TCMSX vs. PNSAX

Last updated Aug 1, 2026

TCMSX (Voya Small Cap Growth Fund) and PNSAX (Putnam Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, TCMSX returned 14.04%/yr vs 14.93%/yr for PNSAX. Their correlation of 0.94 means they have usually moved in the same direction. TCMSX charges 0.93%/yr vs 1.23%/yr for PNSAX.

Performance

TCMSX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Small Cap Growth Fund (TCMSX) 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, TCMSX achieves a 14.56% return, which is significantly lower than PNSAX's 16.15% return. Over the past 10 years, TCMSX has underperformed PNSAX with an annualized return of 14.04%, while PNSAX has yielded a comparatively higher 14.93% annualized return.

TCMSX

• 1D: 2.56%
• 1M: -6.37%
• 6M: 7.91%
• YTD: 14.56%
• 1Y: 33.33%
• 3Y*: 17.08%
• 5Y*: 8.38%
• 10Y*: 14.04%
• ALL TIME*: 11.11%

PNSAX

• 1D: 3.67%
• 1M: -4.68%
• 6M: 10.87%
• YTD: 16.15%
• 1Y: 22.94%
• 3Y*: 17.06%
• 5Y*: 7.81%
• 10Y*: 14.93%
• ALL TIME*: 11.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PNSAX Putnam Small Cap Growth Fund	$0.00	$0.00	$0.00
TCMSX Voya Small Cap Growth Fund	$0.00	$0.00	$0.00

TCMSX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCMSX Voya Small Cap Growth Fund	14.56%	14.32%	18.46%	20.32%	-23.60%	18.45%	27.99%	33.27%	-6.04%	24.78%
PNSAX Putnam Small Cap Growth Fund	16.15%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between TCMSX and PNSAX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	0.94

The correlation between TCMSX and PNSAX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

TCMSX vs. PNSAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TCMSX

TCMSX Risk / Return Rank: 54
TCMSX Sharpe Ratio Rank: 55
TCMSX Sortino Ratio Rank: 53
TCMSX Omega Ratio Rank: 48
TCMSX Calmar Ratio Rank: 59
TCMSX Martin Ratio Rank: 53

PNSAX

PNSAX Risk / Return Rank: 26
PNSAX Sharpe Ratio Rank: 22
PNSAX Sortino Ratio Rank: 24
PNSAX Omega Ratio Rank: 23
PNSAX Calmar Ratio Rank: 33
PNSAX Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TCMSX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Small Cap Growth Fund (TCMSX) 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.

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.

	TCMSX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.78	+0.63
Sortino ratio: Return per unit of downside risk	1.99	1.24	+0.75
Omega ratio: Gain probability vs. loss probability	1.24	1.15	+0.09
Calmar ratio: Return relative to maximum drawdown	2.03	1.41	+0.63
Martin ratio: Return relative to average drawdown	7.18	4.27	+2.91

TCMSX vs. PNSAX - Sharpe Ratio Comparison

The current TCMSX Sharpe Ratio is 1.41, which is higher than the PNSAX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of TCMSX 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.

Drawdowns

TCMSX vs. PNSAX - Drawdown Comparison

The maximum TCMSX drawdown since its inception was -55.98%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for TCMSX and PNSAX.

Drawdown Indicators

	TCMSX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.98%	-69.47%	+13.49%
Max Drawdown (1Y) Largest decline over 1 year	-16.86%	-14.00%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-26.25%	-4.49%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-38.77%	+4.17%
Max Drawdown (10Y) Largest decline over 10 years	-39.29%	-38.77%	-0.52%
Current Drawdown Current decline from peak	-9.45%	-9.57%	+0.12%
Average Drawdown Average peak-to-trough decline	-11.71%	-23.45%	+11.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	4.61%	-0.01%

Volatility

TCMSX vs. PNSAX - Volatility Comparison

The current volatility for Voya Small Cap Growth Fund (TCMSX) is 5.90%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.02%. This indicates that TCMSX 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

	TCMSX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	8.02%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	20.84%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	24.38%	25.20%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	23.68%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.73%	23.74%	-0.01%

TCMSX vs. PNSAX - Expense Ratio Comparison

TCMSX has a 0.93% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

TCMSX vs. PNSAX - Dividend Comparison

TCMSX's dividend yield for the trailing twelve months is around 4.86%, more than PNSAX's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNSAX Putnam Small Cap Growth Fund	0.37%	0.42%	0.00%	0.00%	0.00%	15.27%	4.87%	1.93%	1.88%	0.00%	0.00%	0.00%
TCMSX Voya Small Cap Growth Fund	4.86%	5.57%	10.53%	0.00%	0.00%	20.02%	6.69%	1.40%	14.82%	16.10%	0.00%	16.82%

Frequently Asked Questions

Can I hold both TCMSX and PNSAX in my portfolio?

With a correlation of 0.90, TCMSX and PNSAX 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.

Which is riskier, TCMSX or PNSAX?

PNSAX has higher volatility (8.02%) compared to TCMSX (5.90%). In terms of maximum drawdown, TCMSX dropped -55.98% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

TCMSX currently has the higher Sharpe Ratio (1.41 vs 0.78), 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.