CUBIX vs. PMOTX

Last updated Jun 4, 2026

CUBIX (Calvert Flexible Bond Fund) and PMOTX (Putnam Mortgage Opportunities Fund) are both Nontraditional Bonds funds. Over the past 10 years, CUBIX returned 4.04%/yr vs 4.31%/yr for PMOTX. At a 0.14 correlation, their price movements are largely independent. CUBIX charges 0.66%/yr vs 0.47%/yr for PMOTX.

Performance

CUBIX vs. PMOTX - Performance Comparison

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

Returns By Period

In the year-to-date period, CUBIX achieves a 0.83% return, which is significantly lower than PMOTX's 4.69% return. Over the past 10 years, CUBIX has underperformed PMOTX with an annualized return of 4.04%, while PMOTX has yielded a comparatively higher 4.31% annualized return.

CUBIX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 0.83%
• 6M: 1.20%
• 1Y: 5.94%
• 3Y*: 6.84%
• 5Y*: 3.76%
• 10Y*: 4.04%

PMOTX

• 1D: 0.11%
• 1M: 1.59%
• YTD: 4.69%
• 6M: 3.40%
• 1Y: 6.30%
• 3Y*: 8.35%
• 5Y*: 4.67%
• 10Y*: 4.31%

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

CUBIX vs. PMOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CUBIX Calvert Flexible Bond Fund	0.83%	8.23%	6.56%	7.24%	-4.15%	3.82%	4.12%	7.06%	0.43%	3.30%
PMOTX Putnam Mortgage Opportunities Fund	4.69%	3.83%	10.08%	6.71%	4.33%	-3.63%	-6.27%	12.02%	3.12%	6.13%

Correlation

The correlation between CUBIX and PMOTX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.14

Return for Risk

CUBIX vs. PMOTX — Risk / Return Rank

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

CUBIX

CUBIX Risk / Return Rank: 62
CUBIX Sharpe Ratio Rank: 58
CUBIX Sortino Ratio Rank: 76
CUBIX Omega Ratio Rank: 74
CUBIX Calmar Ratio Rank: 49
CUBIX Martin Ratio Rank: 54

PMOTX

PMOTX Risk / Return Rank: 64
PMOTX Sharpe Ratio Rank: 47
PMOTX Sortino Ratio Rank: 45
PMOTX Omega Ratio Rank: 75
PMOTX Calmar Ratio Rank: 85
PMOTX Martin Ratio Rank: 68

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.

CUBIX vs. PMOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Flexible Bond Fund (CUBIX) 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.

	CUBIX	PMOTX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.01	+0.24
Sortino ratio: Return per unit of downside risk	3.65	2.83	+0.82
Omega ratio: Gain probability vs. loss probability	1.49	1.49	-0.01
Calmar ratio: Return relative to maximum drawdown	2.67	3.99	-1.32
Martin ratio: Return relative to average drawdown	10.91	13.16	-2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUBIX vs. PMOTX - Sharpe Ratio Comparison

The current CUBIX Sharpe Ratio is 2.25, which is comparable to the PMOTX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of CUBIX and PMOTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CUBIX	PMOTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.01	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	1.33	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.44	0.91	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	0.85	+0.62

Drawdowns

CUBIX vs. PMOTX - Drawdown Comparison

The maximum CUBIX drawdown since its inception was -14.12%, smaller than the maximum PMOTX drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for CUBIX and PMOTX.

Drawdown Indicators

	CUBIX	PMOTX	Difference
Max Drawdown Largest peak-to-trough decline	-14.12%	-17.57%	+3.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.26%	-1.56%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-2.26%	-1.77%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-7.48%	-6.20%	-1.28%
Max Drawdown (10Y) Largest decline over 10 years	-14.12%	-17.57%	+3.45%
Current Drawdown Current decline from peak	-0.35%	-0.00%	-0.35%
Average Drawdown Average peak-to-trough decline	-0.95%	-2.99%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.47%	+0.08%

Volatility

CUBIX vs. PMOTX - Volatility Comparison

Calvert Flexible Bond Fund (CUBIX) and Putnam Mortgage Opportunities Fund (PMOTX) have volatilities of 1.19% and 1.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUBIX	PMOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.17%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	2.55%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	3.11%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.91%	3.53%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.82%	4.73%	-1.91%

CUBIX vs. PMOTX - Expense Ratio Comparison

CUBIX has a 0.66% expense ratio, which is higher than PMOTX's 0.47% expense ratio.

Dividends

CUBIX vs. PMOTX - Dividend Comparison

CUBIX's dividend yield for the trailing twelve months is around 4.91%, more than PMOTX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUBIX Calvert Flexible Bond Fund	4.91%	4.93%	5.50%	3.95%	4.75%	3.58%	2.85%	3.35%	3.33%	3.41%	4.48%	3.25%
PMOTX Putnam Mortgage Opportunities Fund	3.71%	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

Can I hold both CUBIX and PMOTX in my portfolio?

CUBIX 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.

Which is riskier, CUBIX or PMOTX?

CUBIX has higher volatility (1.19%) compared to PMOTX (1.17%). In terms of maximum drawdown, CUBIX dropped -14.12% vs PMOTX's -17.57%.

Which has better risk-adjusted returns?

CUBIX currently has the higher Sharpe Ratio (2.25 vs 2.01), 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.