PNOPX vs. FMIL
PNOPX (Putnam Sustainable Leaders Fund) and FMIL (Fidelity New Millennium ETF) are both funds - PNOPX is a Large Cap Growth Equities fund managed by Putnam, while FMIL is a Large Cap Blend Equities fund actively managed by Fidelity. Over the past 5 years, PNOPX returned 7.56%/yr vs 16.45%/yr for FMIL. Their correlation of 0.84 means they have usually moved in the same direction. PNOPX charges 0.99%/yr vs 0.59%/yr for FMIL.
Performance
PNOPX vs. FMIL - Performance Comparison
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Returns By Period
In the year-to-date period, PNOPX achieves a 3.34% return, which is significantly lower than FMIL's 10.63% return.
PNOPX
- 1D
- 1.96%
- 1M
- -0.13%
- 6M
- 4.91%
- YTD
- 3.34%
- 1Y
- 13.77%
- 3Y*
- 14.75%
- 5Y*
- 7.56%
- 10Y*
- 14.51%
- ALL TIME*
- 11.98%
FMIL
- 1D
- 0.86%
- 1M
- 0.31%
- 6M
- 8.00%
- YTD
- 10.63%
- 1Y
- 20.47%
- 3Y*
- 20.51%
- 5Y*
- 16.45%
- 10Y*
- —
- ALL TIME*
- 20.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.09M | $5.30M | $5.23M | |
| $0.00 | $0.00 | $0.00 |
PNOPX vs. FMIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PNOPX Putnam Sustainable Leaders Fund | 3.34% | 10.93% | 22.97% | 26.23% | -22.86% | 23.44% | 25.18% |
FMIL Fidelity New Millennium ETF | 10.63% | 17.67% | 27.89% | 25.07% | -0.04% | 24.53% | 19.50% |
Correlation
The correlation between PNOPX and FMIL 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. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.84 |
The correlation between PNOPX and FMIL has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.
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Return for Risk
PNOPX vs. FMIL — Risk / Return Rank
PNOPX
FMIL
PNOPX vs. FMIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Leaders Fund (PNOPX) and Fidelity New Millennium ETF (FMIL). 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 | FMIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.23 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.82 | -0.98 |
| Martin ratioReturn relative to average drawdown | 3.09 | 7.92 | -4.83 |
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Drawdowns
PNOPX vs. FMIL - Drawdown Comparison
The maximum PNOPX drawdown since its inception was -74.15%, which is greater than FMIL's maximum drawdown of -19.72%. Use the drawdown chart below to compare losses from any high point for PNOPX and FMIL.
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Drawdown Indicators
| PNOPX | FMIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.15% | -19.72% | -54.43% |
Max Drawdown (1Y)Largest decline over 1 year | -13.06% | -9.98% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -22.90% | -19.72% | -3.18% |
Max Drawdown (5Y)Largest decline over 5 years | -29.13% | -19.72% | -9.41% |
Max Drawdown (10Y)Largest decline over 10 years | -30.29% | — | — |
Current DrawdownCurrent decline from peak | -1.54% | -1.19% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -23.93% | -2.95% | -20.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 2.29% | +1.27% |
Volatility
PNOPX vs. FMIL - Volatility Comparison
Putnam Sustainable Leaders Fund (PNOPX) has a higher volatility of 3.83% compared to Fidelity New Millennium ETF (FMIL) at 3.59%. This indicates that PNOPX's price experiences larger fluctuations and is considered to be riskier than FMIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNOPX | FMIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.83% | 3.59% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 10.79% | 10.97% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.56% | 13.86% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.52% | 16.93% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.15% | 17.61% | +0.54% |
PNOPX vs. FMIL - Expense Ratio Comparison
PNOPX has a 0.99% expense ratio, which is higher than FMIL's 0.59% expense ratio.
Dividends
PNOPX vs. FMIL - Dividend Comparison
PNOPX's dividend yield for the trailing twelve months is around 10.85%, more than FMIL's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMIL Fidelity New Millennium ETF | 0.99% | 1.10% | 0.82% | 0.57% | 1.67% | 1.68% | 0.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PNOPX Putnam Sustainable Leaders Fund | 10.85% | 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
With a correlation of 0.93, PNOPX and FMIL 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.
PNOPX has higher volatility (3.83%) compared to FMIL (3.59%). In terms of maximum drawdown, PNOPX dropped -74.15% vs FMIL's -19.72%.
FMIL currently has the higher Sharpe Ratio (1.31 vs 0.81), 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.
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