PNOPX vs. BPTRX

Last updated Jun 23, 2026

PNOPX (Putnam Sustainable Leaders Fund) and BPTRX (Baron Partners Fund) are both Large Cap Growth Equities funds. Over the past 10 years, PNOPX returned 15.17%/yr vs 25.50%/yr for BPTRX. A 0.60 correlation means they provide meaningful diversification when combined. PNOPX charges 0.99%/yr vs 1.36%/yr for BPTRX.

Performance

PNOPX vs. BPTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Sustainable Leaders Fund (PNOPX) and Baron Partners Fund (BPTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNOPX achieves a 3.72% return, which is significantly lower than BPTRX's 12.47% return. Over the past 10 years, PNOPX has underperformed BPTRX with an annualized return of 15.17%, while BPTRX has yielded a comparatively higher 25.50% annualized return.

PNOPX

• 1D: 1.39%
• 1M: 0.84%
• YTD: 3.72%
• 6M: 3.46%
• 1Y: 18.23%
• 3Y*: 16.22%
• 5Y*: 8.97%
• 10Y*: 15.17%

BPTRX

• 1D: -1.26%
• 1M: 14.33%
• YTD: 12.47%
• 6M: 8.60%
• 1Y: 52.92%
• 3Y*: 24.00%
• 5Y*: 14.99%
• 10Y*: 25.50%

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

PNOPX vs. BPTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNOPX Putnam Sustainable Leaders Fund	3.72%	10.93%	22.97%	26.23%	-22.86%	23.44%	28.57%	35.86%	-0.90%	29.07%
BPTRX Baron Partners Fund	12.47%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%

Correlation

The correlation between PNOPX and BPTRX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 31, 1992	0.60

The correlation between PNOPX and BPTRX shifts across timeframes, from 0.56 (1 year) to 0.73 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

PNOPX vs. BPTRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PNOPX

PNOPX Risk / Return Rank: 24
PNOPX Sharpe Ratio Rank: 28
PNOPX Sortino Ratio Rank: 25
PNOPX Omega Ratio Rank: 28
PNOPX Calmar Ratio Rank: 17
PNOPX Martin Ratio Rank: 23

BPTRX

BPTRX Risk / Return Rank: 72
BPTRX Sharpe Ratio Rank: 45
BPTRX Sortino Ratio Rank: 85
BPTRX Omega Ratio Rank: 71
BPTRX Calmar Ratio Rank: 93
BPTRX Martin Ratio Rank: 66

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.

PNOPX vs. BPTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Leaders Fund (PNOPX) and Baron Partners Fund (BPTRX). 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.

	PNOPX	BPTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.83	-0.42
Sortino ratio: Return per unit of downside risk	1.96	3.76	-1.79
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.17
Calmar ratio: Return relative to maximum drawdown	1.40	4.93	-3.53
Martin ratio: Return relative to average drawdown	5.19	12.04	-6.85

PNOPX vs. BPTRX - Sharpe Ratio Comparison

The current PNOPX Sharpe Ratio is 1.40, which is comparable to the BPTRX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PNOPX and BPTRX, 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

PNOPX vs. BPTRX - Drawdown Comparison

The maximum PNOPX drawdown since its inception was -74.15%, which is greater than BPTRX's maximum drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for PNOPX and BPTRX.

Drawdown Indicators

	PNOPX	BPTRX	Difference
Max Drawdown Largest peak-to-trough decline	-74.15%	-64.11%	-10.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-10.71%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-22.90%	-33.34%	+10.44%
Max Drawdown (5Y) Largest decline over 5 years	-29.13%	-49.87%	+20.74%
Max Drawdown (10Y) Largest decline over 10 years	-30.29%	-51.26%	+20.97%
Current Drawdown Current decline from peak	-1.04%	-4.52%	+3.48%
Average Drawdown Average peak-to-trough decline	-24.00%	-13.77%	-10.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	4.38%	-0.86%

Volatility

PNOPX vs. BPTRX - Volatility Comparison

The current volatility for Putnam Sustainable Leaders Fund (PNOPX) is 5.32%, while Baron Partners Fund (BPTRX) has a volatility of 11.09%. This indicates that PNOPX experiences smaller price fluctuations and is considered to be less risky than BPTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNOPX	BPTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	11.09%	-5.77%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	16.00%	-5.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	28.94%	-15.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	33.94%	-16.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	32.86%	-14.66%

PNOPX vs. BPTRX - Expense Ratio Comparison

PNOPX has a 0.99% expense ratio, which is lower than BPTRX's 1.36% expense ratio.

Dividends

PNOPX vs. BPTRX - Dividend Comparison

PNOPX's dividend yield for the trailing twelve months is around 10.81%, more than BPTRX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	2.99%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
PNOPX Putnam Sustainable Leaders Fund	10.81%	11.22%	9.25%	2.96%	8.38%	11.69%	7.41%	7.14%	20.24%	4.91%	0.00%	12.64%

Frequently Asked Questions

Can I hold both PNOPX and BPTRX in my portfolio?

PNOPX and BPTRX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNOPX or BPTRX?

BPTRX has higher volatility (11.09%) compared to PNOPX (5.32%). In terms of maximum drawdown, PNOPX dropped -74.15% vs BPTRX's -64.11%.

Which has better risk-adjusted returns?

BPTRX currently has the higher Sharpe Ratio (1.83 vs 1.40), 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.