FTSM vs. PARYX

Last updated Jun 23, 2026

FTSM (First Trust Enhanced Short Maturity ETF) and PARYX (Putnam Short Duration Bond Fund) are both funds - FTSM is a Ultrashort Bond fund actively managed by First Trust, while PARYX is a Short-Term Bond fund managed by Putnam. Over the past 10 years, FTSM returned 2.57%/yr vs 2.92%/yr for PARYX. At a 0.33 correlation, their price movements are largely independent. FTSM charges 0.44%/yr vs 0.37%/yr for PARYX.

Performance

FTSM vs. PARYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Enhanced Short Maturity ETF (FTSM) and Putnam Short Duration Bond Fund (PARYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTSM achieves a 1.59% return, which is significantly higher than PARYX's 0.55% return. Over the past 10 years, FTSM has underperformed PARYX with an annualized return of 2.57%, while PARYX has yielded a comparatively higher 2.92% annualized return.

FTSM

• 1D: -0.01%
• 1M: 0.22%
• YTD: 1.59%
• 6M: 1.73%
• 1Y: 4.09%
• 3Y*: 4.83%
• 5Y*: 3.49%
• 10Y*: 2.57%

PARYX

• 1D: 0.10%
• 1M: 0.25%
• YTD: 0.55%
• 6M: 1.01%
• 1Y: 3.86%
• 3Y*: 5.20%
• 5Y*: 2.45%
• 10Y*: 2.92%

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

FTSM vs. PARYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTSM First Trust Enhanced Short Maturity ETF	1.59%	4.66%	5.22%	5.12%	1.02%	-0.01%	1.12%	2.82%	1.94%	1.57%
PARYX Putnam Short Duration Bond Fund	0.55%	5.96%	5.19%	5.62%	-4.53%	0.52%	3.37%	4.90%	2.23%	3.48%

Correlation

The correlation between FTSM and PARYX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 6, 2014	0.33

Over the past year, FTSM and PARYX have become more correlated (0.58) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

FTSM vs. PARYX — Risk / Return Rank

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

FTSM

FTSM Risk / Return Rank: 99
FTSM Sharpe Ratio Rank: 99
FTSM Sortino Ratio Rank: 99
FTSM Omega Ratio Rank: 99
FTSM Calmar Ratio Rank: 99
FTSM Martin Ratio Rank: 99

PARYX

PARYX Risk / Return Rank: 82
PARYX Sharpe Ratio Rank: 64
PARYX Sortino Ratio Rank: 91
PARYX Omega Ratio Rank: 88
PARYX Calmar Ratio Rank: 83
PARYX Martin Ratio Rank: 85

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.

FTSM vs. PARYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Short Maturity ETF (FTSM) and Putnam Short Duration Bond Fund (PARYX). 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.

	FTSM	PARYX	Difference
Sharpe ratio: Return per unit of total volatility	8.47	2.16	+6.31
Sortino ratio: Return per unit of downside risk	19.49	4.17	+15.32
Omega ratio: Gain probability vs. loss probability	4.15	1.57	+2.58
Calmar ratio: Return relative to maximum drawdown	35.13	3.64	+31.50
Martin ratio: Return relative to average drawdown	172.78	14.71	+158.07

FTSM vs. PARYX - Sharpe Ratio Comparison

The current FTSM Sharpe Ratio is 8.47, which is higher than the PARYX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FTSM and PARYX, 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

FTSM vs. PARYX - Drawdown Comparison

The maximum FTSM drawdown since its inception was -4.12%, smaller than the maximum PARYX drawdown of -7.68%. Use the drawdown chart below to compare losses from any high point for FTSM and PARYX.

Drawdown Indicators

	FTSM	PARYX	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-7.68%	+3.56%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	-1.10%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-0.15%	-1.10%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-0.65%	-7.16%	+6.51%
Max Drawdown (10Y) Largest decline over 10 years	-4.12%	-7.68%	+3.56%
Current Drawdown Current decline from peak	-0.02%	-0.30%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.76%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.27%	-0.25%

Volatility

FTSM vs. PARYX - Volatility Comparison

The current volatility for First Trust Enhanced Short Maturity ETF (FTSM) is 0.17%, while Putnam Short Duration Bond Fund (PARYX) has a volatility of 0.70%. This indicates that FTSM experiences smaller price fluctuations and is considered to be less risky than PARYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTSM	PARYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.70%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	0.37%	1.37%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.49%	1.84%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.50%	2.22%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.88%	2.03%	-1.15%

FTSM vs. PARYX - Expense Ratio Comparison

FTSM has a 0.44% expense ratio, which is higher than PARYX's 0.37% expense ratio.

Dividends

FTSM vs. PARYX - Dividend Comparison

FTSM's dividend yield for the trailing twelve months is around 4.15%, which matches PARYX's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSM First Trust Enhanced Short Maturity ETF	4.15%	4.28%	4.91%	4.62%	1.62%	0.39%	1.20%	2.38%	2.14%	1.49%	1.03%	0.48%
PARYX Putnam Short Duration Bond Fund	4.11%	4.15%	3.81%	3.04%	1.70%	1.91%	2.11%	2.98%	2.11%	2.54%	2.75%	1.86%

Frequently Asked Questions

Can I hold both FTSM and PARYX in my portfolio?

FTSM and PARYX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTSM or PARYX?

PARYX has higher volatility (0.70%) compared to FTSM (0.17%). In terms of maximum drawdown, FTSM dropped -4.12% vs PARYX's -7.68%.

Which has better risk-adjusted returns?

FTSM currently has the higher Sharpe Ratio (8.47 vs 2.16), 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.