TOWTX vs. PGTYX
TOWTX (Towpath Technology Fund) and PGTYX (Putnam Global Technology Fund) are both Technology Equities funds. Over the past 5 years, TOWTX returned 9.19%/yr vs 16.16%/yr for PGTYX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. TOWTX charges 1.10%/yr vs 0.62%/yr for PGTYX.
Performance
TOWTX vs. PGTYX - Performance Comparison
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Returns By Period
In the year-to-date period, TOWTX achieves a 11.10% return, which is significantly lower than PGTYX's 29.55% return.
TOWTX
- 1D
- 1.39%
- 1M
- 3.08%
- 6M
- 13.74%
- YTD
- 11.10%
- 1Y
- 20.84%
- 3Y*
- 13.47%
- 5Y*
- 9.19%
- 10Y*
- —
- ALL TIME*
- 10.72%
PGTYX
- 1D
- 1.97%
- 1M
- -0.47%
- 6M
- 30.08%
- YTD
- 29.55%
- 1Y
- 41.93%
- 3Y*
- 31.91%
- 5Y*
- 16.16%
- 10Y*
- 23.91%
- ALL TIME*
- 20.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TOWTX vs. PGTYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TOWTX Towpath Technology Fund | 11.10% | 9.55% | 12.82% | 29.78% | -15.96% | 17.73% |
PGTYX Putnam Global Technology Fund | 29.55% | 23.31% | 27.88% | 53.82% | -32.30% | 13.89% |
Correlation
The correlation between TOWTX and PGTYX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2021 | 0.78 |
The correlation between TOWTX and PGTYX shifts across timeframes, from 0.61 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TOWTX vs. PGTYX — Risk / Return Rank
TOWTX
PGTYX
TOWTX vs. PGTYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Towpath Technology Fund (TOWTX) and Putnam Global Technology Fund (PGTYX). 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.
| TOWTX | PGTYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 2.52 | -0.58 |
| Martin ratioReturn relative to average drawdown | 5.75 | 7.80 | -2.06 |
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Drawdowns
TOWTX vs. PGTYX - Drawdown Comparison
The maximum TOWTX drawdown since its inception was -88.96%, which is greater than PGTYX's maximum drawdown of -42.09%. Use the drawdown chart below to compare losses from any high point for TOWTX and PGTYX.
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Drawdown Indicators
| TOWTX | PGTYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.96% | -42.09% | -46.87% |
Max Drawdown (1Y)Largest decline over 1 year | -11.62% | -17.94% | +6.32% |
Max Drawdown (3Y)Largest decline over 3 years | -88.96% | -28.36% | -60.60% |
Max Drawdown (5Y)Largest decline over 5 years | -88.96% | -42.09% | -46.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.09% | — |
Current DrawdownCurrent decline from peak | -84.40% | -10.22% | -74.18% |
Average DrawdownAverage peak-to-trough decline | -26.98% | -6.63% | -20.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 5.78% | -1.87% |
Volatility
TOWTX vs. PGTYX - Volatility Comparison
The current volatility for Towpath Technology Fund (TOWTX) is 4.27%, while Putnam Global Technology Fund (PGTYX) has a volatility of 10.51%. This indicates that TOWTX experiences smaller price fluctuations and is considered to be less risky than PGTYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOWTX | PGTYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 10.51% | -6.24% |
Volatility (6M)Calculated over the trailing 6-month period | 12.39% | 23.04% | -10.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.77% | 26.83% | -11.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 146.58% | 25.91% | +120.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 138.92% | 24.55% | +114.37% |
TOWTX vs. PGTYX - Expense Ratio Comparison
TOWTX has a 1.10% expense ratio, which is higher than PGTYX's 0.62% expense ratio.
Dividends
TOWTX vs. PGTYX - Dividend Comparison
TOWTX's dividend yield for the trailing twelve months is around 1.53%, less than PGTYX's 8.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGTYX Putnam Global Technology Fund | 8.36% | 10.83% | 6.40% | 0.57% | 1.71% | 21.15% | 13.60% | 2.63% | 9.44% | 6.75% | 1.01% | 4.56% |
TOWTX Towpath Technology Fund | 1.53% | 1.70% | 3.55% | 0.42% | 0.57% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TOWTX and PGTYX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGTYX has higher volatility (10.51%) compared to TOWTX (4.27%). In terms of maximum drawdown, TOWTX dropped -88.96% vs PGTYX's -42.09%.
PGTYX currently has the higher Sharpe Ratio (1.69 vs 1.43), 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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