PNGAX vs. VIHAX

Last updated Aug 4, 2026

PNGAX (Putnam International Value Fund) and VIHAX (Vanguard International High Dividend Yield Index Fund Admiral Shares) are both mutual funds - PNGAX is a Foreign Large Cap Equities fund managed by Putnam, while VIHAX is a Large Cap Value Equities fund tracking the FTSE All-World ex US High Dividend Yield Index. Over the past 10 years, PNGAX returned 10.44%/yr vs 11.24%/yr for VIHAX. Their correlation of 0.95 means they have usually moved in the same direction. PNGAX charges 1.27%/yr vs 0.16%/yr for VIHAX.

Performance

PNGAX vs. VIHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam International Value Fund (PNGAX) and Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX). 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 lower than VIHAX's 17.32% return. Over the past 10 years, PNGAX has underperformed VIHAX with an annualized return of 10.44%, while VIHAX has yielded a comparatively higher 11.24% 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%

VIHAX

• 1D: -0.62%
• 1M: 4.34%
• 6M: 10.32%
• YTD: 17.32%
• 1Y: 34.48%
• 3Y*: 21.86%
• 5Y*: 14.01%
• 10Y*: 11.24%
• ALL TIME*: 11.22%

*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
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	$0.00	$0.00	$0.00

PNGAX vs. VIHAX - 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%
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	17.32%	38.01%	6.96%	16.81%	-6.88%	15.01%	-0.73%	20.03%	-12.38%	22.40%

Correlation

The correlation between PNGAX and VIHAX is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Mar 7, 2016	0.95

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

Return for Risk

PNGAX vs. VIHAX — 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

VIHAX

VIHAX Risk / Return Rank: 94
VIHAX Sharpe Ratio Rank: 97
VIHAX Sortino Ratio Rank: 95
VIHAX Omega Ratio Rank: 93
VIHAX Calmar Ratio Rank: 91
VIHAX Martin Ratio Rank: 92

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. VIHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam International Value Fund (PNGAX) and Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX). 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	VIHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.86	-1.05
Sortino ratio: Return per unit of downside risk	2.58	3.94	-1.37
Omega ratio: Gain probability vs. loss probability	1.33	1.53	-0.20
Calmar ratio: Return relative to maximum drawdown	2.48	3.63	-1.15
Martin ratio: Return relative to average drawdown	9.28	13.90	-4.62

PNGAX vs. VIHAX - Sharpe Ratio Comparison

The current PNGAX Sharpe Ratio is 1.81, which is lower than the VIHAX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of PNGAX and VIHAX, 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. VIHAX - Drawdown Comparison

The maximum PNGAX drawdown since its inception was -64.78%, which is greater than VIHAX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for PNGAX and VIHAX.

Drawdown Indicators

	PNGAX	VIHAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.78%	-38.80%	-25.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-9.53%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-13.87%	-12.29%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-27.37%	-23.92%	-3.45%
Max Drawdown (10Y) Largest decline over 10 years	-41.58%	-38.80%	-2.78%
Current Drawdown Current decline from peak	-0.61%	-0.62%	+0.01%
Average Drawdown Average peak-to-trough decline	-15.73%	-5.94%	-9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.49%	+0.31%

Volatility

PNGAX vs. VIHAX - Volatility Comparison

Putnam International Value Fund (PNGAX) has a higher volatility of 3.90% compared to Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX) at 3.46%. This indicates that PNGAX's price experiences larger fluctuations and is considered to be riskier than VIHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNGAX	VIHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.46%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	12.03%	10.28%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	12.13%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	13.76%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	15.55%	+1.13%

PNGAX vs. VIHAX - Expense Ratio Comparison

PNGAX has a 1.27% expense ratio, which is higher than VIHAX's 0.16% expense ratio.

Dividends

PNGAX vs. VIHAX - Dividend Comparison

PNGAX's dividend yield for the trailing twelve months is around 2.60%, less than VIHAX's 3.45% 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%
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	3.45%	3.69%	4.85%	4.58%	4.70%	4.30%	3.22%	5.63%	4.28%	3.16%	2.37%	0.00%

Frequently Asked Questions

Can I hold both PNGAX and VIHAX in my portfolio?

With a correlation of 0.95, PNGAX and VIHAX 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 VIHAX?

PNGAX has higher volatility (3.90%) compared to VIHAX (3.46%). In terms of maximum drawdown, PNGAX dropped -64.78% vs VIHAX's -38.80%.

Which has better risk-adjusted returns?

VIHAX currently has the higher Sharpe Ratio (2.86 vs 1.81), 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.