PNOPX vs. VWNFX

Last updated Jun 23, 2026

PNOPX (Putnam Sustainable Leaders Fund) and VWNFX (Vanguard Windsor II Fund Investor Shares) are both mutual funds - PNOPX is a Large Cap Growth Equities fund managed by Putnam, while VWNFX is a Large Cap Value Equities fund managed by Vanguard. Over the past 10 years, PNOPX returned 15.17%/yr vs 12.76%/yr for VWNFX. A 0.79 correlation means they provide meaningful diversification when combined. PNOPX charges 0.99%/yr vs 0.34%/yr for VWNFX.

Performance

PNOPX vs. VWNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Sustainable Leaders Fund (PNOPX) and Vanguard Windsor II Fund Investor Shares (VWNFX). 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 VWNFX's 5.75% return. Over the past 10 years, PNOPX has outperformed VWNFX with an annualized return of 15.17%, while VWNFX has yielded a comparatively lower 12.76% 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%

VWNFX

• 1D: 0.15%
• 1M: -0.26%
• YTD: 5.75%
• 6M: 5.28%
• 1Y: 21.99%
• 3Y*: 16.10%
• 5Y*: 10.86%
• 10Y*: 12.76%

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

PNOPX vs. VWNFX - 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%
VWNFX Vanguard Windsor II Fund Investor Shares	5.75%	18.51%	13.91%	21.01%	-13.26%	28.84%	14.41%	29.02%	-8.62%	15.61%

Correlation

The correlation between PNOPX and VWNFX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 2, 1991	0.79

The correlation between PNOPX and VWNFX shifts across timeframes, from 0.79 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PNOPX vs. VWNFX — 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

VWNFX

VWNFX Risk / Return Rank: 52
VWNFX Sharpe Ratio Rank: 50
VWNFX Sortino Ratio Rank: 47
VWNFX Omega Ratio Rank: 47
VWNFX Calmar Ratio Rank: 57
VWNFX Martin Ratio Rank: 60

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. VWNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Leaders Fund (PNOPX) and Vanguard Windsor II Fund Investor Shares (VWNFX). 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	VWNFX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.92	-0.52
Sortino ratio: Return per unit of downside risk	1.96	2.69	-0.72
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	1.40	2.77	-1.37
Martin ratio: Return relative to average drawdown	5.19	11.22	-6.04

PNOPX vs. VWNFX - Sharpe Ratio Comparison

The current PNOPX Sharpe Ratio is 1.40, which is comparable to the VWNFX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PNOPX and VWNFX, 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. VWNFX - Drawdown Comparison

The maximum PNOPX drawdown since its inception was -74.15%, which is greater than VWNFX's maximum drawdown of -57.57%. Use the drawdown chart below to compare losses from any high point for PNOPX and VWNFX.

Drawdown Indicators

	PNOPX	VWNFX	Difference
Max Drawdown Largest peak-to-trough decline	-74.15%	-57.57%	-16.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-7.86%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-22.90%	-21.76%	-1.14%
Max Drawdown (5Y) Largest decline over 5 years	-29.13%	-22.72%	-6.41%
Max Drawdown (10Y) Largest decline over 10 years	-30.29%	-37.44%	+7.15%
Current Drawdown Current decline from peak	-1.04%	-1.58%	+0.54%
Average Drawdown Average peak-to-trough decline	-24.00%	-7.47%	-16.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	1.93%	+1.59%

Volatility

PNOPX vs. VWNFX - Volatility Comparison

Putnam Sustainable Leaders Fund (PNOPX) has a higher volatility of 5.32% compared to Vanguard Windsor II Fund Investor Shares (VWNFX) at 3.64%. This indicates that PNOPX's price experiences larger fluctuations and is considered to be riskier than VWNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNOPX	VWNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	3.64%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	8.56%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	11.33%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	17.03%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	18.62%	-0.42%

PNOPX vs. VWNFX - Expense Ratio Comparison

PNOPX has a 0.99% expense ratio, which is higher than VWNFX's 0.34% expense ratio.

Dividends

PNOPX vs. VWNFX - Dividend Comparison

PNOPX's dividend yield for the trailing twelve months is around 10.81%, which matches VWNFX's 10.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VWNFX Vanguard Windsor II Fund Investor Shares	10.83%	11.46%	10.50%	5.11%	7.26%	7.83%	7.31%	10.06%	11.38%	7.34%	8.08%	7.96%

Frequently Asked Questions

Can I hold both PNOPX and VWNFX in my portfolio?

PNOPX and VWNFX 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 VWNFX?

PNOPX has higher volatility (5.32%) compared to VWNFX (3.64%). In terms of maximum drawdown, PNOPX dropped -74.15% vs VWNFX's -57.57%.

Which has better risk-adjusted returns?

VWNFX currently has the higher Sharpe Ratio (1.92 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.