POGAX vs. IWF
POGAX (Putnam Growth Opportunities Fund) and IWF (iShares Russell 1000 Growth ETF) are both Large Cap Growth Equities funds. Over the past 10 years, POGAX returned 18.40%/yr vs 18.47%/yr for IWF. With a 0.97 correlation, they move nearly in lockstep. POGAX charges 0.99%/yr vs 0.18%/yr for IWF.
Performance
POGAX vs. IWF - Performance Comparison
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Returns By Period
In the year-to-date period, POGAX achieves a 8.36% return, which is significantly higher than IWF's 7.28% return. Both investments have delivered pretty close results over the past 10 years, with POGAX having a 18.40% annualized return and IWF not far ahead at 18.47%.
POGAX
- 1D
- -1.07%
- 1M
- 5.40%
- YTD
- 8.36%
- 6M
- 7.79%
- 1Y
- 23.78%
- 3Y*
- 23.75%
- 5Y*
- 14.09%
- 10Y*
- 18.40%
IWF
- 1D
- 0.16%
- 1M
- 5.33%
- YTD
- 7.28%
- 6M
- 6.46%
- 1Y
- 25.41%
- 3Y*
- 24.91%
- 5Y*
- 15.28%
- 10Y*
- 18.47%
POGAX vs. IWF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
POGAX Putnam Growth Opportunities Fund | 8.36% | 14.28% | 33.22% | 44.22% | -30.43% | 22.64% | 38.44% | 36.44% | 2.29% | 30.97% |
IWF iShares Russell 1000 Growth ETF | 7.28% | 18.33% | 33.12% | 42.59% | -29.31% | 27.43% | 38.25% | 35.86% | -1.67% | 29.95% |
Correlation
The correlation between POGAX and IWF is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 30, 2000 | 0.97 |
The correlation between POGAX and IWF has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
POGAX vs. IWF — Risk / Return Rank
POGAX
IWF
POGAX vs. IWF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Growth Opportunities Fund (POGAX) and iShares Russell 1000 Growth ETF (IWF). 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.
| POGAX | IWF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 1.57 | -0.07 |
| Martin ratioReturn relative to average drawdown | 4.99 | 5.24 | -0.25 |
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
| POGAX | IWF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 1.65 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.72 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.88 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.40 | +0.05 |
Drawdowns
POGAX vs. IWF - Drawdown Comparison
The maximum POGAX drawdown since its inception was -76.55%, which is greater than IWF's maximum drawdown of -64.25%. Use the drawdown chart below to compare losses from any high point for POGAX and IWF.
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Drawdown Indicators
| POGAX | IWF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.55% | -64.25% | -12.30% |
Max Drawdown (1Y)Largest decline over 1 year | -16.42% | -16.27% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -23.66% | -23.36% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -34.15% | -32.72% | -1.43% |
Max Drawdown (10Y)Largest decline over 10 years | -34.15% | -32.72% | -1.43% |
Current DrawdownCurrent decline from peak | -1.19% | -1.51% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -29.03% | -22.08% | -6.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.92% | 4.86% | +0.06% |
Volatility
POGAX vs. IWF - Volatility Comparison
Putnam Growth Opportunities Fund (POGAX) has a higher volatility of 3.90% compared to iShares Russell 1000 Growth ETF (IWF) at 3.60%. This indicates that POGAX's price experiences larger fluctuations and is considered to be riskier than IWF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| POGAX | IWF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.90% | 3.60% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 12.13% | 11.65% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.94% | 15.43% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.66% | 21.39% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 20.96% | +0.24% |
POGAX vs. IWF - Expense Ratio Comparison
POGAX has a 0.99% expense ratio, which is higher than IWF's 0.18% expense ratio.
Dividends
POGAX vs. IWF - Dividend Comparison
POGAX's dividend yield for the trailing twelve months is around 5.25%, more than IWF's 0.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWF iShares Russell 1000 Growth ETF | 0.33% | 0.36% | 0.46% | 0.67% | 0.91% | 0.49% | 0.66% | 0.99% | 1.27% | 1.10% | 1.43% | 1.37% |
POGAX Putnam Growth Opportunities Fund | 5.25% | 5.68% | 4.58% | 0.49% | 7.80% | 9.08% | 3.29% | 3.83% | 7.98% | 1.89% | 0.01% | 5.70% |
Frequently Asked Questions
With a correlation of 0.99, POGAX and IWF 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.
POGAX has higher volatility (3.90%) compared to IWF (3.60%). In terms of maximum drawdown, POGAX dropped -76.55% vs IWF's -64.25%.
IWF currently has the higher Sharpe Ratio (1.65 vs 1.54), 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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