PMYYX vs. ALBAX

Last updated Jun 23, 2026

PMYYX (Putnam Multi-Cap Core Fund) and ALBAX (Alger Growth & Income Fund) are both Large Cap Blend Equities funds. Over the past 10 years, PMYYX returned 16.45%/yr vs 15.46%/yr for ALBAX. With a 0.96 correlation, they move nearly in lockstep. PMYYX charges 0.71%/yr vs 0.98%/yr for ALBAX.

Performance

PMYYX vs. ALBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Multi-Cap Core Fund (PMYYX) and Alger Growth & Income Fund (ALBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMYYX achieves a 7.62% return, which is significantly lower than ALBAX's 13.01% return. Over the past 10 years, PMYYX has outperformed ALBAX with an annualized return of 16.45%, while ALBAX has yielded a comparatively lower 15.46% annualized return.

PMYYX

• 1D: 0.86%
• 1M: 0.72%
• YTD: 7.62%
• 6M: 7.06%
• 1Y: 25.46%
• 3Y*: 20.68%
• 5Y*: 13.90%
• 10Y*: 16.45%

ALBAX

• 1D: 1.19%
• 1M: 0.96%
• YTD: 13.01%
• 6M: 12.68%
• 1Y: 33.41%
• 3Y*: 21.55%
• 5Y*: 15.10%
• 10Y*: 15.46%

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

PMYYX vs. ALBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMYYX Putnam Multi-Cap Core Fund	7.62%	17.33%	26.46%	27.98%	-15.94%	30.93%	17.69%	32.52%	-7.91%	24.00%
ALBAX Alger Growth & Income Fund	13.01%	19.89%	21.81%	22.60%	-14.12%	30.79%	15.22%	28.92%	-4.72%	20.18%

Correlation

The correlation between PMYYX and ALBAX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.96

The correlation between PMYYX and ALBAX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

PMYYX vs. ALBAX — Risk / Return Rank

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

PMYYX

PMYYX Risk / Return Rank: 53
PMYYX Sharpe Ratio Rank: 55
PMYYX Sortino Ratio Rank: 51
PMYYX Omega Ratio Rank: 53
PMYYX Calmar Ratio Rank: 48
PMYYX Martin Ratio Rank: 58

ALBAX

ALBAX Risk / Return Rank: 86
ALBAX Sharpe Ratio Rank: 87
ALBAX Sortino Ratio Rank: 83
ALBAX Omega Ratio Rank: 79
ALBAX Calmar Ratio Rank: 89
ALBAX Martin Ratio Rank: 93

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.

PMYYX vs. ALBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Multi-Cap Core Fund (PMYYX) and Alger Growth & Income Fund (ALBAX). 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.

	PMYYX	ALBAX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.64	-0.61
Sortino ratio: Return per unit of downside risk	2.77	3.61	-0.84
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.11
Calmar ratio: Return relative to maximum drawdown	2.53	4.21	-1.68
Martin ratio: Return relative to average drawdown	10.93	18.61	-7.67

PMYYX vs. ALBAX - Sharpe Ratio Comparison

The current PMYYX Sharpe Ratio is 2.02, which is comparable to the ALBAX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of PMYYX and ALBAX, 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

PMYYX vs. ALBAX - Drawdown Comparison

The maximum PMYYX drawdown since its inception was -35.25%, smaller than the maximum ALBAX drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for PMYYX and ALBAX.

Drawdown Indicators

	PMYYX	ALBAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.25%	-40.56%	+5.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-7.86%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-17.65%	-1.27%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-22.06%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-34.26%	-0.99%
Current Drawdown Current decline from peak	-1.03%	-0.74%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.11%	-7.33%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	1.77%	+0.54%

Volatility

PMYYX vs. ALBAX - Volatility Comparison

Putnam Multi-Cap Core Fund (PMYYX) and Alger Growth & Income Fund (ALBAX) have volatilities of 4.50% and 4.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMYYX	ALBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.39%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	9.79%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	12.56%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	15.59%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	17.28%	+1.15%

PMYYX vs. ALBAX - Expense Ratio Comparison

PMYYX has a 0.71% expense ratio, which is lower than ALBAX's 0.98% expense ratio.

Dividends

PMYYX vs. ALBAX - Dividend Comparison

PMYYX's dividend yield for the trailing twelve months is around 2.57%, more than ALBAX's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALBAX Alger Growth & Income Fund	0.72%	0.74%	1.08%	0.98%	1.24%	4.17%	2.55%	5.00%	6.75%	2.35%	1.56%	3.75%
PMYYX Putnam Multi-Cap Core Fund	2.57%	2.76%	4.47%	2.62%	5.26%	9.25%	2.41%	4.76%	2.36%	2.71%	1.21%	1.26%

Frequently Asked Questions

Can I hold both PMYYX and ALBAX in my portfolio?

With a correlation of 0.93, PMYYX and ALBAX 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, PMYYX or ALBAX?

PMYYX has higher volatility (4.50%) compared to ALBAX (4.39%). In terms of maximum drawdown, PMYYX dropped -35.25% vs ALBAX's -40.56%.

Which has better risk-adjusted returns?

ALBAX currently has the higher Sharpe Ratio (2.63 vs 2.02), 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.