UBVLX vs. PNSAX

Last updated Jun 24, 2026

UBVLX (Undiscovered Managers Behavioral Value Fund) and PNSAX (Putnam Small Cap Growth Fund) are both mutual funds - UBVLX is a Small Cap Value Equities fund managed by BlackRock, while PNSAX is a Small Cap Growth Equities fund managed by Putnam. Over the past 10 years, UBVLX returned 10.57%/yr vs 17.13%/yr for PNSAX. Their correlation of 0.82 suggests significant overlap in exposure. UBVLX charges 0.90%/yr vs 1.23%/yr for PNSAX.

Performance

UBVLX vs. PNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Undiscovered Managers Behavioral Value Fund (UBVLX) 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, UBVLX achieves a 8.10% return, which is significantly lower than PNSAX's 27.82% return. Over the past 10 years, UBVLX has underperformed PNSAX with an annualized return of 10.57%, while PNSAX has yielded a comparatively higher 17.13% annualized return.

UBVLX

• 1D: -0.60%
• 1M: 0.85%
• YTD: 8.10%
• 6M: 7.59%
• 1Y: 14.68%
• 3Y*: 13.74%
• 5Y*: 8.32%
• 10Y*: 10.57%

PNSAX

• 1D: 1.96%
• 1M: 9.13%
• YTD: 27.82%
• 6M: 24.45%
• 1Y: 39.31%
• 3Y*: 23.74%
• 5Y*: 10.36%
• 10Y*: 17.13%

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

UBVLX vs. PNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBVLX Undiscovered Managers Behavioral Value Fund	8.10%	1.79%	13.11%	14.69%	-1.16%	34.25%	3.52%	23.27%	-15.23%	13.43%
PNSAX Putnam Small Cap Growth Fund	27.82%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%

Correlation

The correlation between UBVLX and PNSAX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 28, 1998	0.82

Over the past year, the correlation between UBVLX and PNSAX has dropped to 0.58 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

UBVLX vs. PNSAX — Risk / Return Rank

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

UBVLX

UBVLX Risk / Return Rank: 16
UBVLX Sharpe Ratio Rank: 14
UBVLX Sortino Ratio Rank: 16
UBVLX Omega Ratio Rank: 14
UBVLX Calmar Ratio Rank: 21
UBVLX Martin Ratio Rank: 18

PNSAX

PNSAX Risk / Return Rank: 47
PNSAX Sharpe Ratio Rank: 41
PNSAX Sortino Ratio Rank: 38
PNSAX Omega Ratio Rank: 36
PNSAX Calmar Ratio Rank: 64
PNSAX Martin Ratio Rank: 53

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.

UBVLX vs. PNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Undiscovered Managers Behavioral Value Fund (UBVLX) 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.

	UBVLX	PNSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.73	-0.76
Sortino ratio: Return per unit of downside risk	1.56	2.38	-0.82
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.57	2.94	-1.38
Martin ratio: Return relative to average drawdown	4.35	10.22	-5.87

UBVLX vs. PNSAX - Sharpe Ratio Comparison

The current UBVLX Sharpe Ratio is 0.97, which is lower than the PNSAX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of UBVLX 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

UBVLX vs. PNSAX - Drawdown Comparison

The maximum UBVLX drawdown since its inception was -67.24%, roughly equal to the maximum PNSAX drawdown of -69.47%. Use the drawdown chart below to compare losses from any high point for UBVLX and PNSAX.

Drawdown Indicators

	UBVLX	PNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-67.24%	-69.47%	+2.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-14.00%	+3.68%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-26.25%	+4.79%
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	-38.77%	+17.31%
Max Drawdown (10Y) Largest decline over 10 years	-52.08%	-38.77%	-13.31%
Current Drawdown Current decline from peak	-2.08%	0.00%	-2.08%
Average Drawdown Average peak-to-trough decline	-9.25%	-23.51%	+14.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	4.02%	-0.31%

Volatility

UBVLX vs. PNSAX - Volatility Comparison

The current volatility for Undiscovered Managers Behavioral Value Fund (UBVLX) is 3.87%, while Putnam Small Cap Growth Fund (PNSAX) has a volatility of 8.62%. This indicates that UBVLX 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

	UBVLX	PNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	8.62%	-4.75%
Volatility (6M) Calculated over the trailing 6-month period	10.77%	19.39%	-8.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	23.89%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	23.46%	-3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.62%	23.70%	+0.92%

UBVLX vs. PNSAX - Expense Ratio Comparison

UBVLX has a 0.90% expense ratio, which is lower than PNSAX's 1.23% expense ratio.

Dividends

UBVLX vs. PNSAX - Dividend Comparison

UBVLX's dividend yield for the trailing twelve months is around 8.71%, more than PNSAX's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNSAX Putnam Small Cap Growth Fund	0.33%	0.42%	0.00%	0.00%	0.00%	15.27%	4.87%	1.93%	1.88%	0.00%	0.00%	0.00%
UBVLX Undiscovered Managers Behavioral Value Fund	8.71%	9.41%	7.39%	8.35%	8.96%	3.44%	0.99%	4.98%	11.62%	4.67%	3.24%	3.80%

Frequently Asked Questions

Can I hold both UBVLX and PNSAX in my portfolio?

UBVLX and PNSAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBVLX or PNSAX?

PNSAX has higher volatility (8.62%) compared to UBVLX (3.87%). In terms of maximum drawdown, UBVLX dropped -67.24% vs PNSAX's -69.47%.

Which has better risk-adjusted returns?

PNSAX currently has the higher Sharpe Ratio (1.73 vs 0.97), 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.