PIM vs. RCS
PIM (Putnam Master Intermediate Income Trust) and RCS (PIMCO Strategic Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, PIM returned 4.43%/yr vs 2.69%/yr for RCS. At a 0.15 correlation, their price movements are largely independent.
Performance
PIM vs. RCS - Performance Comparison
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Returns By Period
In the year-to-date period, PIM achieves a -1.12% return, which is significantly lower than RCS's -0.73% return. Over the past 10 years, PIM has outperformed RCS with an annualized return of 4.43%, while RCS has yielded a comparatively lower 2.69% annualized return.
PIM
- 1D
- -0.31%
- 1M
- 0.31%
- 6M
- -0.53%
- YTD
- -1.12%
- 1Y
- 2.57%
- 3Y*
- 8.26%
- 5Y*
- 2.13%
- 10Y*
- 4.43%
RCS
- 1D
- -0.19%
- 1M
- -2.94%
- 6M
- -10.08%
- YTD
- -0.73%
- 1Y
- -19.36%
- 3Y*
- 6.95%
- 5Y*
- 2.09%
- 10Y*
- 2.69%
PIM vs. RCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | -1.12% | 10.91% | 10.88% | 8.45% | -12.49% | -0.44% | -2.97% | 20.68% | -5.10% | 10.52% |
RCS PIMCO Strategic Income Fund | -0.73% | -21.48% | 37.47% | 37.60% | -18.72% | 6.33% | -16.19% | 1.62% | 15.51% | 14.39% |
Correlation
The correlation between PIM and RCS is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.15 |
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Return for Risk
PIM vs. RCS — Risk / Return Rank
PIM
RCS
PIM vs. RCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Master Intermediate Income Trust (PIM) and PIMCO Strategic Income Fund (RCS). 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 | RCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.87 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | -0.59 | +0.99 |
| Martin ratioReturn relative to average drawdown | 0.89 | -0.94 | +1.83 |
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Drawdowns
PIM vs. RCS - Drawdown Comparison
The maximum PIM drawdown since its inception was -43.27%, smaller than the maximum RCS drawdown of -46.69%. Use the drawdown chart below to compare losses from any high point for PIM and RCS.
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Drawdown Indicators
| PIM | RCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.27% | -46.69% | +3.42% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -32.94% | +26.49% |
Max Drawdown (3Y)Largest decline over 3 years | -7.91% | -32.94% | +25.03% |
Max Drawdown (5Y)Largest decline over 5 years | -16.88% | -36.18% | +19.30% |
Max Drawdown (10Y)Largest decline over 10 years | -28.15% | -46.69% | +18.54% |
Current DrawdownCurrent decline from peak | -3.15% | -29.18% | +26.03% |
Average DrawdownAverage peak-to-trough decline | -9.51% | -9.44% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 20.57% | -17.67% |
Volatility
PIM vs. RCS - Volatility Comparison
The current volatility for Putnam Master Intermediate Income Trust (PIM) is 2.73%, while PIMCO Strategic Income Fund (RCS) has a volatility of 5.38%. This indicates that PIM experiences smaller price fluctuations and is considered to be less risky than RCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIM | RCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 5.38% | -2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 7.90% | 16.86% | -8.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.34% | 24.18% | -12.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 25.23% | -14.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 25.84% | -12.73% |
Dividends
PIM vs. RCS - Dividend Comparison
PIM's dividend yield for the trailing twelve months is around 8.33%, less than RCS's 9.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | 8.33% | 7.90% | 8.10% | 8.28% | 8.25% | 6.68% | 8.32% | 7.59% | 6.82% | 6.54% | 6.77% | 6.86% |
RCS PIMCO Strategic Income Fund | 9.13% | 8.62% | 8.03% | 10.07% | 12.39% | 9.01% | 9.57% | 8.44% | 8.93% | 9.50% | 10.92% | 11.17% |
Frequently Asked Questions
PIM and RCS have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RCS has higher volatility (5.38%) compared to PIM (2.73%). In terms of maximum drawdown, PIM dropped -43.27% vs RCS's -46.69%.
PIM currently has the higher Sharpe Ratio (0.23 vs -0.80), 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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