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PGSIX vs. AMFIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PGSIX vs. AMFIX

Last updated Jun 25, 2026

PGSIX (Putnam Mortgage Securities Fund) and AMFIX (AAMA Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, PGSIX returned 0.75%/yr vs 0.77%/yr for AMFIX. A 0.59 correlation means they provide meaningful diversification when combined. PGSIX charges 0.89%/yr vs 0.92%/yr for AMFIX.

Performance

PGSIX vs. AMFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Mortgage Securities Fund (PGSIX) and AAMA Income Fund (AMFIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PGSIX achieves a 2.64% return, which is significantly higher than AMFIX's 0.26% return.

PGSIX

1D
0.00%
1M
1.16%
YTD
2.64%
6M
2.52%
1Y
7.76%
3Y*
6.36%
5Y*
0.75%
10Y*
1.49%

AMFIX

1D
0.08%
1M
0.17%
YTD
0.26%
6M
0.32%
1Y
2.19%
3Y*
3.29%
5Y*
0.77%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PGSIX vs. AMFIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PGSIX
Putnam Mortgage Securities Fund		2.64%9.36%3.52%3.66%-10.79%-4.31%-0.73%12.39%-0.79%0.32%
AMFIX
AAMA Income Fund		0.26%3.74%3.48%3.84%-6.26%-1.37%2.24%2.47%0.89%-0.44%

Correlation

The correlation between PGSIX and AMFIX is 0.68, 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

0.68

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

0.73

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

0.72

Correlation (All Time)
Calculated using the full available price history since Aug 30, 2017

0.59

The correlation between PGSIX and AMFIX shifts across timeframes, from 0.59 (all time) to 0.73 (3 years), reflecting how their relationship changes across market environments.

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Putnam Mortgage Securities Fund

AAMA Income Fund

Often compared with PGSIX:
PGSIX vs. ETVPGSIX vs. LMSMXPGSIX vs. FSPGXPGSIX vs. FXAIXPGSIX vs. EBABXPGSIX vs. NPCTPGSIX vs. CTRIX
Often compared with AMFIX:
AMFIX vs. HOBIXAMFIX vs. ARINXAMFIX vs. EINFXAMFIX vs. AAIIXAMFIX vs. BCPIXAMFIX vs. GUGAXAMFIX vs. MCFIX

Return for Risk

PGSIX vs. AMFIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PGSIX
PGSIX Risk / Return Rank: 4949
Overall Rank
PGSIX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
PGSIX Sortino Ratio Rank: 4545
Sortino Ratio Rank
PGSIX Omega Ratio Rank: 4040
Omega Ratio Rank
PGSIX Calmar Ratio Rank: 6767
Calmar Ratio Rank
PGSIX Martin Ratio Rank: 5151
Martin Ratio Rank
AMFIX
AMFIX Risk / Return Rank: 6060
Overall Rank
AMFIX Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
AMFIX Sortino Ratio Rank: 6464
Sortino Ratio Rank
AMFIX Omega Ratio Rank: 6666
Omega Ratio Rank
AMFIX Calmar Ratio Rank: 6969
Calmar Ratio Rank
AMFIX Martin Ratio Rank: 4747
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.

PGSIX vs. AMFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Mortgage Securities Fund (PGSIX) and AAMA Income Fund (AMFIX). 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.

PGSIXAMFIXDifference
Sharpe ratioReturn per unit of total volatility
1.65
1.97

-0.32

Sortino ratioReturn per unit of downside risk
2.50
2.96

-0.46

Omega ratioGain probability vs. loss probability

1.30

1.40

-0.10

Calmar ratioReturn relative to maximum drawdown

2.88

2.97

-0.09

Martin ratioReturn relative to average drawdown

9.64

9.04

+0.60

PGSIX vs. AMFIX - Sharpe Ratio Comparison

The current PGSIX Sharpe Ratio is 1.65, which is comparable to the AMFIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of PGSIX and AMFIX, 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

PGSIX vs. AMFIX - Drawdown Comparison

The maximum PGSIX drawdown since its inception was -22.28%, which is greater than AMFIX's maximum drawdown of -9.35%. Use the drawdown chart below to compare losses from any high point for PGSIX and AMFIX.

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Drawdown Indicators

PGSIXAMFIXDifference

Max Drawdown

Largest peak-to-trough decline

-22.28%

-9.35%

-12.93%

Max Drawdown (1Y)

Largest decline over 1 year

-2.85%

-0.74%

-2.11%

Max Drawdown (3Y)

Largest decline over 3 years

-6.88%

-0.88%

-6.00%

Max Drawdown (5Y)

Largest decline over 5 years

-19.20%

-8.91%

-10.29%

Max Drawdown (10Y)

Largest decline over 10 years

-22.28%

—

—

Current Drawdown

Current decline from peak

-0.50%

-0.44%

-0.06%

Average Drawdown

Average peak-to-trough decline

-2.60%

-2.01%

-0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.85%

0.24%

+0.61%

Volatility

PGSIX vs. AMFIX - Volatility Comparison

Putnam Mortgage Securities Fund (PGSIX) has a higher volatility of 1.51% compared to AAMA Income Fund (AMFIX) at 0.46%. This indicates that PGSIX's price experiences larger fluctuations and is considered to be riskier than AMFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PGSIXAMFIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.51%

0.46%

+1.05%

Volatility (6M)

Calculated over the trailing 6-month period

3.49%

0.92%

+2.57%

Volatility (1Y)

Calculated over the trailing 1-year period

4.99%

1.12%

+3.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.01%

2.18%

+4.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.96%

1.74%

+4.22%

PGSIX vs. AMFIX - Expense Ratio Comparison

PGSIX has a 0.89% expense ratio, which is lower than AMFIX's 0.92% expense ratio.

Dividends

PGSIX vs. AMFIX - Dividend Comparison

PGSIX's dividend yield for the trailing twelve months is around 4.64%, more than AMFIX's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
AMFIX
AAMA Income Fund		2.21%2.08%2.44%1.70%0.83%0.57%0.83%1.24%1.24%0.40%0.00%0.00%
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

PGSIX and AMFIX have a correlation of 0.68, 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 AMFIX (0.46%). In terms of maximum drawdown, PGSIX dropped -22.28% vs AMFIX's -9.35%.

AMFIX currently has the higher Sharpe Ratio (1.97 vs 1.65), 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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