BTSIX vs. PMOTX

Last updated Apr 1, 2026

Compare and contrast key facts about BTS Managed Income Fund (BTSIX) and Putnam Mortgage Opportunities Fund (PMOTX).

BTSIX is managed by BTS. It was launched on Dec 30, 2018. PMOTX is managed by Putnam. It was launched on Apr 6, 2015.

Performance

BTSIX vs. PMOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BTS Managed Income Fund (BTSIX) and Putnam Mortgage Opportunities Fund (PMOTX). The values are adjusted to include any dividend payments, if applicable.

BTSIX vs. PMOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BTSIX BTS Managed Income Fund	-0.81%	5.68%	4.37%	5.65%	-12.34%	-1.14%	8.63%	4.06%
PMOTX Putnam Mortgage Opportunities Fund	2.63%	3.83%	10.08%	6.71%	4.33%	-3.63%	-6.27%	11.91%

Returns By Period

In the year-to-date period, BTSIX achieves a -0.81% return, which is significantly lower than PMOTX's 2.63% return.

BTSIX

• 1D: 0.03%
• 1M: -2.55%
• YTD: -0.81%
• 6M: 0.38%
• 1Y: 4.27%
• 3Y*: 4.37%
• 5Y*: 0.37%
• 10Y*: —

PMOTX

• 1D: 0.00%
• 1M: 1.01%
• YTD: 2.63%
• 6M: 2.29%
• 1Y: 5.17%
• 3Y*: 7.85%
• 5Y*: 4.12%
• 10Y*: 4.33%

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

BTSIX vs. PMOTX - Expense Ratio Comparison

BTSIX has a 1.50% expense ratio, which is higher than PMOTX's 0.47% expense ratio.

BTSIX

BTS Managed Income Fund

PMOTX

Putnam Mortgage Opportunities Fund

Return for Risk

BTSIX vs. PMOTX — Risk / Return Rank

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

BTSIX

BTSIX Risk / Return Rank: 42
BTSIX Sharpe Ratio Rank: 45
BTSIX Sortino Ratio Rank: 38
BTSIX Omega Ratio Rank: 46
BTSIX Calmar Ratio Rank: 37
BTSIX Martin Ratio Rank: 43

PMOTX

PMOTX Risk / Return Rank: 89
PMOTX Sharpe Ratio Rank: 85
PMOTX Sortino Ratio Rank: 84
PMOTX Omega Ratio Rank: 87
PMOTX Calmar Ratio Rank: 96
PMOTX Martin Ratio Rank: 92

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.

BTSIX vs. PMOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BTS Managed Income Fund (BTSIX) 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.

	BTSIX	PMOTX	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.66	-0.74
Sortino ratio Return per unit of downside risk	1.26	2.23	-0.97
Omega ratio Gain probability vs. loss probability	1.20	1.37	-0.18
Calmar ratio Return relative to maximum drawdown	1.00	3.54	-2.54
Martin ratio Return relative to average drawdown	4.46	11.03	-6.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTSIX vs. PMOTX - Sharpe Ratio Comparison

The current BTSIX Sharpe Ratio is 0.92, which is lower than the PMOTX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of BTSIX and PMOTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTSIX	PMOTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.66	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	1.18	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.82	-0.49

Correlation

The correlation between BTSIX and PMOTX is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BTSIX vs. PMOTX - Dividend Comparison

BTSIX's dividend yield for the trailing twelve months is around 5.72%, more than PMOTX's 4.23% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTSIX BTS Managed Income Fund	5.72%	5.62%	2.59%	2.51%	2.59%	1.37%	1.34%	2.01%	0.00%	0.00%
PMOTX Putnam Mortgage Opportunities Fund	4.23%	4.26%	6.11%	7.73%	5.17%	4.72%	3.64%	6.83%	5.94%	0.77%

Drawdowns

BTSIX vs. PMOTX - Drawdown Comparison

The maximum BTSIX drawdown since its inception was -16.28%, smaller than the maximum PMOTX drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for BTSIX and PMOTX.

Drawdown Indicators

	BTSIX	PMOTX	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-17.57%	+1.29%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-1.56%	-2.62%
Max Drawdown (5Y) Largest decline over 5 years	-16.28%	-6.67%	-9.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.57%	—
Current Drawdown Current decline from peak	-2.55%	0.00%	-2.55%
Average Drawdown Average peak-to-trough decline	-4.74%	-3.04%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.50%	+0.44%

Volatility

BTSIX vs. PMOTX - Volatility Comparison

BTS Managed Income Fund (BTSIX) has a higher volatility of 1.45% compared to Putnam Mortgage Opportunities Fund (PMOTX) at 1.17%. This indicates that BTSIX's price experiences larger fluctuations and is considered to be riskier than PMOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTSIX	PMOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.17%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	2.56%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	4.92%	3.23%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.23%	3.52%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.29%	4.72%	+0.57%