PNGAX vs. POVSX

Last updated Aug 4, 2026

PNGAX (Putnam International Value Fund) and POVSX (Putnam International Equity Fund) are both Foreign Large Cap Equities funds from Putnam. Over the past 10 years, PNGAX returned 10.44%/yr vs 9.75%/yr for POVSX. Their correlation of 0.95 means they have usually moved in the same direction. PNGAX charges 1.27%/yr vs 1.25%/yr for POVSX.

Performance

PNGAX vs. POVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam International Value Fund (PNGAX) and Putnam International Equity Fund (POVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNGAX achieves a 14.02% return, which is significantly higher than POVSX's 11.76% return. Over the past 10 years, PNGAX has outperformed POVSX with an annualized return of 10.44%, while POVSX has yielded a comparatively lower 9.75% annualized return.

PNGAX

• 1D: -0.61%
• 1M: 3.36%
• 6M: 7.31%
• YTD: 14.02%
• 1Y: 26.44%
• 3Y*: 18.70%
• 5Y*: 12.79%
• 10Y*: 10.44%
• ALL TIME*: 6.76%

POVSX

• 1D: -0.84%
• 1M: -0.44%
• 6M: 3.89%
• YTD: 11.76%
• 1Y: 26.51%
• 3Y*: 18.13%
• 5Y*: 9.87%
• 10Y*: 9.75%
• ALL TIME*: 7.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PNGAX Putnam International Value Fund	$0.00	$0.00	$0.00
POVSX Putnam International Equity Fund	$0.00	$0.00	$0.00

PNGAX vs. POVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNGAX Putnam International Value Fund	14.02%	34.66%	5.86%	18.50%	-6.85%	14.24%	4.19%	19.96%	-18.02%	24.09%
POVSX Putnam International Equity Fund	11.76%	37.27%	3.57%	18.65%	-14.84%	8.95%	11.78%	25.50%	-19.46%	26.47%

Correlation

The correlation between PNGAX and POVSX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Jul 31, 1996	0.95

The correlation between PNGAX and POVSX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

PNGAX vs. POVSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PNGAX

PNGAX Risk / Return Rank: 72
PNGAX Sharpe Ratio Rank: 74
PNGAX Sortino Ratio Rank: 73
PNGAX Omega Ratio Rank: 71
PNGAX Calmar Ratio Rank: 73
PNGAX Martin Ratio Rank: 70

POVSX

POVSX Risk / Return Rank: 56
POVSX Sharpe Ratio Rank: 59
POVSX Sortino Ratio Rank: 56
POVSX Omega Ratio Rank: 53
POVSX Calmar Ratio Rank: 57
POVSX Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PNGAX vs. POVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam International Value Fund (PNGAX) and Putnam International Equity Fund (POVSX). 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.

	PNGAX	POVSX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.59	+0.23
Sortino ratio: Return per unit of downside risk	2.58	2.23	+0.35
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	2.48	2.15	+0.33
Martin ratio: Return relative to average drawdown	9.28	8.03	+1.26

PNGAX vs. POVSX - Sharpe Ratio Comparison

The current PNGAX Sharpe Ratio is 1.81, which is comparable to the POVSX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PNGAX and POVSX, 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

PNGAX vs. POVSX - Drawdown Comparison

The maximum PNGAX drawdown since its inception was -64.78%, roughly equal to the maximum POVSX drawdown of -62.97%. Use the drawdown chart below to compare losses from any high point for PNGAX and POVSX.

Drawdown Indicators

	PNGAX	POVSX	Difference
Max Drawdown Largest peak-to-trough decline	-64.78%	-62.97%	-1.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-12.20%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-13.87%	-13.36%	-0.51%
Max Drawdown (5Y) Largest decline over 5 years	-27.37%	-31.24%	+3.87%
Max Drawdown (10Y) Largest decline over 10 years	-41.58%	-36.58%	-5.00%
Current Drawdown Current decline from peak	-0.61%	-1.55%	+0.94%
Average Drawdown Average peak-to-trough decline	-15.73%	-14.33%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.27%	-0.47%

Volatility

PNGAX vs. POVSX - Volatility Comparison

The current volatility for Putnam International Value Fund (PNGAX) is 3.90%, while Putnam International Equity Fund (POVSX) has a volatility of 4.61%. This indicates that PNGAX experiences smaller price fluctuations and is considered to be less risky than POVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNGAX	POVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	4.61%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	12.03%	13.98%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	16.60%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	16.49%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	16.63%	+0.05%

PNGAX vs. POVSX - Expense Ratio Comparison

PNGAX has a 1.27% expense ratio, which is higher than POVSX's 1.25% expense ratio.

Dividends

PNGAX vs. POVSX - Dividend Comparison

PNGAX's dividend yield for the trailing twelve months is around 2.60%, less than POVSX's 9.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNGAX Putnam International Value Fund	2.60%	2.97%	3.89%	2.35%	1.63%	5.70%	1.84%	3.91%	4.34%	1.11%	2.23%	1.09%
POVSX Putnam International Equity Fund	9.48%	10.60%	5.33%	1.88%	0.00%	14.17%	2.56%	1.58%	6.42%	0.32%	3.09%	2.70%

Frequently Asked Questions

Can I hold both PNGAX and POVSX in my portfolio?

With a correlation of 0.93, PNGAX and POVSX 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, PNGAX or POVSX?

POVSX has higher volatility (4.61%) compared to PNGAX (3.90%). In terms of maximum drawdown, PNGAX dropped -64.78% vs POVSX's -62.97%.

Which has better risk-adjusted returns?

PNGAX currently has the higher Sharpe Ratio (1.81 vs 1.59), 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.