PNOPX vs. CPEAX

Last updated Jun 25, 2026

PNOPX (Putnam Sustainable Leaders Fund) and CPEAX (Catalyst Dynamic Alpha Fund) are both Large Cap Growth Equities funds. Over the past 10 years, PNOPX returned 15.25%/yr vs 13.30%/yr for CPEAX. Their correlation of 0.87 suggests significant overlap in exposure. PNOPX charges 0.99%/yr vs 1.38%/yr for CPEAX.

Performance

PNOPX vs. CPEAX - Performance Comparison

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

Returns By Period

In the year-to-date period, PNOPX achieves a 1.57% return, which is significantly lower than CPEAX's 25.19% return. Over the past 10 years, PNOPX has outperformed CPEAX with an annualized return of 15.25%, while CPEAX has yielded a comparatively lower 13.30% annualized return.

PNOPX

• 1D: -1.85%
• 1M: -1.25%
• YTD: 1.57%
• 6M: 0.52%
• 1Y: 13.31%
• 3Y*: 15.82%
• 5Y*: 7.99%
• 10Y*: 15.25%

CPEAX

• 1D: -3.31%
• 1M: 5.38%
• YTD: 25.19%
• 6M: 21.97%
• 1Y: 36.45%
• 3Y*: 21.29%
• 5Y*: 13.46%
• 10Y*: 13.30%

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

PNOPX vs. CPEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNOPX Putnam Sustainable Leaders Fund	1.57%	10.93%	22.97%	26.23%	-22.86%	23.44%	28.57%	35.86%	-0.90%	29.07%
CPEAX Catalyst Dynamic Alpha Fund	25.19%	9.98%	22.02%	13.44%	-14.87%	19.59%	21.00%	11.14%	-4.35%	26.91%

Correlation

The correlation between PNOPX and CPEAX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 22, 2011	0.87

The correlation between PNOPX and CPEAX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

PNOPX vs. CPEAX — Risk / Return Rank

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

PNOPX

PNOPX Risk / Return Rank: 18
PNOPX Sharpe Ratio Rank: 19
PNOPX Sortino Ratio Rank: 18
PNOPX Omega Ratio Rank: 20
PNOPX Calmar Ratio Rank: 14
PNOPX Martin Ratio Rank: 18

CPEAX

CPEAX Risk / Return Rank: 51
CPEAX Sharpe Ratio Rank: 41
CPEAX Sortino Ratio Rank: 38
CPEAX Omega Ratio Rank: 39
CPEAX Calmar Ratio Rank: 74
CPEAX Martin Ratio Rank: 63

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. CPEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Leaders Fund (PNOPX) and Catalyst Dynamic Alpha Fund (CPEAX). 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	CPEAX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.65	-0.52
Sortino ratio: Return per unit of downside risk	1.60	2.24	-0.64
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.14	3.06	-1.92
Martin ratio: Return relative to average drawdown	4.20	11.16	-6.96

PNOPX vs. CPEAX - Sharpe Ratio Comparison

The current PNOPX Sharpe Ratio is 1.13, which is lower than the CPEAX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PNOPX and CPEAX, 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. CPEAX - Drawdown Comparison

The maximum PNOPX drawdown since its inception was -74.15%, which is greater than CPEAX's maximum drawdown of -34.39%. Use the drawdown chart below to compare losses from any high point for PNOPX and CPEAX.

Drawdown Indicators

	PNOPX	CPEAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.15%	-34.39%	-39.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-12.61%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.90%	-26.28%	+3.38%
Max Drawdown (5Y) Largest decline over 5 years	-29.13%	-26.28%	-2.85%
Max Drawdown (10Y) Largest decline over 10 years	-30.29%	-34.39%	+4.10%
Current Drawdown Current decline from peak	-3.09%	-3.31%	+0.22%
Average Drawdown Average peak-to-trough decline	-24.00%	-5.29%	-18.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	3.45%	+0.07%

Volatility

PNOPX vs. CPEAX - Volatility Comparison

The current volatility for Putnam Sustainable Leaders Fund (PNOPX) is 5.52%, while Catalyst Dynamic Alpha Fund (CPEAX) has a volatility of 9.96%. This indicates that PNOPX experiences smaller price fluctuations and is considered to be less risky than CPEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNOPX	CPEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	9.96%	-4.44%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	19.85%	-9.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.17%	23.46%	-10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	20.59%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	20.81%	-2.64%

PNOPX vs. CPEAX - Expense Ratio Comparison

PNOPX has a 0.99% expense ratio, which is lower than CPEAX's 1.38% expense ratio.

Dividends

PNOPX vs. CPEAX - Dividend Comparison

PNOPX's dividend yield for the trailing twelve months is around 11.04%, less than CPEAX's 12.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPEAX Catalyst Dynamic Alpha Fund	12.58%	15.75%	9.57%	0.00%	1.21%	30.88%	0.00%	0.12%	19.37%	2.32%	0.00%	1.36%
PNOPX Putnam Sustainable Leaders Fund	11.04%	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 CPEAX in my portfolio?

PNOPX and CPEAX have a correlation of 0.80, 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 CPEAX?

CPEAX has higher volatility (9.96%) compared to PNOPX (5.52%). In terms of maximum drawdown, PNOPX dropped -74.15% vs CPEAX's -34.39%.

Which has better risk-adjusted returns?

CPEAX currently has the higher Sharpe Ratio (1.65 vs 1.13), 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.