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PIM vs. AMFIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PIM vs. AMFIX

Last updated Jun 23, 2026

PIM (Putnam Master Intermediate Income Trust) and AMFIX (AAMA Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, PIM returned 2.22%/yr vs 0.78%/yr for AMFIX. At a 0.12 correlation, their price movements are largely independent. PIM charges 1.09%/yr vs 0.92%/yr for AMFIX.

Performance

PIM vs. AMFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Master Intermediate Income Trust (PIM) 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, PIM achieves a -1.81% return, which is significantly lower than AMFIX's 0.30% return.

PIM

1D
0.00%
1M
0.96%
YTD
-1.81%
6M
1.53%
1Y
3.05%
3Y*
8.58%
5Y*
2.22%
10Y*
4.35%

AMFIX

1D
0.12%
1M
0.21%
YTD
0.30%
6M
0.40%
1Y
2.31%
3Y*
3.32%
5Y*
0.78%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PIM vs. AMFIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PIM
Putnam Master Intermediate Income Trust		-1.81%10.91%10.88%8.45%-12.49%-0.44%-2.97%20.68%-5.10%2.64%
AMFIX
AAMA Income Fund		0.30%3.74%3.48%3.84%-6.26%-1.37%2.24%2.47%0.89%-0.44%

Correlation

The correlation between PIM and AMFIX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

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

0.22

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

0.18

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

0.12

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Putnam Master Intermediate Income Trust

AAMA Income Fund

Often compared with PIM:
PIM vs. PCFPIM vs. RCSPIM vs. PPTPIM vs. BILDXPIM vs. ARINXPIM vs. GUGAXPIM vs. LMSMX
Often compared with AMFIX:
AMFIX vs. HOBIXAMFIX vs. ARINXAMFIX vs. EINFXAMFIX vs. AAIIXAMFIX vs. BCPIXAMFIX vs. GUGAXAMFIX vs. MCFIX

Return for Risk

PIM vs. AMFIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PIM
PIM Risk / Return Rank: 55
Overall Rank
PIM Sharpe Ratio Rank: 44
Sharpe Ratio Rank
PIM Sortino Ratio Rank: 55
Sortino Ratio Rank
PIM Omega Ratio Rank: 44
Omega Ratio Rank
PIM Calmar Ratio Rank: 66
Calmar Ratio Rank
PIM Martin Ratio Rank: 55
Martin Ratio Rank
AMFIX
AMFIX Risk / Return Rank: 6767
Overall Rank
AMFIX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
AMFIX Sortino Ratio Rank: 7373
Sortino Ratio Rank
AMFIX Omega Ratio Rank: 7575
Omega Ratio Rank
AMFIX Calmar Ratio Rank: 7474
Calmar Ratio Rank
AMFIX Martin Ratio Rank: 5151
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.

PIM vs. AMFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Master Intermediate Income Trust (PIM) 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.

PIMAMFIXDifference
Sharpe ratioReturn per unit of total volatility
0.27
2.14

-1.87

Sortino ratioReturn per unit of downside risk
0.53
3.24

-2.71

Omega ratioGain probability vs. loss probability

1.06

1.44

-0.39

Calmar ratioReturn relative to maximum drawdown

0.47

3.20

-2.73

Martin ratioReturn relative to average drawdown

1.07

9.90

-8.82

PIM vs. AMFIX - Sharpe Ratio Comparison

The current PIM Sharpe Ratio is 0.27, which is lower than the AMFIX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of PIM 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

PIM vs. AMFIX - Drawdown Comparison

The maximum PIM drawdown since its inception was -43.27%, which is greater than AMFIX's maximum drawdown of -9.35%. Use the drawdown chart below to compare losses from any high point for PIM and AMFIX.

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Drawdown Indicators

PIMAMFIXDifference

Max Drawdown

Largest peak-to-trough decline

-43.27%

-9.35%

-33.92%

Max Drawdown (1Y)

Largest decline over 1 year

-6.45%

-0.74%

-5.71%

Max Drawdown (3Y)

Largest decline over 3 years

-7.91%

-0.88%

-7.03%

Max Drawdown (5Y)

Largest decline over 5 years

-17.66%

-8.91%

-8.75%

Max Drawdown (10Y)

Largest decline over 10 years

-28.15%

—

—

Current Drawdown

Current decline from peak

-3.82%

-0.39%

-3.43%

Average Drawdown

Average peak-to-trough decline

-9.52%

-2.02%

-7.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

0.24%

+2.61%

Volatility

PIM vs. AMFIX - Volatility Comparison

Putnam Master Intermediate Income Trust (PIM) has a higher volatility of 2.32% compared to AAMA Income Fund (AMFIX) at 0.46%. This indicates that PIM'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

PIMAMFIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.32%

0.46%

+1.86%

Volatility (6M)

Calculated over the trailing 6-month period

8.68%

0.91%

+7.77%

Volatility (1Y)

Calculated over the trailing 1-year period

11.38%

1.11%

+10.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.74%

2.17%

+8.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.12%

1.74%

+11.38%

PIM vs. AMFIX - Expense Ratio Comparison

PIM has a 1.09% expense ratio, which is higher than AMFIX's 0.92% expense ratio.

Dividends

PIM vs. AMFIX - Dividend Comparison

PIM's dividend yield for the trailing twelve months is around 7.63%, 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%
PIM
Putnam Master Intermediate Income Trust		7.63%7.90%8.10%8.28%8.25%6.68%8.32%7.59%6.82%6.54%6.77%6.86%

Frequently Asked Questions

PIM and AMFIX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PIM has higher volatility (2.32%) compared to AMFIX (0.46%). In terms of maximum drawdown, PIM dropped -43.27% vs AMFIX's -9.35%.

AMFIX currently has the higher Sharpe Ratio (2.14 vs 0.27), 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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