NTBIX vs. PMOTX

Last updated Jun 5, 2026

NTBIX (Navigator Tactical Fixed Income Fund) and PMOTX (Putnam Mortgage Opportunities Fund) are both Nontraditional Bonds funds. Over the past 10 years, NTBIX returned 4.40%/yr vs 4.31%/yr for PMOTX. At a 0.17 correlation, their price movements are largely independent. NTBIX charges 0.95%/yr vs 0.47%/yr for PMOTX.

Performance

NTBIX vs. PMOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Navigator Tactical Fixed Income Fund (NTBIX) 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, NTBIX achieves a 1.48% return, which is significantly lower than PMOTX's 4.69% return. Both investments have delivered pretty close results over the past 10 years, with NTBIX having a 4.40% annualized return and PMOTX not far behind at 4.31%.

NTBIX

• 1D: -0.10%
• 1M: 0.41%
• YTD: 1.48%
• 6M: 1.87%
• 1Y: 6.33%
• 3Y*: 5.76%
• 5Y*: 2.92%
• 10Y*: 4.40%

PMOTX

• 1D: 0.00%
• 1M: 1.48%
• YTD: 4.69%
• 6M: 3.52%
• 1Y: 6.18%
• 3Y*: 8.35%
• 5Y*: 4.64%
• 10Y*: 4.31%

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

NTBIX vs. PMOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTBIX Navigator Tactical Fixed Income Fund	1.48%	2.98%	7.67%	10.57%	-8.71%	4.28%	8.96%	7.82%	0.15%	3.29%
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 NTBIX and PMOTX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.17

The correlation between NTBIX and PMOTX shifts across timeframes, from -0.01 (1 year) to 0.18 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

NTBIX vs. PMOTX — Risk / Return Rank

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

NTBIX

NTBIX Risk / Return Rank: 75
NTBIX Sharpe Ratio Rank: 67
NTBIX Sortino Ratio Rank: 78
NTBIX Omega Ratio Rank: 79
NTBIX Calmar Ratio Rank: 70
NTBIX Martin Ratio Rank: 83

PMOTX

PMOTX Risk / Return Rank: 67
PMOTX Sharpe Ratio Rank: 50
PMOTX Sortino Ratio Rank: 48
PMOTX Omega Ratio Rank: 78
PMOTX Calmar Ratio Rank: 86
PMOTX Martin Ratio Rank: 71

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.

NTBIX vs. PMOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Navigator Tactical Fixed Income Fund (NTBIX) 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.

	NTBIX	PMOTX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.05	+0.33
Sortino ratio: Return per unit of downside risk	3.76	2.89	+0.87
Omega ratio: Gain probability vs. loss probability	1.52	1.51	+0.02
Calmar ratio: Return relative to maximum drawdown	3.20	4.07	-0.87
Martin ratio: Return relative to average drawdown	15.24	13.41	+1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NTBIX vs. PMOTX - Sharpe Ratio Comparison

The current NTBIX Sharpe Ratio is 2.38, which is comparable to the PMOTX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of NTBIX 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

	NTBIX	PMOTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.05	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	1.33	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.91	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.85	+0.08

Drawdowns

NTBIX vs. PMOTX - Drawdown Comparison

The maximum NTBIX drawdown since its inception was -11.44%, smaller than the maximum PMOTX drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for NTBIX and PMOTX.

Drawdown Indicators

	NTBIX	PMOTX	Difference
Max Drawdown Largest peak-to-trough decline	-11.44%	-17.57%	+6.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-1.56%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-5.39%	-1.77%	-3.62%
Max Drawdown (5Y) Largest decline over 5 years	-11.44%	-6.20%	-5.24%
Max Drawdown (10Y) Largest decline over 10 years	-11.44%	-17.57%	+6.13%
Current Drawdown Current decline from peak	-0.10%	-0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.77%	-2.99%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.47%	-0.04%

Volatility

NTBIX vs. PMOTX - Volatility Comparison

The current volatility for Navigator Tactical Fixed Income Fund (NTBIX) is 0.83%, while Putnam Mortgage Opportunities Fund (PMOTX) has a volatility of 1.15%. This indicates that NTBIX experiences smaller price fluctuations and is considered to be less risky than PMOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NTBIX	PMOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	1.15%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	2.55%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	3.10%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	3.52%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	4.73%	+0.34%

NTBIX vs. PMOTX - Expense Ratio Comparison

NTBIX has a 0.95% expense ratio, which is higher than PMOTX's 0.47% expense ratio.

Dividends

NTBIX vs. PMOTX - Dividend Comparison

NTBIX's dividend yield for the trailing twelve months is around 4.54%, more than PMOTX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NTBIX Navigator Tactical Fixed Income Fund	4.54%	5.02%	6.33%	5.49%	2.37%	6.72%	5.68%	2.36%	3.01%	4.35%	6.20%	2.61%
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 NTBIX and PMOTX in my portfolio?

NTBIX and PMOTX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NTBIX or PMOTX?

PMOTX has higher volatility (1.15%) compared to NTBIX (0.83%). In terms of maximum drawdown, NTBIX dropped -11.44% vs PMOTX's -17.57%.

Which has better risk-adjusted returns?

NTBIX currently has the higher Sharpe Ratio (2.38 vs 2.05), 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.