PMYAX vs. SWPPX

Last updated Jun 24, 2026

PMYAX (Putnam Core Equity Fund Class A) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds. PMYAX is actively managed, while SWPPX is passively managed. Over the past 10 years, PMYAX returned 16.41%/yr vs 15.77%/yr for SWPPX. With a 0.97 correlation, they move nearly in lockstep. PMYAX charges 0.95%/yr vs 0.02%/yr for SWPPX.

Performance

PMYAX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Core Equity Fund Class A (PMYAX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMYAX achieves a 7.00% return, which is significantly lower than SWPPX's 9.75% return. Both investments have delivered pretty close results over the past 10 years, with PMYAX having a 16.41% annualized return and SWPPX not far behind at 15.77%.

PMYAX

• 1D: -0.48%
• 1M: 0.23%
• YTD: 7.00%
• 6M: 6.00%
• 1Y: 23.44%
• 3Y*: 20.69%
• 5Y*: 13.08%
• 10Y*: 16.41%

SWPPX

• 1D: -0.36%
• 1M: 0.10%
• YTD: 9.75%
• 6M: 8.76%
• 1Y: 25.48%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

PMYAX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMYAX Putnam Core Equity Fund Class A	7.00%	17.03%	26.14%	27.66%	-16.14%	30.57%	17.43%	32.19%	-8.15%	23.67%
SWPPX Schwab S&P 500 Index Fund	9.75%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between PMYAX and SWPPX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.97

The correlation between PMYAX and SWPPX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

PMYAX vs. SWPPX — Risk / Return Rank

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

PMYAX

PMYAX Risk / Return Rank: 50
PMYAX Sharpe Ratio Rank: 52
PMYAX Sortino Ratio Rank: 49
PMYAX Omega Ratio Rank: 49
PMYAX Calmar Ratio Rank: 45
PMYAX Martin Ratio Rank: 56

SWPPX

SWPPX Risk / Return Rank: 65
SWPPX Sharpe Ratio Rank: 63
SWPPX Sortino Ratio Rank: 56
SWPPX Omega Ratio Rank: 59
SWPPX Calmar Ratio Rank: 68
SWPPX Martin Ratio Rank: 78

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.

PMYAX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Core Equity Fund Class A (PMYAX) and Schwab S&P 500 Index Fund (SWPPX). 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.

	PMYAX	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.14	-0.17
Sortino ratio: Return per unit of downside risk	2.71	2.89	-0.18
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.45	3.02	-0.56
Martin ratio: Return relative to average drawdown	10.60	13.59	-2.99

PMYAX vs. SWPPX - Sharpe Ratio Comparison

The current PMYAX Sharpe Ratio is 1.97, which is comparable to the SWPPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of PMYAX and SWPPX, 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

PMYAX vs. SWPPX - Drawdown Comparison

The maximum PMYAX drawdown since its inception was -35.29%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for PMYAX and SWPPX.

Drawdown Indicators

	PMYAX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-35.29%	-55.06%	+19.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-8.89%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-18.74%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-23.65%	-24.51%	+0.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.29%	-33.80%	-1.49%
Current Drawdown Current decline from peak	-1.52%	-1.74%	+0.22%
Average Drawdown Average peak-to-trough decline	-4.16%	-9.93%	+5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	1.97%	+0.35%

Volatility

PMYAX vs. SWPPX - Volatility Comparison

The current volatility for Putnam Core Equity Fund Class A (PMYAX) is 4.38%, while Schwab S&P 500 Index Fund (SWPPX) has a volatility of 4.73%. This indicates that PMYAX experiences smaller price fluctuations and is considered to be less risky than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMYAX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	4.73%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	9.87%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.54%	12.53%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	17.02%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	18.27%	+0.15%

PMYAX vs. SWPPX - Expense Ratio Comparison

PMYAX has a 0.95% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

PMYAX vs. SWPPX - Dividend Comparison

PMYAX's dividend yield for the trailing twelve months is around 2.38%, more than SWPPX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMYAX Putnam Core Equity Fund Class A	2.38%	2.55%	4.24%	2.39%	5.01%	9.06%	2.21%	4.59%	2.38%	2.49%	0.95%	1.03%
SWPPX Schwab S&P 500 Index Fund	1.01%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both PMYAX and SWPPX in my portfolio?

With a correlation of 0.98, PMYAX and SWPPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PMYAX or SWPPX?

SWPPX has higher volatility (4.73%) compared to PMYAX (4.38%). In terms of maximum drawdown, PMYAX dropped -35.29% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (2.14 vs 1.97), 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.