IPIIX vs. PGSIX
IPIIX (Voya Intermediate Bond Portfolio) and PGSIX (Putnam Mortgage Securities Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, IPIIX returned 1.94%/yr vs 1.49%/yr for PGSIX. A 0.62 correlation means they provide meaningful diversification when combined. IPIIX charges 0.55%/yr vs 0.89%/yr for PGSIX.
Performance
IPIIX vs. PGSIX - Performance Comparison
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Returns By Period
In the year-to-date period, IPIIX achieves a 0.59% return, which is significantly lower than PGSIX's 2.64% return. Over the past 10 years, IPIIX has outperformed PGSIX with an annualized return of 1.94%, while PGSIX has yielded a comparatively lower 1.49% annualized return.
IPIIX
- 1D
- -0.27%
- 1M
- 0.77%
- YTD
- 0.59%
- 6M
- 1.00%
- 1Y
- 4.01%
- 3Y*
- 4.54%
- 5Y*
- -0.01%
- 10Y*
- 1.94%
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%
IPIIX vs. PGSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPIIX Voya Intermediate Bond Portfolio | 0.59% | 6.87% | 2.44% | 6.47% | -15.06% | -1.42% | 7.84% | 9.87% | -0.52% | 5.05% |
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 IPIIX and PGSIX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 31, 1996 | 0.62 |
The correlation between IPIIX and PGSIX shifts across timeframes, from 0.62 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IPIIX vs. PGSIX — Risk / Return Rank
IPIIX
PGSIX
IPIIX vs. PGSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Intermediate Bond Portfolio (IPIIX) 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.
| IPIIX | PGSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 2.98 | -1.44 |
| Martin ratioReturn relative to average drawdown | 4.37 | 9.97 | -5.60 |
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Drawdowns
IPIIX vs. PGSIX - Drawdown Comparison
The maximum IPIIX drawdown since its inception was -35.19%, which is greater than PGSIX's maximum drawdown of -22.28%. Use the drawdown chart below to compare losses from any high point for IPIIX and PGSIX.
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Drawdown Indicators
| IPIIX | PGSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.19% | -22.28% | -12.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -2.85% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.35% | -6.88% | +0.53% |
Max Drawdown (5Y)Largest decline over 5 years | -20.16% | -19.20% | -0.96% |
Max Drawdown (10Y)Largest decline over 10 years | -20.28% | -22.28% | +2.00% |
Current DrawdownCurrent decline from peak | -1.91% | -0.50% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -2.60% | -5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.85% | +0.18% |
Volatility
IPIIX vs. PGSIX - Volatility Comparison
The current volatility for Voya Intermediate Bond Portfolio (IPIIX) is 1.25%, while Putnam Mortgage Securities Fund (PGSIX) has a volatility of 1.51%. This indicates that IPIIX 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
| IPIIX | PGSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.51% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.61% | 3.49% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.63% | 5.00% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 7.01% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 5.96% | -0.95% |
IPIIX vs. PGSIX - Expense Ratio Comparison
IPIIX has a 0.55% expense ratio, which is lower than PGSIX's 0.89% expense ratio.
Dividends
IPIIX vs. PGSIX - Dividend Comparison
IPIIX's dividend yield for the trailing twelve months is around 3.96%, less than PGSIX's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPIIX Voya Intermediate Bond Portfolio | 3.96% | 3.85% | 4.29% | 3.32% | 2.54% | 2.48% | 5.67% | 3.46% | 3.71% | 3.35% | 3.20% | 3.65% |
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
IPIIX and PGSIX have a correlation of 0.70, 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 IPIIX (1.25%). In terms of maximum drawdown, IPIIX dropped -35.19% vs PGSIX's -22.28%.
PGSIX currently has the higher Sharpe Ratio (1.70 vs 1.01), 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.
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