ACFIX vs. PMOTX
ACFIX (Water Island Credit Opportunities Fund) and PMOTX (Putnam Mortgage Opportunities Fund) are both Nontraditional Bonds funds. Over the past 10 years, ACFIX returned 3.77%/yr vs 4.46%/yr for PMOTX. At a 0.11 correlation, their price movements are largely independent. ACFIX charges 0.98%/yr vs 0.47%/yr for PMOTX.
Performance
ACFIX vs. PMOTX - Performance Comparison
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Returns By Period
In the year-to-date period, ACFIX achieves a 2.04% return, which is significantly lower than PMOTX's 5.26% return. Over the past 10 years, ACFIX has underperformed PMOTX with an annualized return of 3.77%, while PMOTX has yielded a comparatively higher 4.46% annualized return.
ACFIX
- 1D
- -0.10%
- 1M
- 0.32%
- YTD
- 2.04%
- 6M
- 2.41%
- 1Y
- 4.59%
- 3Y*
- 5.33%
- 5Y*
- 3.48%
- 10Y*
- 3.77%
PMOTX
- 1D
- 0.22%
- 1M
- 1.47%
- YTD
- 5.26%
- 6M
- 3.85%
- 1Y
- 6.64%
- 3Y*
- 8.31%
- 5Y*
- 5.06%
- 10Y*
- 4.46%
ACFIX vs. PMOTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACFIX Water Island Credit Opportunities Fund | 2.04% | 4.79% | 5.51% | 6.54% | -2.70% | 3.24% | 6.71% | 5.68% | 1.85% | 1.45% |
PMOTX Putnam Mortgage Opportunities Fund | 5.26% | 3.83% | 10.08% | 6.71% | 4.33% | -3.63% | -6.27% | 12.02% | 3.12% | 6.13% |
Correlation
The correlation between ACFIX and PMOTX is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.11 |
The correlation between ACFIX and PMOTX shifts across timeframes, from -0.10 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ACFIX vs. PMOTX — Risk / Return Rank
ACFIX
PMOTX
ACFIX vs. PMOTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Water Island Credit Opportunities Fund (ACFIX) and Putnam Mortgage Opportunities Fund (PMOTX). 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.
| ACFIX | PMOTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.53 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 4.21 | -3.99 |
| Martin ratioReturn relative to average drawdown | 0.27 | 13.88 | -13.62 |
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Drawdowns
ACFIX vs. PMOTX - Drawdown Comparison
The maximum ACFIX drawdown since its inception was -20.82%, which is greater than PMOTX's maximum drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for ACFIX and PMOTX.
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Drawdown Indicators
| ACFIX | PMOTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.82% | -17.57% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -20.82% | -1.56% | -19.26% |
Max Drawdown (3Y)Largest decline over 3 years | -20.82% | -1.77% | -19.05% |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | -4.24% | -16.58% |
Max Drawdown (10Y)Largest decline over 10 years | -20.82% | -17.57% | -3.25% |
Current DrawdownCurrent decline from peak | -17.70% | 0.00% | -17.70% |
Average DrawdownAverage peak-to-trough decline | -1.75% | -2.98% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.55% | 0.47% | +17.08% |
Volatility
ACFIX vs. PMOTX - Volatility Comparison
The current volatility for Water Island Credit Opportunities Fund (ACFIX) is 0.52%, while Putnam Mortgage Opportunities Fund (PMOTX) has a volatility of 1.18%. This indicates that ACFIX experiences smaller price fluctuations and is considered to be less risky than PMOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACFIX | PMOTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 1.18% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 2.54% | -1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.56% | 3.11% | +30.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.13% | 3.48% | +11.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.89% | 4.73% | +6.16% |
ACFIX vs. PMOTX - Expense Ratio Comparison
ACFIX has a 0.98% expense ratio, which is higher than PMOTX's 0.47% expense ratio.
Dividends
ACFIX vs. PMOTX - Dividend Comparison
ACFIX's dividend yield for the trailing twelve months is around 3.85%, more than PMOTX's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACFIX Water Island Credit Opportunities Fund | 3.85% | 4.17% | 4.71% | 4.00% | 3.55% | 2.59% | 2.95% | 3.52% | 2.92% | 3.01% | 2.38% | 2.91% |
PMOTX Putnam Mortgage Opportunities Fund | 3.69% | 4.26% | 6.11% | 7.73% | 5.17% | 4.72% | 3.64% | 6.83% | 5.94% | 0.77% | 0.00% | 0.00% |
Frequently Asked Questions
ACFIX and PMOTX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMOTX has higher volatility (1.18%) compared to ACFIX (0.52%). In terms of maximum drawdown, ACFIX dropped -20.82% vs PMOTX's -17.57%.
PMOTX currently has the higher Sharpe Ratio (2.12 vs 0.14), 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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