PMYYX vs. CMNWX

Last updated Jun 5, 2026

PMYYX (Putnam Multi-Cap Core Fund) and CMNWX (Principal Capital Appreciation Fund) are both Large Cap Blend Equities funds. Over the past 10 years, PMYYX returned 16.28%/yr vs 15.46%/yr for CMNWX. With a 0.95 correlation, they move nearly in lockstep. PMYYX charges 0.71%/yr vs 0.80%/yr for CMNWX.

Performance

PMYYX vs. CMNWX - Performance Comparison

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

Returns By Period

In the year-to-date period, PMYYX achieves a 7.79% return, which is significantly lower than CMNWX's 9.93% return. Over the past 10 years, PMYYX has outperformed CMNWX with an annualized return of 16.28%, while CMNWX has yielded a comparatively lower 15.46% annualized return.

PMYYX

• 1D: -0.88%
• 1M: 3.38%
• YTD: 7.79%
• 6M: 8.33%
• 1Y: 26.20%
• 3Y*: 22.02%
• 5Y*: 13.41%
• 10Y*: 16.28%

CMNWX

• 1D: -0.79%
• 1M: 3.60%
• YTD: 9.93%
• 6M: 9.13%
• 1Y: 24.41%
• 3Y*: 23.09%
• 5Y*: 14.51%
• 10Y*: 15.46%

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

PMYYX vs. CMNWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMYYX Putnam Multi-Cap Core Fund	7.79%	17.33%	26.46%	27.98%	-15.94%	30.93%	17.69%	32.52%	-7.91%	24.00%
CMNWX Principal Capital Appreciation Fund	9.93%	13.27%	32.14%	25.01%	-16.37%	27.45%	18.36%	32.21%	-4.12%	20.64%

Correlation

The correlation between PMYYX and CMNWX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.95

The correlation between PMYYX and CMNWX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

PMYYX vs. CMNWX — Risk / Return Rank

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

PMYYX

PMYYX Risk / Return Rank: 52
PMYYX Sharpe Ratio Rank: 54
PMYYX Sortino Ratio Rank: 51
PMYYX Omega Ratio Rank: 51
PMYYX Calmar Ratio Rank: 48
PMYYX Martin Ratio Rank: 58

CMNWX

CMNWX Risk / Return Rank: 50
CMNWX Sharpe Ratio Rank: 45
CMNWX Sortino Ratio Rank: 42
CMNWX Omega Ratio Rank: 42
CMNWX Calmar Ratio Rank: 52
CMNWX Martin Ratio Rank: 67

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. CMNWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Multi-Cap Core Fund (PMYYX) and Principal Capital Appreciation Fund (CMNWX). 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.

	PMYYX	CMNWX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.98	+0.20
Sortino ratio: Return per unit of downside risk	3.01	2.73	+0.28
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.62	2.75	-0.13
Martin ratio: Return relative to average drawdown	11.50	12.86	-1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMYYX vs. CMNWX - Sharpe Ratio Comparison

The current PMYYX Sharpe Ratio is 2.18, which is comparable to the CMNWX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of PMYYX and CMNWX, 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

	PMYYX	CMNWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	1.98	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.87	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.90	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.71	+0.21

Drawdowns

PMYYX vs. CMNWX - Drawdown Comparison

The maximum PMYYX drawdown since its inception was -35.25%, smaller than the maximum CMNWX drawdown of -50.43%. Use the drawdown chart below to compare losses from any high point for PMYYX and CMNWX.

Drawdown Indicators

	PMYYX	CMNWX	Difference
Max Drawdown Largest peak-to-trough decline	-35.25%	-50.43%	+15.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-8.91%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-19.54%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-23.35%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-33.26%	-1.99%
Current Drawdown Current decline from peak	-0.88%	-0.79%	-0.09%
Average Drawdown Average peak-to-trough decline	-4.12%	-6.95%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	1.90%	+0.38%

Volatility

PMYYX vs. CMNWX - Volatility Comparison

Putnam Multi-Cap Core Fund (PMYYX) and Principal Capital Appreciation Fund (CMNWX) have volatilities of 3.10% and 3.00%, 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	CMNWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.00%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	9.43%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	12.40%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	16.80%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	17.19%	+1.21%

PMYYX vs. CMNWX - Expense Ratio Comparison

PMYYX has a 0.71% expense ratio, which is lower than CMNWX's 0.80% expense ratio.

Dividends

PMYYX vs. CMNWX - Dividend Comparison

PMYYX's dividend yield for the trailing twelve months is around 2.56%, less than CMNWX's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNWX Principal Capital Appreciation Fund	7.96%	8.75%	10.03%	0.71%	0.69%	9.52%	5.33%	8.37%	46.60%	7.72%	10.32%	5.42%
PMYYX Putnam Multi-Cap Core Fund	2.56%	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 CMNWX in my portfolio?

With a correlation of 0.95, PMYYX and CMNWX 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 CMNWX?

PMYYX has higher volatility (3.10%) compared to CMNWX (3.00%). In terms of maximum drawdown, PMYYX dropped -35.25% vs CMNWX's -50.43%.

Which has better risk-adjusted returns?

PMYYX currently has the higher Sharpe Ratio (2.18 vs 1.98), 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.