PGSIX vs. ETV
PGSIX (Putnam Mortgage Securities Fund) is Intermediate Core-Plus Bond fund managed by Putnam, while ETV (Eaton Vance Tax-Managed Buy-Write Opportunities Fund) is a stock. Over the past 10 years, PGSIX returned 1.51%/yr vs 9.49%/yr for ETV. At a 0.05 correlation, their price movements are largely independent.
Performance
PGSIX vs. ETV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PGSIX achieves a 2.76% return, which is significantly lower than ETV's 7.39% return. Over the past 10 years, PGSIX has underperformed ETV with an annualized return of 1.51%, while ETV has yielded a comparatively higher 9.49% annualized return.
PGSIX
- 1D
- 0.25%
- 1M
- 1.29%
- YTD
- 2.76%
- 6M
- 3.03%
- 1Y
- 8.60%
- 3Y*
- 6.41%
- 5Y*
- 0.76%
- 10Y*
- 1.51%
ETV
- 1D
- -0.74%
- 1M
- 2.27%
- YTD
- 7.39%
- 6M
- 6.57%
- 1Y
- 20.05%
- 3Y*
- 15.52%
- 5Y*
- 7.14%
- 10Y*
- 9.49%
PGSIX vs. ETV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGSIX Putnam Mortgage Securities Fund | 2.76% | 9.36% | 3.52% | 3.66% | -10.79% | -4.31% | -0.73% | 12.39% | -0.79% | 0.82% |
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 7.39% | 8.63% | 27.67% | 9.94% | -19.73% | 18.41% | 13.03% | 21.25% | -4.29% | 12.98% |
Correlation
The correlation between PGSIX and ETV is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2005 | 0.05 |
The correlation between PGSIX and ETV shifts across timeframes, from 0.05 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PGSIX vs. ETV — Risk / Return Rank
PGSIX
ETV
PGSIX vs. ETV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Mortgage Securities Fund (PGSIX) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). 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.
| PGSIX | ETV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 1.95 | +1.13 |
| Martin ratioReturn relative to average drawdown | 10.30 | 9.91 | +0.39 |
Loading charts...
Drawdowns
PGSIX vs. ETV - Drawdown Comparison
The maximum PGSIX drawdown since its inception was -22.28%, smaller than the maximum ETV drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for PGSIX and ETV.
Loading charts...
Drawdown Indicators
| PGSIX | ETV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.28% | -52.11% | +29.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -10.34% | +7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -6.88% | -20.27% | +13.39% |
Max Drawdown (5Y)Largest decline over 5 years | -19.20% | -22.71% | +3.51% |
Max Drawdown (10Y)Largest decline over 10 years | -22.28% | -42.39% | +20.11% |
Current DrawdownCurrent decline from peak | -0.37% | -0.74% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -2.60% | -5.57% | +2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 2.03% | -1.18% |
Volatility
PGSIX vs. ETV - Volatility Comparison
The current volatility for Putnam Mortgage Securities Fund (PGSIX) is 1.64%, while Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) has a volatility of 3.19%. This indicates that PGSIX experiences smaller price fluctuations and is considered to be less risky than ETV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PGSIX | ETV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 3.19% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 3.49% | 10.22% | -6.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 12.51% | -7.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 16.91% | -9.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.95% | 19.30% | -13.35% |
Dividends
PGSIX vs. ETV - Dividend Comparison
PGSIX's dividend yield for the trailing twelve months is around 4.63%, less than ETV's 8.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 8.05% | 8.30% | 8.18% | 9.24% | 10.57% | 7.94% | 8.66% | 8.89% | 9.86% | 8.65% | 8.96% | 8.69% |
PGSIX Putnam Mortgage Securities Fund | 4.63% | 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 ETV have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETV has higher volatility (3.19%) compared to PGSIX (1.64%). In terms of maximum drawdown, PGSIX dropped -22.28% vs ETV's -52.11%.
PGSIX currently has the higher Sharpe Ratio (1.76 vs 1.61), 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.
Find the right allocation for PGSIX and ETV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer