PMYYX vs. PNSAX

Last updated Jun 24, 2026

PMYYX (Putnam Multi-Cap Core Fund) and PNSAX (Putnam Small Cap Growth Fund) are both mutual funds - PMYYX is a Large Cap Blend Equities fund managed by Putnam, while PNSAX is a Small Cap Growth Equities fund managed by Putnam. Over the past 10 years, PMYYX returned 16.71%/yr vs 17.13%/yr for PNSAX. Their correlation of 0.84 suggests significant overlap in exposure. PMYYX charges 0.71%/yr vs 1.23%/yr for PNSAX.

Performance

PMYYX vs. PNSAX - Performance Comparison

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

Returns By Period

In the year-to-date period, PMYYX achieves a 7.12% return, which is significantly lower than PNSAX's 27.82% return. Both investments have delivered pretty close results over the past 10 years, with PMYYX having a 16.71% annualized return and PNSAX not far ahead at 17.13%.

PMYYX

• 1D: -0.47%
• 1M: 0.25%
• YTD: 7.12%
• 6M: 6.13%
• 1Y: 23.76%
• 3Y*: 21.00%
• 5Y*: 13.37%
• 10Y*: 16.71%

PNSAX

• 1D: 1.96%
• 1M: 9.13%
• YTD: 27.82%
• 6M: 24.45%
• 1Y: 39.31%
• 3Y*: 23.74%
• 5Y*: 10.36%
• 10Y*: 17.13%

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

PMYYX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMYYX Putnam Multi-Cap Core Fund	7.12%	17.33%	26.46%	27.98%	-15.94%	30.93%	17.69%	32.52%	-7.91%	24.00%
PNSAX Putnam Small Cap Growth Fund	27.82%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between PMYYX and PNSAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.84

The correlation between PMYYX and PNSAX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

PMYYX vs. PNSAX — 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: 50
PMYYX Omega Ratio Rank: 51
PMYYX Calmar Ratio Rank: 47
PMYYX Martin Ratio Rank: 57

PNSAX

PNSAX Risk / Return Rank: 47
PNSAX Sharpe Ratio Rank: 41
PNSAX Sortino Ratio Rank: 38
PNSAX Omega Ratio Rank: 36
PNSAX Calmar Ratio Rank: 64
PNSAX Martin Ratio Rank: 53

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. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Multi-Cap Core Fund (PMYYX) and Putnam Small Cap Growth Fund (PNSAX). 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	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.73	+0.27
Sortino ratio: Return per unit of downside risk	2.74	2.38	+0.35
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	2.49	2.94	-0.45
Martin ratio: Return relative to average drawdown	10.78	10.22	+0.56

PMYYX vs. PNSAX - Sharpe Ratio Comparison

The current PMYYX Sharpe Ratio is 2.00, which is comparable to the PNSAX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of PMYYX and PNSAX, 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. PNSAX - Drawdown Comparison

The maximum PMYYX drawdown since its inception was -35.25%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for PMYYX and PNSAX.

Drawdown Indicators

	PMYYX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.25%	-69.47%	+34.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-14.00%	+3.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-26.25%	+7.33%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-38.77%	+15.25%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-38.77%	+3.52%
Current Drawdown Current decline from peak	-1.49%	0.00%	-1.49%
Average Drawdown Average peak-to-trough decline	-4.11%	-23.51%	+19.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	4.02%	-1.71%

Volatility

PMYYX vs. PNSAX - Volatility Comparison

The current volatility for Putnam Multi-Cap Core Fund (PMYYX) is 4.39%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.62%. This indicates that PMYYX experiences smaller price fluctuations and is considered to be less risky than PNSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMYYX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	8.62%	-4.23%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	19.39%	-9.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.54%	23.89%	-11.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	23.46%	-6.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	23.70%	-5.27%

PMYYX vs. PNSAX - Expense Ratio Comparison

PMYYX has a 0.71% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

PMYYX vs. PNSAX - Dividend Comparison

PMYYX's dividend yield for the trailing twelve months is around 2.58%, more than PNSAX's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMYYX Putnam Multi-Cap Core Fund	2.58%	2.76%	4.47%	2.62%	5.26%	9.25%	2.41%	4.76%	2.36%	2.71%	1.21%	1.26%
PNSAX Putnam Small Cap Growth Fund	0.33%	0.42%	0.00%	0.00%	0.00%	15.27%	4.87%	1.93%	1.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMYYX and PNSAX in my portfolio?

PMYYX and PNSAX have a correlation of 0.77, 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 PNSAX?

PNSAX has higher volatility (8.62%) compared to PMYYX (4.39%). In terms of maximum drawdown, PMYYX dropped -35.25% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

PMYYX currently has the higher Sharpe Ratio (2.00 vs 1.73), 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.