PIM vs. PPT
PIM (Putnam Master Intermediate Income Trust) and PPT (Putnam Premier Income Trust) are both mutual funds — PIM is a Intermediate Core-Plus Bond fund actively managed by Putnam Investments, while PPT is a Multisector Bonds fund actively managed by Putnam Investments. Both are actively managed. Over the past 10 years, PIM returned 4.81%/yr vs 4.97%/yr for PPT. At 0.33, their price movements are largely independent.
Performance
PIM vs. PPT - 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 PPT's 1.92% return. Both investments have delivered pretty close results over the past 10 years, with PIM having a 4.81% annualized return and PPT not far ahead at 4.97%.
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%
PPT
- 1D
- 0.00%
- 1M
- 1.03%
- YTD
- 1.92%
- 6M
- 0.46%
- 1Y
- 10.26%
- 3Y*
- 9.03%
- 5Y*
- 2.47%
- 10Y*
- 4.97%
PIM vs. PPT - 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% |
PPT Putnam Premier Income Trust | 1.92% | 8.39% | 8.80% | 7.43% | -7.75% | -1.72% | -6.54% | 25.53% | -6.36% | 13.78% |
Correlation
The correlation between PIM and PPT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 1988 | 0.33 |
The correlation between PIM and PPT shifts across timeframes, from 0.33 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PIM vs. PPT — Risk / Return Rank
PIM
PPT
PIM vs. PPT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Master Intermediate Income Trust (PIM) and Putnam Premier Income Trust (PPT). 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 | PPT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.91 | 1.03 | -0.13 |
Sortino ratioReturn per unit of downside risk | 1.53 | 1.61 | -0.08 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.91 | -0.28 |
Martin ratioReturn relative to average drawdown | 4.29 | 5.37 | -1.08 |
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 | PPT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 1.03 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | 0.21 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.34 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.16 | +0.01 |
Drawdowns
PIM vs. PPT - Drawdown Comparison
The maximum PIM drawdown since its inception was -43.27%, smaller than the maximum PPT drawdown of -49.76%. Use the drawdown chart below to compare losses from any high point for PIM and PPT.
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Drawdown Indicators
| PIM | PPT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.27% | -49.76% | +6.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -5.05% | -1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -18.39% | -18.92% | +0.53% |
Max Drawdown (10Y)Largest decline over 10 years | -28.15% | -31.79% | +3.64% |
Current DrawdownCurrent decline from peak | -1.99% | -2.57% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -9.55% | -11.27% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 1.79% | +0.65% |
Volatility
PIM vs. PPT - Volatility Comparison
Putnam Master Intermediate Income Trust (PIM) has a higher volatility of 4.77% compared to Putnam Premier Income Trust (PPT) at 4.40%. This indicates that PIM's price experiences larger fluctuations and is considered to be riskier than PPT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIM | PPT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 4.40% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 8.80% | 7.56% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.07% | 10.35% | +0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.63% | 12.03% | -1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.07% | 14.47% | -1.40% |
Dividends
PIM vs. PPT - Dividend Comparison
PIM's dividend yield for the trailing twelve months is around 8.06%, less than PPT's 8.84% 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% |
PPT Putnam Premier Income Trust | 8.84% | 8.81% | 8.76% | 8.74% | 8.60% | 7.31% | 8.84% | 7.73% | 6.84% | 5.85% | 6.28% | 6.30% |