TQAIX vs. PNSAX

Last updated Jun 4, 2026

TQAIX (T. Rowe Price Integrated US Small-Cap Growth Equity Fund Class I) and PNSAX (Putnam Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, TQAIX returned 11.87%/yr vs 15.74%/yr for PNSAX. With a 0.95 correlation, they move nearly in lockstep. TQAIX charges 0.65%/yr vs 1.23%/yr for PNSAX.

Performance

TQAIX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Integrated US Small-Cap Growth Equity Fund Class I (TQAIX) 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, TQAIX achieves a 14.83% return, which is significantly lower than PNSAX's 19.33% return. Over the past 10 years, TQAIX has underperformed PNSAX with an annualized return of 11.87%, while PNSAX has yielded a comparatively higher 15.74% annualized return.

TQAIX

• 1D: 0.91%
• 1M: 3.82%
• YTD: 14.83%
• 6M: 13.64%
• 1Y: 29.15%
• 3Y*: 16.65%
• 5Y*: 7.74%
• 10Y*: 11.87%

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)

TQAIX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQAIX T. Rowe Price Integrated US Small-Cap Growth Equity Fund Class I	14.83%	10.28%	13.10%	21.34%	-22.38%	11.32%	24.01%	32.92%	-6.77%	22.26%
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 TQAIX and PNSAX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 28, 2016	0.95

The correlation between TQAIX and PNSAX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

TQAIX vs. PNSAX — Risk / Return Rank

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

TQAIX

TQAIX Risk / Return Rank: 38
TQAIX Sharpe Ratio Rank: 32
TQAIX Sortino Ratio Rank: 32
TQAIX Omega Ratio Rank: 30
TQAIX Calmar Ratio Rank: 46
TQAIX Martin Ratio Rank: 48

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.

TQAIX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Integrated US Small-Cap Growth Equity Fund Class I (TQAIX) 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.

	TQAIX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.44	+0.20
Sortino ratio: Return per unit of downside risk	2.36	2.06	+0.30
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.57	2.33	+0.24
Martin ratio: Return relative to average drawdown	9.96	8.14	+1.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQAIX vs. PNSAX - Sharpe Ratio Comparison

The current TQAIX Sharpe Ratio is 1.65, which is comparable to the PNSAX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of TQAIX 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

	TQAIX	PNSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.44	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.43	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.67	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.44	+0.14

Drawdowns

TQAIX vs. PNSAX - Drawdown Comparison

The maximum TQAIX drawdown since its inception was -37.58%, smaller than the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for TQAIX and PNSAX.

Drawdown Indicators

	TQAIX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-69.47%	+31.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-14.00%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-25.78%	-26.25%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-33.12%	-38.77%	+5.65%
Max Drawdown (10Y) Largest decline over 10 years	-37.58%	-38.77%	+1.19%
Current Drawdown Current decline from peak	-0.33%	-1.44%	+1.11%
Average Drawdown Average peak-to-trough decline	-7.56%	-23.55%	+15.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.99%	-0.88%

Volatility

TQAIX vs. PNSAX - Volatility Comparison

The current volatility for T. Rowe Price Integrated US Small-Cap Growth Equity Fund Class I (TQAIX) is 6.04%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.08%. This indicates that TQAIX 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

	TQAIX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	8.08%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	18.35%	-3.59%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	22.60%	-3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	23.23%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	23.59%	-2.08%

TQAIX vs. PNSAX - Expense Ratio Comparison

TQAIX has a 0.65% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

TQAIX vs. PNSAX - Dividend Comparison

TQAIX's dividend yield for the trailing twelve months is around 5.46%, more than PNSAX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
TQAIX T. Rowe Price Integrated US Small-Cap Growth Equity Fund Class I	5.46%	6.27%	8.01%	2.41%	3.70%	13.89%	3.01%	4.11%	4.68%	0.21%	0.02%

Frequently Asked Questions

Can I hold both TQAIX and PNSAX in my portfolio?

With a correlation of 0.95, TQAIX 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, TQAIX or PNSAX?

PNSAX has higher volatility (8.08%) compared to TQAIX (6.04%). In terms of maximum drawdown, TQAIX dropped -37.58% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

TQAIX currently has the higher Sharpe Ratio (1.65 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.