was -61.94%, which is greater than PEYAX's maximum drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for PMVAX and PEYAX.

Drawdown Indicators

	PMVAX	PEYAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-56.92%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-7.23%	-7.73%
Max Drawdown (3Y) Largest decline over 3 years	-27.38%	-15.12%	-12.26%
Max Drawdown (5Y) Largest decline over 5 years	-44.20%	-15.31%	-28.89%
Max Drawdown (10Y) Largest decline over 10 years	-44.20%	-36.06%	-8.14%
Current Drawdown Current decline from peak	-7.58%	-0.26%	-7.32%
Average Drawdown Average peak-to-trough decline	-11.01%	-14.06%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	1.85%	+3.23%

Volatility

PMVAX vs. PEYAX - Volatility Comparison

Putnam Sustainable Future Fund (PMVAX) has a higher volatility of 4.10% compared to Putnam Large Cap Value Fund (PEYAX) at 2.35%. This indicates that PMVAX's price experiences larger fluctuations and is considered to be riskier than PEYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMVAX	PEYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	2.35%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	7.94%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	10.43%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	14.67%	+6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	17.06%	+3.39%

PMVAX vs. PEYAX - Expense Ratio Comparison

PMVAX has a 1.00% expense ratio, which is higher than PEYAX's 0.88% expense ratio.

Dividends

PMVAX vs. PEYAX - Dividend Comparison

PMVAX's dividend yield for the trailing twelve months is around 13.73%, more than PEYAX's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEYAX Putnam Large Cap Value Fund	4.87%	5.36%	6.80%	4.93%	1.21%	7.09%	5.97%	3.79%	5.67%	3.31%	2.27%	5.86%
PMVAX Putnam Sustainable Future Fund	13.73%	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

Can I hold both PMVAX and PEYAX in my portfolio?

PMVAX and PEYAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMVAX or PEYAX?

PMVAX has higher volatility (4.10%) compared to PEYAX (2.35%). In terms of maximum drawdown, PMVAX dropped -61.94% vs PEYAX's -56.92%.

Which has better risk-adjusted returns?

PEYAX currently has the higher Sharpe Ratio (2.54 vs 0.50), 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.