PMYYX vs. PARYX

Last updated Jun 4, 2026

PMYYX (Putnam Multi-Cap Core Fund) and PARYX (Putnam Short Duration Bond Fund) are both mutual funds - PMYYX is a Large Cap Blend Equities fund managed by Putnam, while PARYX is a Short-Term Bond fund managed by Putnam. Over the past 10 years, PMYYX returned 16.38%/yr vs 2.95%/yr for PARYX. At a 0.11 correlation, their price movements are largely independent. PMYYX charges 0.71%/yr vs 0.37%/yr for PARYX.

Performance

PMYYX vs. PARYX - Performance Comparison

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

Returns By Period

In the year-to-date period, PMYYX achieves a 8.74% return, which is significantly higher than PARYX's 0.75% return. Over the past 10 years, PMYYX has outperformed PARYX with an annualized return of 16.38%, while PARYX has yielded a comparatively lower 2.95% annualized return.

PMYYX

• 1D: 0.09%
• 1M: 5.24%
• YTD: 8.74%
• 6M: 9.42%
• 1Y: 27.23%
• 3Y*: 22.38%
• 5Y*: 13.80%
• 10Y*: 16.38%

PARYX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 0.75%
• 6M: 1.22%
• 1Y: 4.18%
• 3Y*: 5.19%
• 5Y*: 2.45%
• 10Y*: 2.95%

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

PMYYX vs. PARYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMYYX Putnam Multi-Cap Core Fund	8.74%	17.33%	26.46%	27.98%	-15.94%	30.93%	17.69%	32.52%	-7.91%	24.00%
PARYX Putnam Short Duration Bond Fund	0.75%	5.96%	5.19%	5.62%	-4.53%	0.52%	3.37%	4.90%	2.23%	3.48%

Correlation

The correlation between PMYYX and PARYX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.11

The correlation between PMYYX and PARYX shifts across timeframes, from 0.09 (10 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PMYYX vs. PARYX — Risk / Return Rank

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

PMYYX

PMYYX Risk / Return Rank: 59
PMYYX Sharpe Ratio Rank: 63
PMYYX Sortino Ratio Rank: 58
PMYYX Omega Ratio Rank: 57
PMYYX Calmar Ratio Rank: 54
PMYYX Martin Ratio Rank: 63

PARYX

PARYX Risk / Return Rank: 81
PARYX Sharpe Ratio Rank: 61
PARYX Sortino Ratio Rank: 92
PARYX Omega Ratio Rank: 88
PARYX Calmar Ratio Rank: 83
PARYX Martin Ratio Rank: 83

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. PARYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Multi-Cap Core Fund (PMYYX) and Putnam Short Duration Bond Fund (PARYX). 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	PARYX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.31	+0.02
Sortino ratio: Return per unit of downside risk	3.21	4.60	-1.39
Omega ratio: Gain probability vs. loss probability	1.42	1.62	-0.20
Calmar ratio: Return relative to maximum drawdown	2.80	3.83	-1.03
Martin ratio: Return relative to average drawdown	12.30	15.69	-3.40
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. PARYX - Sharpe Ratio Comparison

The current PMYYX Sharpe Ratio is 2.33, which is comparable to the PARYX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of PMYYX and PARYX, 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	PARYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.31	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	1.11	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	1.46	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.32	-0.39

Drawdowns

PMYYX vs. PARYX - Drawdown Comparison

The maximum PMYYX drawdown since its inception was -35.25%, which is greater than PARYX's maximum drawdown of -7.68%. Use the drawdown chart below to compare losses from any high point for PMYYX and PARYX.

Drawdown Indicators

	PMYYX	PARYX	Difference
Max Drawdown Largest peak-to-trough decline	-35.25%	-7.68%	-27.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-1.10%	-8.92%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-1.10%	-17.82%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-7.16%	-16.36%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-7.68%	-27.57%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-4.12%	-0.76%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	0.27%	+2.01%

Volatility

PMYYX vs. PARYX - Volatility Comparison

Putnam Multi-Cap Core Fund (PMYYX) has a higher volatility of 2.99% compared to Putnam Short Duration Bond Fund (PARYX) at 0.61%. This indicates that PMYYX's price experiences larger fluctuations and is considered to be riskier than PARYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMYYX	PARYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	0.61%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	1.32%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	1.81%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	2.21%	+14.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	2.03%	+16.37%

PMYYX vs. PARYX - Expense Ratio Comparison

PMYYX has a 0.71% expense ratio, which is higher than PARYX's 0.37% expense ratio.

Dividends

PMYYX vs. PARYX - Dividend Comparison

PMYYX's dividend yield for the trailing twelve months is around 2.54%, less than PARYX's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PARYX Putnam Short Duration Bond Fund	4.11%	4.15%	3.81%	3.04%	1.70%	1.91%	2.11%	2.98%	2.11%	2.54%	2.75%	1.86%
PMYYX Putnam Multi-Cap Core Fund	2.54%	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 PARYX in my portfolio?

PMYYX and PARYX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMYYX or PARYX?

PMYYX has higher volatility (2.99%) compared to PARYX (0.61%). In terms of maximum drawdown, PMYYX dropped -35.25% vs PARYX's -7.68%.

Which has better risk-adjusted returns?

PMYYX currently has the higher Sharpe Ratio (2.33 vs 2.31), 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.