PNRAX vs. PNSAX

Last updated Jun 5, 2026

PNRAX (Putnam Research Fund) and PNSAX (Putnam Small Cap Growth Fund) are both mutual funds - PNRAX is a Large Cap Blend Equities fund managed by Putnam, while PNSAX is a Small Cap Growth Equities fund managed by Putnam. Over the past 10 years, PNRAX returned 16.16%/yr vs 15.72%/yr for PNSAX. Their correlation of 0.83 suggests significant overlap in exposure. PNRAX charges 1.03%/yr vs 1.23%/yr for PNSAX.

Performance

PNRAX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Research Fund (PNRAX) and Putnam Small Cap Growth Fund (PNSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNRAX achieves a 13.20% return, which is significantly lower than PNSAX's 19.11% return. Both investments have delivered pretty close results over the past 10 years, with PNRAX having a 16.16% annualized return and PNSAX not far behind at 15.72%.

PNRAX

• 1D: -0.86%
• 1M: 5.19%
• YTD: 13.20%
• 6M: 13.33%
• 1Y: 32.63%
• 3Y*: 24.25%
• 5Y*: 14.81%
• 10Y*: 16.16%

PNSAX

• 1D: -0.19%
• 1M: 0.68%
• YTD: 19.11%
• 6M: 15.58%
• 1Y: 30.48%
• 3Y*: 21.14%
• 5Y*: 9.67%
• 10Y*: 15.72%

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

PNRAX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNRAX Putnam Research Fund	13.20%	18.11%	26.21%	28.83%	-17.45%	24.32%	20.01%	32.83%	-4.81%	23.19%
PNSAX Putnam Small Cap Growth Fund	19.11%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between PNRAX and PNSAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.83

The correlation between PNRAX and PNSAX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

PNRAX vs. PNSAX — Risk / Return Rank

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

PNRAX

PNRAX Risk / Return Rank: 82
PNRAX Sharpe Ratio Rank: 83
PNRAX Sortino Ratio Rank: 76
PNRAX Omega Ratio Rank: 76
PNRAX Calmar Ratio Rank: 85
PNRAX Martin Ratio Rank: 92

PNSAX

PNSAX Risk / Return Rank: 27
PNSAX Sharpe Ratio Rank: 23
PNSAX Sortino Ratio Rank: 22
PNSAX Omega Ratio Rank: 22
PNSAX Calmar Ratio Rank: 35
PNSAX Martin Ratio Rank: 35

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.

PNRAX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Research Fund (PNRAX) and Putnam Small Cap Growth Fund (PNSAX). 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.

	PNRAX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.72	1.36	+1.35
Sortino ratio: Return per unit of downside risk	3.68	1.97	+1.71
Omega ratio: Gain probability vs. loss probability	1.50	1.25	+0.25
Calmar ratio: Return relative to maximum drawdown	4.01	2.20	+1.81
Martin ratio: Return relative to average drawdown	18.89	7.69	+11.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNRAX vs. PNSAX - Sharpe Ratio Comparison

The current PNRAX Sharpe Ratio is 2.72, which is higher than the PNSAX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PNRAX and PNSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PNRAX	PNSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	1.36	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.42	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.67	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.44	+0.04

Drawdowns

PNRAX vs. PNSAX - Drawdown Comparison

The maximum PNRAX drawdown since its inception was -57.49%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for PNRAX and PNSAX.

Drawdown Indicators

	PNRAX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.49%	-69.47%	+11.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-14.00%	+5.76%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-26.25%	+5.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	-38.77%	+14.40%
Max Drawdown (10Y) Largest decline over 10 years	-33.35%	-38.77%	+5.42%
Current Drawdown Current decline from peak	-0.86%	-1.63%	+0.77%
Average Drawdown Average peak-to-trough decline	-12.05%	-23.55%	+11.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	3.99%	-2.24%

Volatility

PNRAX vs. PNSAX - Volatility Comparison

The current volatility for Putnam Research Fund (PNRAX) is 3.15%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.08%. This indicates that PNRAX experiences smaller price fluctuations and is considered to be less risky than PNSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNRAX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	8.08%	-4.93%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	18.25%	-9.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	22.60%	-10.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	23.23%	-6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	23.58%	-5.61%

PNRAX vs. PNSAX - Expense Ratio Comparison

PNRAX has a 1.03% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

PNRAX vs. PNSAX - Dividend Comparison

PNRAX's dividend yield for the trailing twelve months is around 10.15%, more than PNSAX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNRAX Putnam Research Fund	10.15%	11.49%	7.57%	0.28%	9.46%	7.67%	2.02%	7.24%	15.09%	1.57%	1.06%	1.19%
PNSAX Putnam Small Cap Growth Fund	0.36%	0.42%	0.00%	0.00%	0.00%	15.27%	4.87%	1.93%	1.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PNRAX and PNSAX in my portfolio?

PNRAX and PNSAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNRAX or PNSAX?

PNSAX has higher volatility (8.08%) compared to PNRAX (3.15%). In terms of maximum drawdown, PNRAX dropped -57.49% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

PNRAX currently has the higher Sharpe Ratio (2.72 vs 1.36), 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.