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 4.35%/yr vs 4.81%/yr for PPT. At a 0.33 correlation, their price movements are largely independent.
Performance
PIM vs. PPT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PIM achieves a -1.81% return, which is significantly lower than PPT's 1.11% return. Over the past 10 years, PIM has underperformed PPT with an annualized return of 4.35%, while PPT has yielded a comparatively higher 4.81% annualized 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%
PPT
- 1D
- 0.29%
- 1M
- 0.58%
- YTD
- 1.11%
- 6M
- 1.39%
- 1Y
- 2.36%
- 3Y*
- 8.25%
- 5Y*
- 2.27%
- 10Y*
- 4.81%
PIM vs. PPT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | -1.81% | 10.91% | 10.88% | 8.45% | -12.49% | -0.44% | -2.97% | 20.68% | -5.10% | 10.52% |
PPT Putnam Premier Income Trust | 1.11% | 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 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 1988 | 0.33 |
The correlation between PIM and PPT shifts across timeframes, from 0.33 (all time) to 0.48 (3 years), 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
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.
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.
| PIM | PPT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.05 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 0.47 | +0.01 |
| Martin ratioReturn relative to average drawdown | 1.07 | 1.06 | +0.01 |
Loading charts...
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.
Loading charts...
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 (3Y)Largest decline over 3 years | -7.91% | -9.10% | +1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -17.66% | -18.35% | +0.69% |
Max Drawdown (10Y)Largest decline over 10 years | -28.15% | -31.79% | +3.64% |
Current DrawdownCurrent decline from peak | -3.82% | -3.34% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -9.52% | -11.23% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 2.23% | +0.62% |
Volatility
PIM vs. PPT - Volatility Comparison
Putnam Master Intermediate Income Trust (PIM) has a higher volatility of 2.32% compared to Putnam Premier Income Trust (PPT) at 1.90%. 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.
Loading charts...
Volatility by Period
| PIM | PPT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.32% | 1.90% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 8.68% | 6.95% | +1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.38% | 9.35% | +2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 11.94% | -1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.12% | 14.45% | -1.33% |
Dividends
PIM vs. PPT - Dividend Comparison
PIM's dividend yield for the trailing twelve months is around 7.63%, less than PPT's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PPT Putnam Premier Income Trust | 8.29% | 8.81% | 8.76% | 8.74% | 8.60% | 7.31% | 8.84% | 7.73% | 6.84% | 5.85% | 6.28% | 6.30% |
Frequently Asked Questions
PIM and PPT have a correlation of 0.43, 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 PPT (1.90%). In terms of maximum drawdown, PIM dropped -43.27% vs PPT's -49.76%.
PIM currently has the higher Sharpe Ratio (0.27 vs 0.25), 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 PIM and PPT
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