PNGAX vs. BTMKX
PNGAX (Putnam International Value Fund) and BTMKX (iShares MSCI EAFE International Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PNGAX returned 9.72%/yr vs 9.33%/yr for BTMKX. With a 0.95 correlation, they move nearly in lockstep. PNGAX charges 1.27%/yr vs 0.05%/yr for BTMKX.
Performance
PNGAX vs. BTMKX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PNGAX having a 8.57% return and BTMKX slightly higher at 8.77%. Both investments have delivered pretty close results over the past 10 years, with PNGAX having a 9.72% annualized return and BTMKX not far behind at 9.33%.
PNGAX
- 1D
- -0.90%
- 1M
- 1.24%
- YTD
- 8.57%
- 6M
- 11.24%
- 1Y
- 21.31%
- 3Y*
- 18.90%
- 5Y*
- 10.62%
- 10Y*
- 9.72%
BTMKX
- 1D
- -0.80%
- 1M
- 2.13%
- YTD
- 8.77%
- 6M
- 10.87%
- 1Y
- 20.92%
- 3Y*
- 16.89%
- 5Y*
- 8.56%
- 10Y*
- 9.33%
PNGAX vs. BTMKX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNGAX Putnam International Value Fund | 8.57% | 34.66% | 5.86% | 18.50% | -6.85% | 14.24% | 4.19% | 19.96% | -18.02% | 24.09% |
BTMKX iShares MSCI EAFE International Index Fund | 8.77% | 31.70% | 3.70% | 18.37% | -14.04% | 11.30% | 8.07% | 21.96% | -13.38% | 25.17% |
Correlation
The correlation between PNGAX and BTMKX 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 | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011 | 0.95 |
The correlation between PNGAX and BTMKX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
PNGAX vs. BTMKX — Risk / Return Rank
PNGAX
BTMKX
PNGAX vs. BTMKX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam International Value Fund (PNGAX) and iShares MSCI EAFE International Index Fund (BTMKX). 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.
| PNGAX | BTMKX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.26 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 1.91 | +0.14 |
| Martin ratioReturn relative to average drawdown | 7.54 | 7.14 | +0.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PNGAX | BTMKX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 1.43 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.53 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.56 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.39 | -0.04 |
Drawdowns
PNGAX vs. BTMKX - Drawdown Comparison
The maximum PNGAX drawdown since its inception was -64.78%, which is greater than BTMKX's maximum drawdown of -33.92%. Use the drawdown chart below to compare losses from any high point for PNGAX and BTMKX.
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Drawdown Indicators
| PNGAX | BTMKX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.78% | -33.92% | -30.86% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -11.30% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -13.87% | -13.66% | -0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -27.37% | -29.23% | +1.86% |
Max Drawdown (10Y)Largest decline over 10 years | -41.58% | -33.92% | -7.66% |
Current DrawdownCurrent decline from peak | -1.52% | -1.17% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -15.81% | -7.76% | -8.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 3.01% | -0.17% |
Volatility
PNGAX vs. BTMKX - Volatility Comparison
The current volatility for Putnam International Value Fund (PNGAX) is 4.13%, while iShares MSCI EAFE International Index Fund (BTMKX) has a volatility of 4.60%. This indicates that PNGAX experiences smaller price fluctuations and is considered to be less risky than BTMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNGAX | BTMKX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 4.60% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 11.44% | 12.31% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.27% | 15.13% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.76% | 16.17% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.06% | 16.67% | +0.39% |
PNGAX vs. BTMKX - Expense Ratio Comparison
PNGAX has a 1.27% expense ratio, which is higher than BTMKX's 0.05% expense ratio.
Dividends
PNGAX vs. BTMKX - Dividend Comparison
PNGAX's dividend yield for the trailing twelve months is around 2.73%, less than BTMKX's 3.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTMKX iShares MSCI EAFE International Index Fund | 3.44% | 3.74% | 3.43% | 3.19% | 2.80% | 3.06% | 1.99% | 3.34% | 4.58% | 2.45% | 2.85% | 2.42% |
PNGAX Putnam International Value Fund | 2.73% | 2.97% | 3.89% | 2.35% | 1.63% | 5.70% | 1.84% | 3.91% | 4.34% | 1.11% | 2.23% | 1.09% |
Frequently Asked Questions
With a correlation of 0.95, PNGAX and BTMKX 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.
BTMKX has higher volatility (4.60%) compared to PNGAX (4.13%). In terms of maximum drawdown, PNGAX dropped -64.78% vs BTMKX's -33.92%.
PNGAX currently has the higher Sharpe Ratio (1.51 vs 1.43), 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.
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