PNOPX vs. PRZZX
PNOPX (Putnam Sustainable Leaders Fund) and PRZZX (Putnam RetirementReady 2040 Fund) are both mutual funds - PNOPX is a Large Cap Growth Equities fund managed by Putnam, while PRZZX is a Target Retirement Date fund managed by Putnam. Over the past 10 years, PNOPX returned 15.08%/yr vs 8.77%/yr for PRZZX. Their correlation of 0.93 suggests significant overlap in exposure. PNOPX charges 0.99%/yr vs 0.05%/yr for PRZZX.
Performance
PNOPX vs. PRZZX - Performance Comparison
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Returns By Period
In the year-to-date period, PNOPX achieves a 4.81% return, which is significantly lower than PRZZX's 5.81% return. Over the past 10 years, PNOPX has outperformed PRZZX with an annualized return of 15.08%, while PRZZX has yielded a comparatively lower 8.77% annualized return.
PNOPX
- 1D
- 0.21%
- 1M
- 4.62%
- YTD
- 4.81%
- 6M
- 4.07%
- 1Y
- 19.38%
- 3Y*
- 17.48%
- 5Y*
- 9.37%
- 10Y*
- 15.08%
PRZZX
- 1D
- 0.36%
- 1M
- 3.88%
- YTD
- 5.81%
- 6M
- 5.34%
- 1Y
- 15.32%
- 3Y*
- 13.62%
- 5Y*
- 7.62%
- 10Y*
- 8.77%
PNOPX vs. PRZZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNOPX Putnam Sustainable Leaders Fund | 4.81% | 10.93% | 22.97% | 26.23% | -22.86% | 23.44% | 28.57% | 35.86% | -0.90% | 29.07% |
PRZZX Putnam RetirementReady 2040 Fund | 5.81% | 11.23% | 11.08% | 20.18% | -12.11% | 12.66% | 10.18% | 17.92% | -8.50% | 18.23% |
Correlation
The correlation between PNOPX and PRZZX is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012 | 0.93 |
The correlation between PNOPX and PRZZX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.
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Return for Risk
PNOPX vs. PRZZX — Risk / Return Rank
PNOPX
PRZZX
PNOPX vs. PRZZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Leaders Fund (PNOPX) and Putnam RetirementReady 2040 Fund (PRZZX). 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.
| PNOPX | PRZZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.18 | -0.63 |
| Martin ratioReturn relative to average drawdown | 5.79 | 8.89 | -3.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PNOPX | PRZZX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 1.76 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.70 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | 0.78 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.83 | -0.28 |
Drawdowns
PNOPX vs. PRZZX - Drawdown Comparison
The maximum PNOPX drawdown since its inception was -74.15%, which is greater than PRZZX's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for PNOPX and PRZZX.
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Drawdown Indicators
| PNOPX | PRZZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.15% | -23.93% | -50.22% |
Max Drawdown (1Y)Largest decline over 1 year | -13.06% | -7.21% | -5.85% |
Max Drawdown (3Y)Largest decline over 3 years | -22.90% | -15.36% | -7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -29.13% | -17.08% | -12.05% |
Max Drawdown (10Y)Largest decline over 10 years | -30.29% | -23.93% | -6.36% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -24.03% | -3.27% | -20.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 1.76% | +1.72% |
Volatility
PNOPX vs. PRZZX - Volatility Comparison
Putnam Sustainable Leaders Fund (PNOPX) has a higher volatility of 3.26% compared to Putnam RetirementReady 2040 Fund (PRZZX) at 2.43%. This indicates that PNOPX's price experiences larger fluctuations and is considered to be riskier than PRZZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNOPX | PRZZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.26% | 2.43% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 9.44% | 6.90% | +2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 8.91% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 10.88% | +6.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.15% | 11.29% | +6.86% |
PNOPX vs. PRZZX - Expense Ratio Comparison
PNOPX has a 0.99% expense ratio, which is higher than PRZZX's 0.05% expense ratio.
Dividends
PNOPX vs. PRZZX - Dividend Comparison
PNOPX's dividend yield for the trailing twelve months is around 10.70%, more than PRZZX's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PNOPX Putnam Sustainable Leaders Fund | 10.70% | 11.22% | 9.25% | 2.96% | 8.38% | 11.69% | 7.41% | 7.14% | 20.24% | 4.91% | 0.00% | 12.64% |
PRZZX Putnam RetirementReady 2040 Fund | 1.81% | 1.92% | 1.69% | 1.88% | 14.10% | 8.92% | 1.69% | 5.15% | 9.81% | 4.19% | 0.38% | 2.24% |
Frequently Asked Questions
With a correlation of 0.95, PNOPX and PRZZX 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 (3.26%) compared to PRZZX (2.43%). In terms of maximum drawdown, PNOPX dropped -74.15% vs PRZZX's -23.93%.
PRZZX currently has the higher Sharpe Ratio (1.76 vs 1.64), 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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