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PCKEX vs. PSDYX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PCKEX vs. PSDYX

Last updated Jun 24, 2026

PCKEX (Putnam Retirement Advantage 2065 Fund) and PSDYX (Putnam Ultra Short Duration Income Fund) are both mutual funds - PCKEX is a Target Retirement Date fund managed by Putnam, while PSDYX is a Ultrashort Bond fund managed by Putnam. Over the past 5 years, PCKEX returned 12.51%/yr vs 3.39%/yr for PSDYX. At a 0.05 correlation, their price movements are largely independent. PCKEX charges 0.45%/yr vs 0.30%/yr for PSDYX.

Performance

PCKEX vs. PSDYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Retirement Advantage 2065 Fund (PCKEX) and Putnam Ultra Short Duration Income Fund (PSDYX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PCKEX achieves a 11.37% return, which is significantly higher than PSDYX's 1.43% return.

PCKEX

1D
0.00%
1M
1.53%
YTD
11.37%
6M
10.48%
1Y
27.00%
3Y*
22.15%
5Y*
12.51%
10Y*
—

PSDYX

1D
0.00%
1M
0.35%
YTD
1.43%
6M
1.82%
1Y
4.39%
3Y*
4.87%
5Y*
3.39%
10Y*
2.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PCKEX vs. PSDYX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PCKEX
Putnam Retirement Advantage 2065 Fund		11.37%20.28%15.56%33.53%-18.16%17.98%
PSDYX
Putnam Ultra Short Duration Income Fund		1.43%4.99%5.25%4.78%0.61%0.07%

Correlation

The correlation between PCKEX and PSDYX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Jan 11, 2021

0.05

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Putnam Retirement Advantage 2065 Fund

Putnam Ultra Short Duration Income Fund

Often compared with PCKEX:
PCKEX vs. PNRAXPCKEX vs. FCTKXPCKEX vs. PNOPXPCKEX vs. DRIKXPCKEX vs. PEQSXPCKEX vs. PADLXPCKEX vs. FFGZX
Often compared with PSDYX:
PSDYX vs. FTSMPSDYX vs. JPSTPSDYX vs. ICSHPSDYX vs. SPYPSDYX vs. PULSPSDYX vs. ITOTPSDYX vs. MINT

Return for Risk

PCKEX vs. PSDYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PCKEX
PCKEX Risk / Return Rank: 7373
Overall Rank
PCKEX Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
PCKEX Sortino Ratio Rank: 6767
Sortino Ratio Rank
PCKEX Omega Ratio Rank: 6767
Omega Ratio Rank
PCKEX Calmar Ratio Rank: 7676
Calmar Ratio Rank
PCKEX Martin Ratio Rank: 8383
Martin Ratio Rank
PSDYX
PSDYX Risk / Return Rank: 9898
Overall Rank
PSDYX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PSDYX Sortino Ratio Rank: 9999
Sortino Ratio Rank
PSDYX Omega Ratio Rank: 9999
Omega Ratio Rank
PSDYX Calmar Ratio Rank: 9898
Calmar Ratio Rank
PSDYX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

PCKEX vs. PSDYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Retirement Advantage 2065 Fund (PCKEX) 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.

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.

PCKEXPSDYXDifference
Sharpe ratioReturn per unit of total volatility
2.27
3.20

-0.93

Sortino ratioReturn per unit of downside risk
3.12
10.33

-7.21

Omega ratioGain probability vs. loss probability

1.41

3.43

-2.02

Calmar ratioReturn relative to maximum drawdown

3.25

8.96

-5.71

Martin ratioReturn relative to average drawdown

14.38

44.28

-29.90

PCKEX vs. PSDYX - Sharpe Ratio Comparison

The current PCKEX Sharpe Ratio is 2.27, which is comparable to the PSDYX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of PCKEX and PSDYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PCKEX vs. PSDYX - Drawdown Comparison

The maximum PCKEX drawdown since its inception was -24.84%, which is greater than PSDYX's maximum drawdown of -2.58%. Use the drawdown chart below to compare losses from any high point for PCKEX and PSDYX.

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Drawdown Indicators

PCKEXPSDYXDifference

Max Drawdown

Largest peak-to-trough decline

-24.84%

-2.58%

-22.26%

Max Drawdown (1Y)

Largest decline over 1 year

-8.65%

-0.49%

-8.16%

Max Drawdown (3Y)

Largest decline over 3 years

-16.95%

-0.49%

-16.46%

Max Drawdown (5Y)

Largest decline over 5 years

-24.84%

-0.80%

-24.04%

Max Drawdown (10Y)

Largest decline over 10 years

—

-2.58%

—

Current Drawdown

Current decline from peak

-0.46%

0.00%

-0.46%

Average Drawdown

Average peak-to-trough decline

-5.38%

-0.07%

-5.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

0.10%

+1.85%

Volatility

PCKEX vs. PSDYX - Volatility Comparison

Putnam Retirement Advantage 2065 Fund (PCKEX) has a higher volatility of 4.83% compared to Putnam Ultra Short Duration Income Fund (PSDYX) at 0.35%. This indicates that PCKEX'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.

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Volatility by Period

PCKEXPSDYXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.83%

0.35%

+4.48%

Volatility (6M)

Calculated over the trailing 6-month period

10.02%

0.93%

+9.09%

Volatility (1Y)

Calculated over the trailing 1-year period

12.41%

1.38%

+11.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.25%

1.30%

+14.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

1.06%

+15.03%

PCKEX vs. PSDYX - Expense Ratio Comparison

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

Dividends

PCKEX vs. PSDYX - Dividend Comparison

PCKEX's dividend yield for the trailing twelve months is around 6.61%, more than PSDYX's 4.40% yield.

PositionTTM20252024202320222021202020192018201720162015
PCKEX
Putnam Retirement Advantage 2065 Fund		6.61%7.36%5.95%5.37%5.36%6.01%0.00%0.00%0.00%0.00%0.00%0.00%
PSDYX
Putnam Ultra Short Duration Income Fund		4.40%4.65%4.81%3.65%1.30%0.37%1.09%2.51%2.23%1.29%0.88%0.57%

Frequently Asked Questions

PCKEX and PSDYX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PCKEX has higher volatility (4.83%) compared to PSDYX (0.35%). In terms of maximum drawdown, PCKEX dropped -24.84% vs PSDYX's -2.58%.

PSDYX currently has the higher Sharpe Ratio (3.20 vs 2.27), 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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