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 4.06%/yr vs 2.85%/yr for RCS. Their 0.15 correlation means their historical movements had little consistent relationship.
Performance
PIM vs. RCS - Performance Comparison
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Returns By Period
In the year-to-date period, PIM achieves a -2.00% return, which is significantly lower than RCS's -0.92% return. Over the past 10 years, PIM has outperformed RCS with an annualized return of 4.06%, while RCS has yielded a comparatively lower 2.85% annualized return.
PIM
- 1D
- 0.00%
- 1M
- -2.42%
- 6M
- -1.76%
- YTD
- -2.00%
- 1Y
- 1.56%
- 3Y*
- 7.47%
- 5Y*
- 2.27%
- 10Y*
- 4.06%
- ALL TIME*
- 2.75%
RCS
- 1D
- 1.55%
- 1M
- -4.00%
- 6M
- -8.30%
- YTD
- -0.92%
- 1Y
- -19.96%
- 3Y*
- 6.69%
- 5Y*
- 0.68%
- 10Y*
- 2.85%
- ALL TIME*
- 6.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $171.72K | $156.34K | $208.36K | |
| $707.45K | $672.81K | $742.33K |
PIM vs. RCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | -2.00% | 10.91% | 10.88% | 8.45% | -12.49% | -0.44% | -2.97% | 20.68% | -5.10% | 10.52% |
RCS PIMCO Strategic Income Fund | -0.92% | -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 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.17 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.87 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.24 | -0.61 | +0.85 |
| Martin ratioReturn relative to average drawdown | 0.52 | -0.92 | +1.44 |
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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 | -7.66% | -32.94% | +25.28% |
Max Drawdown (5Y)Largest decline over 5 years | -16.72% | -36.18% | +19.46% |
Max Drawdown (10Y)Largest decline over 10 years | -28.15% | -46.69% | +18.54% |
Current DrawdownCurrent decline from peak | -4.01% | -29.32% | +25.31% |
Average DrawdownAverage peak-to-trough decline | -9.50% | -9.48% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 21.75% | -18.72% |
Volatility
PIM vs. RCS - Volatility Comparison
The current volatility for Putnam Master Intermediate Income Trust (PIM) is 3.02%, while PIMCO Strategic Income Fund (RCS) has a volatility of 3.44%. 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 | 3.02% | 3.44% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 8.08% | 16.51% | -8.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.55% | 24.32% | -12.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 25.23% | -14.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.12% | 25.81% | -12.69% |
Dividends
PIM vs. RCS - Dividend Comparison
PIM's dividend yield for the trailing twelve months is around 8.46%, less than RCS's 9.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | 8.46% | 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 | 9.14% | 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 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RCS has higher volatility (3.44%) compared to PIM (3.02%). In terms of maximum drawdown, PIM dropped -43.27% vs RCS's -46.69%.
PIM currently has the higher Sharpe Ratio (0.14 vs -0.83), 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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