PRRYX vs. PNSAX

Last updated Jun 4, 2026

PRRYX (Putnam RetirementReady 2035 Fund) and PNSAX (Putnam Small Cap Growth Fund) are both mutual funds - PRRYX is a Target Retirement Date fund managed by Putnam, while PNSAX is a Small Cap Growth Equities fund managed by Putnam. Over the past 10 years, PRRYX returned 7.55%/yr vs 15.74%/yr for PNSAX. Their correlation of 0.83 suggests significant overlap in exposure. PRRYX charges 0.09%/yr vs 1.23%/yr for PNSAX.

Performance

PRRYX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam RetirementReady 2035 Fund (PRRYX) 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, PRRYX achieves a 4.41% return, which is significantly lower than PNSAX's 19.33% return. Over the past 10 years, PRRYX has underperformed PNSAX with an annualized return of 7.55%, while PNSAX has yielded a comparatively higher 15.74% annualized return.

PRRYX

• 1D: 0.28%
• 1M: 3.16%
• YTD: 4.41%
• 6M: 3.95%
• 1Y: 12.73%
• 3Y*: 11.86%
• 5Y*: 6.65%
• 10Y*: 7.55%

PNSAX

• 1D: 1.83%
• 1M: 3.40%
• YTD: 19.33%
• 6M: 17.46%
• 1Y: 30.89%
• 3Y*: 21.22%
• 5Y*: 9.93%
• 10Y*: 15.74%

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

PRRYX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRRYX Putnam RetirementReady 2035 Fund	4.41%	9.79%	9.46%	18.15%	-10.13%	9.94%	7.97%	15.70%	-7.49%	16.09%
PNSAX Putnam Small Cap Growth Fund	19.33%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between PRRYX and PNSAX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.83

The correlation between PRRYX and PNSAX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

PRRYX vs. PNSAX — Risk / Return Rank

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

PRRYX

PRRYX Risk / Return Rank: 35
PRRYX Sharpe Ratio Rank: 35
PRRYX Sortino Ratio Rank: 36
PRRYX Omega Ratio Rank: 35
PRRYX Calmar Ratio Rank: 32
PRRYX Martin Ratio Rank: 39

PNSAX

PNSAX Risk / Return Rank: 30
PNSAX Sharpe Ratio Rank: 25
PNSAX Sortino Ratio Rank: 24
PNSAX Omega Ratio Rank: 25
PNSAX Calmar Ratio Rank: 38
PNSAX Martin Ratio Rank: 37

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.

PRRYX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam RetirementReady 2035 Fund (PRRYX) 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.

	PRRYX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.44	+0.29
Sortino ratio: Return per unit of downside risk	2.51	2.06	+0.45
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	2.12	2.33	-0.21
Martin ratio: Return relative to average drawdown	8.45	8.14	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRRYX vs. PNSAX - Sharpe Ratio Comparison

The current PRRYX Sharpe Ratio is 1.73, which is comparable to the PNSAX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PRRYX 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

	PRRYX	PNSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.44	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.43	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.67	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.44	+0.42

Drawdowns

PRRYX vs. PNSAX - Drawdown Comparison

The maximum PRRYX drawdown since its inception was -20.30%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for PRRYX and PNSAX.

Drawdown Indicators

	PRRYX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-20.30%	-69.47%	+49.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-14.00%	+7.84%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	-26.25%	+12.89%
Max Drawdown (5Y) Largest decline over 5 years	-14.44%	-38.77%	+24.33%
Max Drawdown (10Y) Largest decline over 10 years	-20.30%	-38.77%	+18.47%
Current Drawdown Current decline from peak	0.00%	-1.44%	+1.44%
Average Drawdown Average peak-to-trough decline	-2.80%	-23.55%	+20.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	3.99%	-2.45%

Volatility

PRRYX vs. PNSAX - Volatility Comparison

The current volatility for Putnam RetirementReady 2035 Fund (PRRYX) is 2.09%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.08%. This indicates that PRRYX 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

	PRRYX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	8.08%	-5.99%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	18.35%	-12.53%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	22.60%	-15.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.22%	23.23%	-14.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.42%	23.59%	-14.17%

PRRYX vs. PNSAX - Expense Ratio Comparison

PRRYX has a 0.09% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

PRRYX vs. PNSAX - Dividend Comparison

PRRYX's dividend yield for the trailing twelve months is around 1.74%, more than PNSAX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRRYX Putnam RetirementReady 2035 Fund	1.74%	1.81%	1.99%	2.08%	10.70%	9.79%	1.06%	3.62%	9.16%	3.21%	0.74%	2.50%

Frequently Asked Questions

Can I hold both PRRYX and PNSAX in my portfolio?

PRRYX and PNSAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRRYX or PNSAX?

PNSAX has higher volatility (8.08%) compared to PRRYX (2.09%). In terms of maximum drawdown, PRRYX dropped -20.30% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

PRRYX currently has the higher Sharpe Ratio (1.73 vs 1.44), 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.