PIM vs. GUGAX
PIM (Putnam Master Intermediate Income Trust) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, PIM returned 4.81%/yr vs 1.56%/yr for GUGAX. At 0.11, their price movements are largely independent. PIM charges 1.09%/yr vs 0.45%/yr for GUGAX.
Performance
PIM vs. GUGAX - Performance Comparison
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Returns By Period
In the year-to-date period, PIM achieves a 0.06% return, which is significantly lower than GUGAX's 0.96% return. Over the past 10 years, PIM has outperformed GUGAX with an annualized return of 4.81%, while GUGAX has yielded a comparatively lower 1.56% annualized return.
PIM
- 1D
- 0.46%
- 1M
- 3.70%
- YTD
- 0.06%
- 6M
- 0.55%
- 1Y
- 10.81%
- 3Y*
- 10.15%
- 5Y*
- 2.78%
- 10Y*
- 4.81%
GUGAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.96%
- 6M
- 1.39%
- 1Y
- 7.67%
- 3Y*
- 3.85%
- 5Y*
- -0.05%
- 10Y*
- 1.56%
PIM vs. GUGAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | 0.06% | 10.91% | 10.88% | 8.45% | -12.49% | -0.44% | -2.97% | 20.68% | -5.10% | 10.52% |
GUGAX GMO Multi-Sector Fixed Income Fund | 0.96% | 7.29% | 0.96% | 6.02% | -14.52% | -3.17% | 4.91% | 9.66% | 2.13% | 4.44% |
Correlation
The correlation between PIM and GUGAX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998 | 0.11 |
The correlation between PIM and GUGAX shifts across timeframes, from 0.11 (all time) to 0.24 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PIM vs. GUGAX — Risk / Return Rank
PIM
GUGAX
PIM vs. GUGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Master Intermediate Income Trust (PIM) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.
| PIM | GUGAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.91 | 2.01 | -1.10 |
Sortino ratioReturn per unit of downside risk | 1.53 | 3.17 | -1.65 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.40 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.84 | -0.22 |
Martin ratioReturn relative to average drawdown | 4.29 | 6.82 | -2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PIM | GUGAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 2.01 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | -0.01 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.29 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.08 | +0.09 |
Drawdowns
PIM vs. GUGAX - Drawdown Comparison
The maximum PIM drawdown since its inception was -43.27%, which is greater than GUGAX's maximum drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for PIM and GUGAX.
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Drawdown Indicators
| PIM | GUGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.27% | -38.57% | -4.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -1.84% | -4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -18.39% | -20.53% | +2.14% |
Max Drawdown (10Y)Largest decline over 10 years | -28.15% | -23.06% | -5.09% |
Current DrawdownCurrent decline from peak | -1.99% | -6.72% | +4.73% |
Average DrawdownAverage peak-to-trough decline | -9.55% | -11.29% | +1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 0.83% | +1.61% |
Volatility
PIM vs. GUGAX - Volatility Comparison
Putnam Master Intermediate Income Trust (PIM) has a higher volatility of 4.77% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that PIM's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIM | GUGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 0.00% | +4.77% |
Volatility (6M)Calculated over the trailing 6-month period | 8.80% | 1.76% | +7.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.07% | 3.69% | +7.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.63% | 6.56% | +4.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.07% | 5.43% | +7.64% |
PIM vs. GUGAX - Expense Ratio Comparison
PIM has a 1.09% expense ratio, which is higher than GUGAX's 0.45% expense ratio.
Dividends
PIM vs. GUGAX - Dividend Comparison
PIM's dividend yield for the trailing twelve months is around 8.06%, more than GUGAX's 4.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | 8.06% | 7.90% | 8.10% | 8.28% | 8.25% | 6.68% | 8.32% | 7.59% | 6.82% | 6.54% | 6.77% | 6.86% |
GUGAX GMO Multi-Sector Fixed Income Fund | 4.52% | 3.69% | 4.34% | 0.00% | 1.94% | 2.90% | 7.96% | 5.74% | 5.08% | 2.43% | 3.29% | 1.76% |