PNGAX vs. VTI

Last updated Aug 1, 2026

PNGAX (Putnam International Value Fund) and VTI (Vanguard Total Stock Market ETF) are both funds - PNGAX is a Foreign Large Cap Equities fund managed by Putnam, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Over the past 10 years, PNGAX returned 10.44%/yr vs 14.63%/yr for VTI. Their 0.72 correlation means they have sometimes moved together and sometimes differently. PNGAX charges 1.27%/yr vs 0.03%/yr for VTI.

Performance

PNGAX vs. VTI - Performance Comparison

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

Returns By Period

In the year-to-date period, PNGAX achieves a 14.72% return, which is significantly higher than VTI's 10.49% return. Over the past 10 years, PNGAX has underperformed VTI with an annualized return of 10.44%, while VTI has yielded a comparatively higher 14.63% annualized return.

PNGAX

• 1D: 2.17%
• 1M: 3.99%
• 6M: 8.73%
• YTD: 14.72%
• 1Y: 27.21%
• 3Y*: 18.54%
• 5Y*: 12.93%
• 10Y*: 10.44%
• ALL TIME*: 6.78%

VTI

• 1D: 0.53%
• 1M: -0.15%
• 6M: 8.77%
• YTD: 10.49%
• 1Y: 21.84%
• 3Y*: 18.92%
• 5Y*: 11.74%
• 10Y*: 14.63%
• ALL TIME*: 9.58%

*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
VTI Vanguard Total Stock Market ETF	$1.06B	$1.16B	$1.24B

PNGAX vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNGAX Putnam International Value Fund	14.72%	34.66%	5.86%	18.50%	-6.85%	14.24%	4.19%	19.96%	-18.02%	24.09%
VTI Vanguard Total Stock Market ETF	10.49%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	30.67%	-5.23%	21.21%

Correlation

The correlation between PNGAX and VTI is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since May 31, 2001	0.72

The correlation between PNGAX and VTI has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

PNGAX vs. VTI — Risk / Return Rank

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

PNGAX

PNGAX Risk / Return Rank: 75
PNGAX Sharpe Ratio Rank: 76
PNGAX Sortino Ratio Rank: 75
PNGAX Omega Ratio Rank: 74
PNGAX Calmar Ratio Rank: 75
PNGAX Martin Ratio Rank: 75

VTI

VTI Risk / Return Rank: 67
VTI Sharpe Ratio Rank: 67
VTI Sortino Ratio Rank: 64
VTI Omega Ratio Rank: 64
VTI Calmar Ratio Rank: 65
VTI Martin Ratio Rank: 77

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. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam International Value Fund (PNGAX) and Vanguard Total Stock Market ETF (VTI). 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	VTI	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.52	+0.29
Sortino ratio: Return per unit of downside risk	2.57	2.12	+0.45
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	2.47	2.23	+0.24
Martin ratio: Return relative to average drawdown	9.25	9.62	-0.37

PNGAX vs. VTI - Sharpe Ratio Comparison

The current PNGAX Sharpe Ratio is 1.81, which is comparable to the VTI Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PNGAX and VTI, 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. VTI - Drawdown Comparison

The maximum PNGAX drawdown since its inception was -64.78%, which is greater than VTI's maximum drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for PNGAX and VTI.

Drawdown Indicators

	PNGAX	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-64.78%	-55.45%	-9.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-8.92%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-13.87%	-19.30%	+5.43%
Max Drawdown (5Y) Largest decline over 5 years	-27.37%	-25.36%	-2.01%
Max Drawdown (10Y) Largest decline over 10 years	-41.58%	-35.00%	-6.58%
Current Drawdown Current decline from peak	0.00%	-1.36%	+1.36%
Average Drawdown Average peak-to-trough decline	-15.73%	-7.99%	-7.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.07%	+0.74%

Volatility

PNGAX vs. VTI - Volatility Comparison

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

Volatility by Period

	PNGAX	VTI	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	12.02%	10.24%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	14.43%	13.10%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	17.51%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	18.30%	-1.62%

PNGAX vs. VTI - Expense Ratio Comparison

PNGAX has a 1.27% expense ratio, which is higher than VTI's 0.03% expense ratio.

Dividends

PNGAX vs. VTI - Dividend Comparison

PNGAX's dividend yield for the trailing twelve months is around 2.59%, more than VTI's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNGAX Putnam International Value Fund	2.59%	2.97%	3.89%	2.35%	1.63%	5.70%	1.84%	3.91%	4.34%	1.11%	2.23%	1.09%
VTI Vanguard Total Stock Market ETF	1.06%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both PNGAX and VTI in my portfolio?

PNGAX and VTI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNGAX or VTI?

PNGAX has higher volatility (3.90%) compared to VTI (3.46%). In terms of maximum drawdown, PNGAX dropped -64.78% vs VTI's -55.45%.

Which has better risk-adjusted returns?

PNGAX currently has the higher Sharpe Ratio (1.81 vs 1.52), 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.