PNRAX vs. POGSX

Last updated Jul 16, 2026

PNRAX (Putnam Research Fund) and POGSX (Pin Oak Equity) are both Large Cap Blend Equities funds. Over the past 10 years, PNRAX returned 15.84%/yr vs 14.00%/yr for POGSX. Their correlation of 0.83 suggests significant overlap in exposure. PNRAX charges 1.03%/yr vs 0.91%/yr for POGSX.

Performance

PNRAX vs. POGSX - Performance Comparison

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

Returns By Period

In the year-to-date period, PNRAX achieves a 12.42% return, which is significantly lower than POGSX's 19.62% return. Over the past 10 years, PNRAX has outperformed POGSX with an annualized return of 15.84%, while POGSX has yielded a comparatively lower 14.00% annualized return.

PNRAX

• 1D: 0.35%
• 1M: -0.82%
• 6M: 10.97%
• YTD: 12.42%
• 1Y: 25.28%
• 3Y*: 21.86%
• 5Y*: 13.90%
• 10Y*: 15.84%

POGSX

• 1D: 0.10%
• 1M: 1.35%
• 6M: 16.41%
• YTD: 19.62%
• 1Y: 36.76%
• 3Y*: 26.37%
• 5Y*: 12.28%
• 10Y*: 14.00%

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

PNRAX vs. POGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNRAX Putnam Research Fund	12.42%	18.11%	26.21%	28.83%	-17.45%	24.32%	20.01%	32.83%	-4.81%	23.19%
POGSX Pin Oak Equity	19.62%	27.41%	18.99%	27.16%	-25.10%	21.42%	10.60%	27.72%	-6.15%	15.14%

Correlation

The correlation between PNRAX and POGSX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 2, 1996	0.83

The correlation between PNRAX and POGSX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

PNRAX vs. POGSX — Risk / Return Rank

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

PNRAX

PNRAX Risk / Return Rank: 79
PNRAX Sharpe Ratio Rank: 76
PNRAX Sortino Ratio Rank: 72
PNRAX Omega Ratio Rank: 74
PNRAX Calmar Ratio Rank: 82
PNRAX Martin Ratio Rank: 88

POGSX

POGSX Risk / Return Rank: 91
POGSX Sharpe Ratio Rank: 88
POGSX Sortino Ratio Rank: 92
POGSX Omega Ratio Rank: 87
POGSX Calmar Ratio Rank: 95
POGSX Martin Ratio Rank: 94

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. POGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Research Fund (PNRAX) and Pin Oak Equity (POGSX). 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.

	PNRAX	POGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.33	-0.39
Sortino ratio: Return per unit of downside risk	2.66	3.95	-1.29
Omega ratio: Gain probability vs. loss probability	1.35	1.49	-0.14
Calmar ratio: Return relative to maximum drawdown	3.04	4.46	-1.43
Martin ratio: Return relative to average drawdown	12.92	15.97	-3.06

PNRAX vs. POGSX - Sharpe Ratio Comparison

The current PNRAX Sharpe Ratio is 1.94, which is comparable to the POGSX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PNRAX and POGSX, 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

PNRAX vs. POGSX - Drawdown Comparison

The maximum PNRAX drawdown since its inception was -57.49%, smaller than the maximum POGSX drawdown of -89.46%. Use the drawdown chart below to compare losses from any high point for PNRAX and POGSX.

Drawdown Indicators

	PNRAX	POGSX	Difference
Max Drawdown Largest peak-to-trough decline	-57.49%	-89.46%	+31.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-8.03%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-15.76%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	-29.81%	+5.44%
Max Drawdown (10Y) Largest decline over 10 years	-33.35%	-33.05%	-0.30%
Current Drawdown Current decline from peak	-1.55%	-0.21%	-1.34%
Average Drawdown Average peak-to-trough decline	-12.01%	-36.60%	+24.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.24%	-0.31%

Volatility

PNRAX vs. POGSX - Volatility Comparison

Putnam Research Fund (PNRAX) has a higher volatility of 3.75% compared to Pin Oak Equity (POGSX) at 3.13%. This indicates that PNRAX's price experiences larger fluctuations and is considered to be riskier than POGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNRAX	POGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.13%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	12.90%	-2.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	15.36%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	17.81%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	18.42%	-0.46%

PNRAX vs. POGSX - Expense Ratio Comparison

PNRAX has a 1.03% expense ratio, which is higher than POGSX's 0.91% expense ratio.

Dividends

PNRAX vs. POGSX - Dividend Comparison

PNRAX's dividend yield for the trailing twelve months is around 10.22%, less than POGSX's 15.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNRAX Putnam Research Fund	10.22%	11.49%	7.57%	0.28%	9.46%	7.67%	2.02%	7.24%	15.09%	1.57%	1.06%	1.19%
POGSX Pin Oak Equity	15.89%	8.85%	17.87%	8.21%	0.15%	10.93%	4.60%	3.22%	2.94%	1.79%	2.03%	3.83%

Frequently Asked Questions

Can I hold both PNRAX and POGSX in my portfolio?

PNRAX and POGSX have a correlation of 0.82, 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 POGSX?

PNRAX has higher volatility (3.75%) compared to POGSX (3.13%). In terms of maximum drawdown, PNRAX dropped -57.49% vs POGSX's -89.46%.

Which has better risk-adjusted returns?

POGSX currently has the higher Sharpe Ratio (2.33 vs 1.94), 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.