PNOPX vs. FMIL

Last updated Jun 23, 2026

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 8.97%/yr vs 16.64%/yr for FMIL. Their correlation of 0.84 suggests significant overlap in exposure. PNOPX charges 0.99%/yr vs 0.59%/yr for FMIL.

Performance

PNOPX vs. FMIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Sustainable Leaders Fund (PNOPX) and Fidelity New Millennium ETF (FMIL). 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 FMIL's 11.06% 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%

FMIL

• 1D: -0.67%
• 1M: 1.70%
• YTD: 11.06%
• 6M: 11.02%
• 1Y: 27.64%
• 3Y*: 22.91%
• 5Y*: 16.64%
• 10Y*: —

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

PNOPX vs. FMIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PNOPX Putnam Sustainable Leaders Fund	3.72%	10.93%	22.97%	26.23%	-22.86%	23.44%	25.18%
FMIL Fidelity New Millennium ETF	11.06%	17.67%	27.89%	25.07%	-0.04%	24.53%	19.50%

Correlation

The correlation between PNOPX and FMIL is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.88
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.

Return for Risk

PNOPX vs. FMIL — 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

FMIL

FMIL Risk / Return Rank: 64
FMIL Sharpe Ratio Rank: 65
FMIL Sortino Ratio Rank: 63
FMIL Omega Ratio Rank: 64
FMIL Calmar Ratio Rank: 58
FMIL Martin Ratio Rank: 69

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. 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 ratio: Return per unit of total volatility	1.40	2.07	-0.66
Sortino ratio: Return per unit of downside risk	1.96	2.81	-0.85
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	1.40	2.78	-1.38
Martin ratio: Return relative to average drawdown	5.19	12.41	-7.23

PNOPX vs. FMIL - Sharpe Ratio Comparison

The current PNOPX Sharpe Ratio is 1.40, which is lower than the FMIL Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of PNOPX and FMIL, 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. 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.

Drawdown Indicators

	PNOPX	FMIL	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-1.04%	-0.67%	-0.37%
Average Drawdown Average peak-to-trough decline	-24.00%	-2.98%	-21.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	2.23%	+1.29%

Volatility

PNOPX vs. FMIL - Volatility Comparison

Putnam Sustainable Leaders Fund (PNOPX) has a higher volatility of 5.32% compared to Fidelity New Millennium ETF (FMIL) at 5.01%. 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.

Volatility by Period

	PNOPX	FMIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.01%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	10.59%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	13.47%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	16.98%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	17.68%	+0.52%

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 10.81%, 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	10.81%	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 FMIL in my portfolio?

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.

Which is riskier, PNOPX or FMIL?

PNOPX has higher volatility (5.32%) compared to FMIL (5.01%). In terms of maximum drawdown, PNOPX dropped -74.15% vs FMIL's -19.72%.

Which has better risk-adjusted returns?

FMIL currently has the higher Sharpe Ratio (2.07 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.