VLAAX vs. PGEOX

Last updated Jun 23, 2026

VLAAX (Value Line Asset Allocation Fund) and PGEOX (George Putnam Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, VLAAX returned 7.10%/yr vs 10.15%/yr for PGEOX. Their correlation of 0.81 suggests significant overlap in exposure. VLAAX charges 1.04%/yr vs 0.94%/yr for PGEOX.

Performance

VLAAX vs. PGEOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Value Line Asset Allocation Fund (VLAAX) and George Putnam Balanced Fund (PGEOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLAAX achieves a -5.80% return, which is significantly lower than PGEOX's 7.88% return. Over the past 10 years, VLAAX has underperformed PGEOX with an annualized return of 7.10%, while PGEOX has yielded a comparatively higher 10.15% annualized return.

VLAAX

• 1D: -0.24%
• 1M: -0.06%
• YTD: -5.80%
• 6M: -6.28%
• 1Y: -10.68%
• 3Y*: 3.53%
• 5Y*: 2.39%
• 10Y*: 7.10%

PGEOX

• 1D: 0.73%
• 1M: 1.05%
• YTD: 7.88%
• 6M: 7.68%
• 1Y: 20.45%
• 3Y*: 16.99%
• 5Y*: 9.46%
• 10Y*: 10.15%

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

VLAAX vs. PGEOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLAAX Value Line Asset Allocation Fund	-5.80%	-2.61%	9.36%	21.52%	-15.70%	11.77%	15.24%	25.40%	2.00%	14.94%
PGEOX George Putnam Balanced Fund	7.88%	14.02%	20.65%	19.93%	-17.59%	13.80%	9.25%	22.61%	-3.03%	15.02%

Correlation

The correlation between VLAAX and PGEOX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 24, 1993	0.81

Over the past year, the correlation between VLAAX and PGEOX has dropped to 0.49 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

VLAAX vs. PGEOX — Risk / Return Rank

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

VLAAX

VLAAX Risk / Return Rank: 0
VLAAX Sharpe Ratio Rank: 0
VLAAX Sortino Ratio Rank: 0
VLAAX Omega Ratio Rank: 0
VLAAX Calmar Ratio Rank: 1
VLAAX Martin Ratio Rank: 1

PGEOX

PGEOX Risk / Return Rank: 80
PGEOX Sharpe Ratio Rank: 78
PGEOX Sortino Ratio Rank: 76
PGEOX Omega Ratio Rank: 75
PGEOX Calmar Ratio Rank: 82
PGEOX Martin Ratio Rank: 89

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.

VLAAX vs. PGEOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Value Line Asset Allocation Fund (VLAAX) and George Putnam Balanced Fund (PGEOX). 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.

	VLAAX	PGEOX	Difference
Sharpe ratio: Return per unit of total volatility	-1.17	2.37	-3.54
Sortino ratio: Return per unit of downside risk	-1.55	3.32	-4.87
Omega ratio: Gain probability vs. loss probability	0.82	1.45	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.74	3.55	-4.29
Martin ratio: Return relative to average drawdown	-1.29	16.10	-17.38

VLAAX vs. PGEOX - Sharpe Ratio Comparison

The current VLAAX Sharpe Ratio is -1.17, which is lower than the PGEOX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of VLAAX and PGEOX, 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

VLAAX vs. PGEOX - Drawdown Comparison

The maximum VLAAX drawdown since its inception was -43.95%, smaller than the maximum PGEOX drawdown of -50.63%. Use the drawdown chart below to compare losses from any high point for VLAAX and PGEOX.

Drawdown Indicators

	VLAAX	PGEOX	Difference
Max Drawdown Largest peak-to-trough decline	-43.95%	-50.63%	+6.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.38%	-5.72%	-8.66%
Max Drawdown (3Y) Largest decline over 3 years	-20.28%	-12.61%	-7.67%
Max Drawdown (5Y) Largest decline over 5 years	-22.26%	-21.36%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-23.89%	-23.00%	-0.89%
Current Drawdown Current decline from peak	-18.63%	-0.92%	-17.71%
Average Drawdown Average peak-to-trough decline	-6.91%	-11.73%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.21%	1.26%	+6.95%

Volatility

VLAAX vs. PGEOX - Volatility Comparison

The current volatility for Value Line Asset Allocation Fund (VLAAX) is 2.49%, while George Putnam Balanced Fund (PGEOX) has a volatility of 3.43%. This indicates that VLAAX experiences smaller price fluctuations and is considered to be less risky than PGEOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLAAX	PGEOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	3.43%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	6.77%	6.99%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.04%	8.58%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.64%	11.48%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	11.66%	+1.26%

VLAAX vs. PGEOX - Expense Ratio Comparison

VLAAX has a 1.04% expense ratio, which is higher than PGEOX's 0.94% expense ratio.

Dividends

VLAAX vs. PGEOX - Dividend Comparison

VLAAX's dividend yield for the trailing twelve months is around 12.98%, more than PGEOX's 7.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGEOX George Putnam Balanced Fund	7.60%	8.13%	7.99%	1.10%	0.89%	7.75%	1.05%	5.22%	9.04%	1.10%	1.18%	1.13%
VLAAX Value Line Asset Allocation Fund	12.98%	12.22%	10.14%	9.88%	6.00%	6.43%	0.53%	1.74%	3.09%	4.34%	2.38%	2.98%

Frequently Asked Questions

Can I hold both VLAAX and PGEOX in my portfolio?

VLAAX and PGEOX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLAAX or PGEOX?

PGEOX has higher volatility (3.43%) compared to VLAAX (2.49%). In terms of maximum drawdown, VLAAX dropped -43.95% vs PGEOX's -50.63%.

Which has better risk-adjusted returns?

PGEOX currently has the higher Sharpe Ratio (2.37 vs -1.17), 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.