PDINX vs. TUIFX

Last updated Aug 1, 2026

PDINX (Putnam Diversified Income Trust) and TUIFX (Toews Unconstrained Income Fund) are both Nontraditional Bonds funds. Over the past 10 years, PDINX returned 3.01%/yr vs 1.62%/yr for TUIFX. Their 0.25 correlation means their historical movements had little consistent relationship. PDINX charges 1.01%/yr vs 1.25%/yr for TUIFX.

Performance

PDINX vs. TUIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Diversified Income Trust (PDINX) and Toews Unconstrained Income Fund (TUIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDINX achieves a 1.27% return, which is significantly higher than TUIFX's 0.17% return. Over the past 10 years, PDINX has outperformed TUIFX with an annualized return of 3.01%, while TUIFX has yielded a comparatively lower 1.62% annualized return.

PDINX

• 1D: 0.40%
• 1M: -0.59%
• 6M: 0.81%
• YTD: 1.27%
• 1Y: 2.54%
• 3Y*: 6.21%
• 5Y*: 2.13%
• 10Y*: 3.01%
• ALL TIME*: 4.82%

TUIFX

• 1D: -0.05%
• 1M: -0.49%
• 6M: -0.27%
• YTD: 0.17%
• 1Y: 1.74%
• 3Y*: 3.58%
• 5Y*: 0.97%
• 10Y*: 1.62%
• ALL TIME*: 1.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PDINX Putnam Diversified Income Trust	$0.00	$0.00	$0.00
TUIFX Toews Unconstrained Income Fund	$0.00	$0.00	$0.00

PDINX vs. TUIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDINX Putnam Diversified Income Trust	1.27%	7.48%	5.92%	4.55%	-4.00%	-6.94%	-0.25%	12.27%	-1.38%	6.53%
TUIFX Toews Unconstrained Income Fund	0.17%	3.55%	4.53%	3.08%	-4.36%	-0.20%	2.58%	6.97%	-2.82%	2.10%

Correlation

The correlation between PDINX and TUIFX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.33
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.25

Over the past year, PDINX and TUIFX have become more correlated (0.61) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

PDINX vs. TUIFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PDINX

PDINX Risk / Return Rank: 34
PDINX Sharpe Ratio Rank: 32
PDINX Sortino Ratio Rank: 30
PDINX Omega Ratio Rank: 35
PDINX Calmar Ratio Rank: 38
PDINX Martin Ratio Rank: 37

TUIFX

TUIFX Risk / Return Rank: 40
TUIFX Sharpe Ratio Rank: 30
TUIFX Sortino Ratio Rank: 32
TUIFX Omega Ratio Rank: 32
TUIFX Calmar Ratio Rank: 72
TUIFX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PDINX vs. TUIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Diversified Income Trust (PDINX) and Toews Unconstrained Income Fund (TUIFX). 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.

	PDINX	TUIFX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.02	+0.03
Sortino ratio: Return per unit of downside risk	1.50	1.54	-0.04
Omega ratio: Gain probability vs. loss probability	1.21	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.62	2.39	-0.77
Martin ratio: Return relative to average drawdown	5.59	5.09	+0.50

PDINX vs. TUIFX - Sharpe Ratio Comparison

The current PDINX Sharpe Ratio is 1.05, which is comparable to the TUIFX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of PDINX and TUIFX, 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

PDINX vs. TUIFX - Drawdown Comparison

The maximum PDINX drawdown since its inception was -43.44%, which is greater than TUIFX's maximum drawdown of -7.37%. Use the drawdown chart below to compare losses from any high point for PDINX and TUIFX.

Drawdown Indicators

	PDINX	TUIFX	Difference
Max Drawdown Largest peak-to-trough decline	-43.44%	-7.37%	-36.07%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-0.87%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-11.25%	-1.64%	-9.61%
Max Drawdown (5Y) Largest decline over 5 years	-11.65%	-7.37%	-4.28%
Max Drawdown (10Y) Largest decline over 10 years	-18.27%	-7.37%	-10.90%
Current Drawdown Current decline from peak	-2.80%	-0.70%	-2.10%
Average Drawdown Average peak-to-trough decline	-3.54%	-2.05%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.41%	+0.16%

Volatility

PDINX vs. TUIFX - Volatility Comparison

Putnam Diversified Income Trust (PDINX) has a higher volatility of 0.94% compared to Toews Unconstrained Income Fund (TUIFX) at 0.51%. This indicates that PDINX's price experiences larger fluctuations and is considered to be riskier than TUIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDINX	TUIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.51%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	1.42%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	2.06%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.09%	2.63%	+5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.65%	2.66%	+3.99%

PDINX vs. TUIFX - Expense Ratio Comparison

PDINX has a 1.01% expense ratio, which is lower than TUIFX's 1.25% expense ratio.

Dividends

PDINX vs. TUIFX - Dividend Comparison

PDINX's dividend yield for the trailing twelve months is around 3.95%, less than TUIFX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDINX Putnam Diversified Income Trust	3.95%	5.17%	18.88%	6.35%	4.59%	3.71%	3.75%	4.17%	5.35%	5.61%	5.35%	4.89%
TUIFX Toews Unconstrained Income Fund	4.10%	4.17%	4.68%	4.09%	1.05%	2.13%	1.33%	2.44%	2.05%	4.34%	2.29%	1.19%

Frequently Asked Questions

Can I hold both PDINX and TUIFX in my portfolio?

PDINX and TUIFX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDINX or TUIFX?

PDINX has higher volatility (0.94%) compared to TUIFX (0.51%). In terms of maximum drawdown, PDINX dropped -43.44% vs TUIFX's -7.37%.

Which has better risk-adjusted returns?

PDINX currently has the higher Sharpe Ratio (1.05 vs 1.02), 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.