PCDLX vs. PSDYX

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam Retirement Advantage 2035 Fund (PCDLX) and Putnam Ultra Short Duration Income Fund (PSDYX).

PCDLX is managed by Putnam. It was launched on Dec 30, 2019. PSDYX is managed by Putnam. It was launched on Oct 17, 2011.

Performance

PCDLX vs. PSDYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Retirement Advantage 2035 Fund (PCDLX) and Putnam Ultra Short Duration Income Fund (PSDYX). The values are adjusted to include any dividend payments, if applicable.

PCDLX vs. PSDYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PCDLX Putnam Retirement Advantage 2035 Fund	-2.77%	14.56%	10.81%	23.95%	-15.18%	13.08%	14.49%
PSDYX Putnam Ultra Short Duration Income Fund	0.38%	4.99%	5.25%	4.78%	0.61%	0.07%	1.50%

Returns By Period

In the year-to-date period, PCDLX achieves a -2.77% return, which is significantly lower than PSDYX's 0.38% return.

PCDLX

• 1D: 0.00%
• 1M: -4.98%
• YTD: -2.77%
• 6M: -0.57%
• 1Y: 12.22%
• 3Y*: 13.27%
• 5Y*: 7.50%
• 10Y*: —

PSDYX

• 1D: 0.10%
• 1M: -0.39%
• YTD: 0.38%
• 6M: 1.52%
• 1Y: 4.05%
• 3Y*: 4.71%
• 5Y*: 3.19%
• 10Y*: 2.45%

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

PCDLX vs. PSDYX - Expense Ratio Comparison

PCDLX has a 0.45% expense ratio, which is higher than PSDYX's 0.30% expense ratio.

PCDLX

Putnam Retirement Advantage 2035 Fund

PSDYX

Putnam Ultra Short Duration Income Fund

Return for Risk

PCDLX vs. PSDYX — Risk / Return Rank

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

PCDLX

PCDLX Risk / Return Rank: 69
PCDLX Sharpe Ratio Rank: 68
PCDLX Sortino Ratio Rank: 70
PCDLX Omega Ratio Rank: 69
PCDLX Calmar Ratio Rank: 63
PCDLX Martin Ratio Rank: 76

PSDYX

PSDYX Risk / Return Rank: 99
PSDYX Sharpe Ratio Rank: 98
PSDYX Sortino Ratio Rank: 99
PSDYX Omega Ratio Rank: 99
PSDYX Calmar Ratio Rank: 99
PSDYX Martin Ratio Rank: 99

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.

PCDLX vs. PSDYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Retirement Advantage 2035 Fund (PCDLX) and Putnam Ultra Short Duration Income Fund (PSDYX). 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.

	PCDLX	PSDYX	Difference
Sharpe ratio Return per unit of total volatility	1.21	3.07	-1.86
Sortino ratio Return per unit of downside risk	1.76	9.04	-7.27
Omega ratio Gain probability vs. loss probability	1.26	2.84	-1.58
Calmar ratio Return relative to maximum drawdown	1.47	9.23	-7.76
Martin ratio Return relative to average drawdown	7.30	37.13	-29.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCDLX vs. PSDYX - Sharpe Ratio Comparison

The current PCDLX Sharpe Ratio is 1.21, which is lower than the PSDYX Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of PCDLX and PSDYX, 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

	PCDLX	PSDYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	3.07	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	2.52	-1.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	2.15	-1.49

Correlation

The correlation between PCDLX and PSDYX is 0.08, 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

PCDLX vs. PSDYX - Dividend Comparison

PCDLX's dividend yield for the trailing twelve months is around 10.30%, more than PSDYX's 4.17% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCDLX Putnam Retirement Advantage 2035 Fund	10.30%	10.02%	6.60%	4.41%	8.70%	14.61%	1.71%	0.00%	0.00%	0.00%	0.00%	0.00%
PSDYX Putnam Ultra Short Duration Income Fund	4.17%	4.65%	4.81%	3.65%	1.30%	0.37%	1.09%	2.51%	2.23%	1.29%	0.88%	0.57%

Drawdowns

PCDLX vs. PSDYX - Drawdown Comparison

The maximum PCDLX drawdown since its inception was -24.78%, which is greater than PSDYX's maximum drawdown of -2.58%. Use the drawdown chart below to compare losses from any high point for PCDLX and PSDYX.

Drawdown Indicators

	PCDLX	PSDYX	Difference
Max Drawdown Largest peak-to-trough decline	-24.78%	-2.58%	-22.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-0.49%	-7.24%
Max Drawdown (5Y) Largest decline over 5 years	-20.51%	-0.80%	-19.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-2.58%	—
Current Drawdown Current decline from peak	-5.40%	-0.39%	-5.01%
Average Drawdown Average peak-to-trough decline	-4.76%	-0.07%	-4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	0.12%	+1.44%

Volatility

PCDLX vs. PSDYX - Volatility Comparison

Putnam Retirement Advantage 2035 Fund (PCDLX) has a higher volatility of 3.06% compared to Putnam Ultra Short Duration Income Fund (PSDYX) at 0.23%. This indicates that PCDLX's price experiences larger fluctuations and is considered to be riskier than PSDYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCDLX	PSDYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	0.23%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	5.52%	0.97%	+4.55%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	1.46%	+8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	1.27%	+9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	1.04%	+12.13%