PSLAX vs. PNRAX
Compare and contrast key facts about Putnam Small Cap Value Fund (PSLAX) and Putnam Research Fund (PNRAX).
PSLAX is managed by Putnam. It was launched on Apr 12, 1999. PNRAX is managed by Putnam. It was launched on Oct 2, 1995.
Performance
PSLAX vs. PNRAX - Performance Comparison
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PSLAX vs. PNRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLAX Putnam Small Cap Value Fund | 1.42% | 5.26% | 6.19% | 23.54% | -13.42% | 39.51% | 3.60% | 24.33% | -20.19% | 7.55% |
PNRAX Putnam Research Fund | -3.29% | 18.11% | 26.21% | 28.83% | -17.45% | 24.32% | 20.01% | 32.83% | -4.81% | 23.19% |
Returns By Period
In the year-to-date period, PSLAX achieves a 1.42% return, which is significantly higher than PNRAX's -3.29% return. Over the past 10 years, PSLAX has underperformed PNRAX with an annualized return of 9.16%, while PNRAX has yielded a comparatively higher 14.63% annualized return.
PSLAX
- 1D
- 2.22%
- 1M
- -6.23%
- YTD
- 1.42%
- 6M
- 2.63%
- 1Y
- 14.84%
- 3Y*
- 12.33%
- 5Y*
- 6.09%
- 10Y*
- 9.16%
PNRAX
- 1D
- 3.01%
- 1M
- -4.49%
- YTD
- -3.29%
- 6M
- -0.60%
- 1Y
- 20.82%
- 3Y*
- 20.08%
- 5Y*
- 12.29%
- 10Y*
- 14.63%
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PSLAX vs. PNRAX - Expense Ratio Comparison
PSLAX has a 1.15% expense ratio, which is higher than PNRAX's 1.03% expense ratio.
Return for Risk
PSLAX vs. PNRAX — Risk / Return Rank
PSLAX
PNRAX
PSLAX vs. PNRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Small Cap Value Fund (PSLAX) and Putnam Research Fund (PNRAX). 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.
| PSLAX | PNRAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.66 | 1.15 | -0.49 |
Sortino ratioReturn per unit of downside risk | 1.08 | 1.71 | -0.63 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.27 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.78 | -0.73 |
Martin ratioReturn relative to average drawdown | 3.41 | 8.70 | -5.29 |
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
| PSLAX | PNRAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 1.15 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.72 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.82 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.46 | -0.08 |
Correlation
The correlation between PSLAX and PNRAX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PSLAX vs. PNRAX - Dividend Comparison
PSLAX's dividend yield for the trailing twelve months is around 6.72%, less than PNRAX's 11.88% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSLAX Putnam Small Cap Value Fund | 6.72% | 6.81% | 5.67% | 1.21% | 8.40% | 0.20% | 0.90% | 1.33% | 21.52% | 38.15% | 0.66% | 5.38% |
PNRAX Putnam Research Fund | 11.88% | 11.49% | 7.57% | 0.28% | 9.46% | 7.67% | 2.02% | 7.24% | 15.09% | 1.57% | 1.06% | 1.19% |
Drawdowns
PSLAX vs. PNRAX - Drawdown Comparison
The maximum PSLAX drawdown since its inception was -69.37%, which is greater than PNRAX's maximum drawdown of -57.49%. Use the drawdown chart below to compare losses from any high point for PSLAX and PNRAX.
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Drawdown Indicators
| PSLAX | PNRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.37% | -57.49% | -11.88% |
Max Drawdown (1Y)Largest decline over 1 year | -14.16% | -12.28% | -1.88% |
Max Drawdown (5Y)Largest decline over 5 years | -25.63% | -24.37% | -1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -52.81% | -33.35% | -19.46% |
Current DrawdownCurrent decline from peak | -7.94% | -5.47% | -2.47% |
Average DrawdownAverage peak-to-trough decline | -12.22% | -12.11% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 2.51% | +1.86% |
Volatility
PSLAX vs. PNRAX - Volatility Comparison
Putnam Small Cap Value Fund (PSLAX) has a higher volatility of 6.21% compared to Putnam Research Fund (PNRAX) at 5.44%. This indicates that PSLAX's price experiences larger fluctuations and is considered to be riskier than PNRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSLAX | PNRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 5.44% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 13.35% | 9.74% | +3.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.77% | 18.57% | +4.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.85% | 17.09% | +4.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.57% | 17.95% | +5.62% |