POGAX vs. PNOPX
POGAX (Putnam Growth Opportunities Fund) and PNOPX (Putnam Sustainable Leaders Fund) are both Large Cap Growth Equities funds from Putnam. Over the past 10 years, POGAX returned 18.37%/yr vs 15.17%/yr for PNOPX. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.99% expense ratio.
Performance
POGAX vs. PNOPX - Performance Comparison
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Returns By Period
In the year-to-date period, POGAX achieves a 6.16% return, which is significantly higher than PNOPX's 3.72% return. Over the past 10 years, POGAX has outperformed PNOPX with an annualized return of 18.37%, while PNOPX has yielded a comparatively lower 15.17% annualized return.
POGAX
- 1D
- 1.57%
- 1M
- -0.15%
- YTD
- 6.16%
- 6M
- 5.64%
- 1Y
- 22.10%
- 3Y*
- 21.69%
- 5Y*
- 13.03%
- 10Y*
- 18.37%
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%
POGAX vs. PNOPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
POGAX Putnam Growth Opportunities Fund | 6.16% | 14.28% | 33.22% | 44.22% | -30.43% | 22.64% | 38.44% | 36.44% | 2.29% | 30.97% |
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% |
Correlation
The correlation between POGAX and PNOPX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1996 | 0.95 |
The correlation between POGAX and PNOPX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
POGAX vs. PNOPX — Risk / Return Rank
POGAX
PNOPX
POGAX vs. PNOPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Growth Opportunities Fund (POGAX) and Putnam Sustainable Leaders Fund (PNOPX). 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.
| POGAX | PNOPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.40 | -0.08 |
| Martin ratioReturn relative to average drawdown | 4.31 | 5.19 | -0.88 |
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Drawdowns
POGAX vs. PNOPX - Drawdown Comparison
The maximum POGAX drawdown since its inception was -76.55%, roughly equal to the maximum PNOPX drawdown of -74.15%. Use the drawdown chart below to compare losses from any high point for POGAX and PNOPX.
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Drawdown Indicators
| POGAX | PNOPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.55% | -74.15% | -2.40% |
Max Drawdown (1Y)Largest decline over 1 year | -16.42% | -13.06% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -23.66% | -22.90% | -0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -34.15% | -29.13% | -5.02% |
Max Drawdown (10Y)Largest decline over 10 years | -34.15% | -30.29% | -3.86% |
Current DrawdownCurrent decline from peak | -3.19% | -1.04% | -2.15% |
Average DrawdownAverage peak-to-trough decline | -28.99% | -24.00% | -4.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 3.52% | +1.48% |
Volatility
POGAX vs. PNOPX - Volatility Comparison
Putnam Growth Opportunities Fund (POGAX) has a higher volatility of 6.30% compared to Putnam Sustainable Leaders Fund (PNOPX) at 5.32%. This indicates that POGAX's price experiences larger fluctuations and is considered to be riskier than PNOPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| POGAX | PNOPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.30% | 5.32% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.24% | 10.50% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.76% | 13.03% | +3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.78% | 17.48% | +4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.27% | 18.20% | +3.07% |
POGAX vs. PNOPX - Expense Ratio Comparison
Both POGAX and PNOPX have an expense ratio of 0.99%.
Dividends
POGAX vs. PNOPX - Dividend Comparison
POGAX's dividend yield for the trailing twelve months is around 5.35%, less than PNOPX's 10.81% 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% |
POGAX Putnam Growth Opportunities Fund | 5.35% | 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 0.91, POGAX and PNOPX 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 (6.30%) compared to PNOPX (5.32%). In terms of maximum drawdown, POGAX dropped -76.55% vs PNOPX's -74.15%.
PNOPX currently has the higher Sharpe Ratio (1.40 vs 1.29), 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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