PGSIX vs. HOBIX

Last updated Jun 5, 2026

PGSIX (Putnam Mortgage Securities Fund) and HOBIX (Holbrook Income Fund Class I) are both Intermediate Core-Plus Bond funds. Over the past 5 years, PGSIX returned 0.39%/yr vs 4.31%/yr for HOBIX. At a 0.27 correlation, their price movements are largely independent. PGSIX charges 0.89%/yr vs 1.05%/yr for HOBIX.

Performance

PGSIX vs. HOBIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PGSIX achieves a 2.64% return, which is significantly higher than HOBIX's 2.32% return.

PGSIX

• 1D: -0.25%
• 1M: 1.03%
• YTD: 2.64%
• 6M: 3.04%
• 1Y: 8.46%
• 3Y*: 6.56%
• 5Y*: 0.39%
• 10Y*: 1.48%

HOBIX

• 1D: -0.10%
• 1M: 0.38%
• YTD: 2.32%
• 6M: 2.77%
• 1Y: 6.39%
• 3Y*: 7.29%
• 5Y*: 4.31%
• 10Y*: —

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

PGSIX vs. HOBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGSIX Putnam Mortgage Securities Fund	2.64%	9.36%	3.52%	3.66%	-10.79%	-4.31%	-0.73%	12.39%	-0.79%	0.97%
HOBIX Holbrook Income Fund Class I	2.32%	7.67%	7.66%	5.65%	-2.91%	6.13%	7.45%	7.70%	1.74%	2.75%

Correlation

The correlation between PGSIX and HOBIX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.27

Return for Risk

PGSIX vs. HOBIX — Risk / Return Rank

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

PGSIX

PGSIX Risk / Return Rank: 51
PGSIX Sharpe Ratio Rank: 42
PGSIX Sortino Ratio Rank: 46
PGSIX Omega Ratio Rank: 41
PGSIX Calmar Ratio Rank: 73
PGSIX Martin Ratio Rank: 55

HOBIX

HOBIX Risk / Return Rank: 98
HOBIX Sharpe Ratio Rank: 94
HOBIX Sortino Ratio Rank: 99
HOBIX Omega Ratio Rank: 100
HOBIX Calmar Ratio Rank: 99
HOBIX 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.

PGSIX vs. HOBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Mortgage Securities Fund (PGSIX) and Holbrook Income Fund Class I (HOBIX). 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.

	PGSIX	HOBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	3.25	-1.40
Sortino ratio: Return per unit of downside risk	2.80	10.34	-7.54
Omega ratio: Gain probability vs. loss probability	1.34	4.86	-3.53
Calmar ratio: Return relative to maximum drawdown	3.28	12.81	-9.53
Martin ratio: Return relative to average drawdown	10.94	44.59	-33.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGSIX vs. HOBIX - Sharpe Ratio Comparison

The current PGSIX Sharpe Ratio is 1.84, which is lower than the HOBIX Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of PGSIX and HOBIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PGSIX	HOBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	3.25	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	1.63	-1.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.85	-0.01

Drawdowns

PGSIX vs. HOBIX - Drawdown Comparison

The maximum PGSIX drawdown since its inception was -22.28%, smaller than the maximum HOBIX drawdown of -23.52%. Use the drawdown chart below to compare losses from any high point for PGSIX and HOBIX.

Drawdown Indicators

	PGSIX	HOBIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.28%	-23.52%	+1.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-0.51%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-6.88%	-2.77%	-4.11%
Max Drawdown (5Y) Largest decline over 5 years	-20.83%	-4.16%	-16.67%
Max Drawdown (10Y) Largest decline over 10 years	-22.28%	—	—
Current Drawdown Current decline from peak	-0.25%	-0.10%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.61%	-0.97%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.15%	+0.70%

Volatility

PGSIX vs. HOBIX - Volatility Comparison

Putnam Mortgage Securities Fund (PGSIX) has a higher volatility of 1.72% compared to Holbrook Income Fund Class I (HOBIX) at 0.54%. This indicates that PGSIX's price experiences larger fluctuations and is considered to be riskier than HOBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGSIX	HOBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	0.54%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	1.59%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.07%	2.01%	+3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	2.65%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.95%	5.73%	+0.22%

PGSIX vs. HOBIX - Expense Ratio Comparison

PGSIX has a 0.89% expense ratio, which is lower than HOBIX's 1.05% expense ratio.

Dividends

PGSIX vs. HOBIX - Dividend Comparison

PGSIX's dividend yield for the trailing twelve months is around 4.64%, less than HOBIX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HOBIX Holbrook Income Fund Class I	6.30%	6.45%	7.04%	6.35%	5.31%	3.97%	6.30%	3.51%	4.32%	2.12%	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

Can I hold both PGSIX and HOBIX in my portfolio?

PGSIX and HOBIX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGSIX or HOBIX?

PGSIX has higher volatility (1.72%) compared to HOBIX (0.54%). In terms of maximum drawdown, PGSIX dropped -22.28% vs HOBIX's -23.52%.

Which has better risk-adjusted returns?

HOBIX currently has the higher Sharpe Ratio (3.25 vs 1.84), 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.