POGAX vs. QQQ
POGAX (Putnam Growth Opportunities Fund) and QQQ (Invesco QQQ ETF) are both funds - POGAX is a Large Cap Growth Equities fund managed by Putnam, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, POGAX returned 18.37%/yr vs 22.48%/yr for QQQ. Their correlation of 0.92 suggests significant overlap in exposure. POGAX charges 0.99%/yr vs 0.18%/yr for QQQ.
Performance
POGAX vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, POGAX achieves a 6.16% return, which is significantly lower than QQQ's 20.41% return. Over the past 10 years, POGAX has underperformed QQQ with an annualized return of 18.37%, while QQQ has yielded a comparatively higher 22.48% 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%
QQQ
- 1D
- -0.25%
- 1M
- 2.96%
- YTD
- 20.41%
- 6M
- 19.46%
- 1Y
- 40.91%
- 3Y*
- 27.47%
- 5Y*
- 16.94%
- 10Y*
- 22.48%
POGAX vs. QQQ - 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% |
QQQ Invesco QQQ ETF | 20.41% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between POGAX and QQQ is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 1999 | 0.92 |
The correlation between POGAX and QQQ has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
POGAX vs. QQQ — Risk / Return Rank
POGAX
QQQ
POGAX vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Growth Opportunities Fund (POGAX) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.41 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 3.44 | -2.12 |
| Martin ratioReturn relative to average drawdown | 4.31 | 12.79 | -8.48 |
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Drawdowns
POGAX vs. QQQ - Drawdown Comparison
The maximum POGAX drawdown since its inception was -76.55%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for POGAX and QQQ.
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Drawdown Indicators
| POGAX | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.55% | -82.97% | +6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -16.42% | -11.96% | -4.46% |
Max Drawdown (3Y)Largest decline over 3 years | -23.66% | -22.77% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -34.15% | -35.12% | +0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -34.15% | -35.12% | +0.97% |
Current DrawdownCurrent decline from peak | -3.19% | -0.99% | -2.20% |
Average DrawdownAverage peak-to-trough decline | -28.99% | -32.73% | +3.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 3.21% | +1.79% |
Volatility
POGAX vs. QQQ - Volatility Comparison
The current volatility for Putnam Growth Opportunities Fund (POGAX) is 6.30%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that POGAX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| POGAX | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.30% | 8.47% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.24% | 14.20% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.76% | 17.67% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.78% | 22.64% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.27% | 22.43% | -1.16% |
POGAX vs. QQQ - Expense Ratio Comparison
POGAX has a 0.99% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
POGAX vs. QQQ - Dividend Comparison
POGAX's dividend yield for the trailing twelve months is around 5.35%, more than QQQ's 0.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
QQQ Invesco QQQ ETF | 0.49% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
With a correlation of 0.94, POGAX and QQQ 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.
QQQ has higher volatility (8.47%) compared to POGAX (6.30%). In terms of maximum drawdown, POGAX dropped -76.55% vs QQQ's -82.97%.
QQQ currently has the higher Sharpe Ratio (2.33 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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