AIMNX vs. PGSIX
AIMNX (Horizon Active Income Fund) and PGSIX (Putnam Mortgage Securities Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, AIMNX returned 0.62%/yr vs 1.49%/yr for PGSIX. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.89% expense ratio.
Performance
AIMNX vs. PGSIX - Performance Comparison
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Returns By Period
In the year-to-date period, AIMNX achieves a 0.28% return, which is significantly lower than PGSIX's 2.64% return. Over the past 10 years, AIMNX has underperformed PGSIX with an annualized return of 0.62%, while PGSIX has yielded a comparatively higher 1.49% annualized return.
AIMNX
- 1D
- -0.37%
- 1M
- 0.54%
- YTD
- 0.28%
- 6M
- 0.28%
- 1Y
- 3.99%
- 3Y*
- 3.50%
- 5Y*
- -0.83%
- 10Y*
- 0.62%
PGSIX
- 1D
- -0.12%
- 1M
- 1.16%
- YTD
- 2.64%
- 6M
- 2.78%
- 1Y
- 8.18%
- 3Y*
- 6.36%
- 5Y*
- 0.75%
- 10Y*
- 1.49%
AIMNX vs. PGSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AIMNX Horizon Active Income Fund | 0.28% | 5.04% | 1.77% | 5.03% | -14.95% | -0.78% | 7.65% | 8.67% | -4.77% | 4.10% |
PGSIX Putnam Mortgage Securities Fund | 2.64% | 9.36% | 3.52% | 3.66% | -10.79% | -4.31% | -0.73% | 12.39% | -0.79% | 0.82% |
Correlation
The correlation between AIMNX and PGSIX is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.57 |
Over the past year, AIMNX and PGSIX have become more correlated (0.78) than their long-term average of 0.57, meaning their price movements have been converging.
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Return for Risk
AIMNX vs. PGSIX — Risk / Return Rank
AIMNX
PGSIX
AIMNX vs. PGSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Active Income Fund (AIMNX) and Putnam Mortgage Securities Fund (PGSIX). 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.
| AIMNX | PGSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 2.98 | -1.58 |
| Martin ratioReturn relative to average drawdown | 4.43 | 9.97 | -5.54 |
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Drawdowns
AIMNX vs. PGSIX - Drawdown Comparison
The maximum AIMNX drawdown since its inception was -19.68%, smaller than the maximum PGSIX drawdown of -22.28%. Use the drawdown chart below to compare losses from any high point for AIMNX and PGSIX.
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Drawdown Indicators
| AIMNX | PGSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.68% | -22.28% | +2.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -2.85% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -6.78% | -6.88% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -19.63% | -19.20% | -0.43% |
Max Drawdown (10Y)Largest decline over 10 years | -19.68% | -22.28% | +2.60% |
Current DrawdownCurrent decline from peak | -5.27% | -0.50% | -4.77% |
Average DrawdownAverage peak-to-trough decline | -5.06% | -2.60% | -2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.85% | +0.11% |
Volatility
AIMNX vs. PGSIX - Volatility Comparison
The current volatility for Horizon Active Income Fund (AIMNX) is 1.29%, while Putnam Mortgage Securities Fund (PGSIX) has a volatility of 1.51%. This indicates that AIMNX experiences smaller price fluctuations and is considered to be less risky than PGSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AIMNX | PGSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.51% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 3.49% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 5.00% | -1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.62% | 7.01% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 5.96% | -0.86% |
AIMNX vs. PGSIX - Expense Ratio Comparison
Both AIMNX and PGSIX have an expense ratio of 0.89%.
Dividends
AIMNX vs. PGSIX - Dividend Comparison
AIMNX's dividend yield for the trailing twelve months is around 4.09%, less than PGSIX's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AIMNX Horizon Active Income Fund | 4.09% | 4.03% | 4.29% | 3.78% | 1.69% | 1.88% | 1.86% | 2.73% | 3.51% | 2.47% | 1.60% | 1.66% |
PGSIX Putnam Mortgage Securities Fund | 4.64% | 5.67% | 16.88% | 8.38% | 12.83% | 4.30% | 4.21% | 4.50% | 3.94% | 3.10% | 2.92% | 2.51% |
Frequently Asked Questions
AIMNX and PGSIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGSIX has higher volatility (1.51%) compared to AIMNX (1.29%). In terms of maximum drawdown, AIMNX dropped -19.68% vs PGSIX's -22.28%.
PGSIX currently has the higher Sharpe Ratio (1.70 vs 1.11), 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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