PIM vs. SMTRX

Last updated Jun 4, 2026

PIM (Putnam Master Intermediate Income Trust) and SMTRX (ALPS/Smith Total Return Bond Fund) are both Intermediate Core-Plus Bond funds. At a 0.21 correlation, their price movements are largely independent. PIM charges 1.09%/yr vs 0.99%/yr for SMTRX.

Performance

PIM vs. SMTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Master Intermediate Income Trust (PIM) and ALPS/Smith Total Return Bond Fund (SMTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PIM

• 1D: -0.62%
• 1M: -0.24%
• YTD: -1.50%
• 6M: -1.12%
• 1Y: 2.82%
• 3Y*: 8.26%
• 5Y*: 2.06%
• 10Y*: 4.40%

SMTRX

• 1D: 0.10%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PIM vs. SMTRX - Yearly Performance Comparison

	2026 (YTD)
PIM Putnam Master Intermediate Income Trust	0.32%
SMTRX ALPS/Smith Total Return Bond Fund	0.10%

Correlation

The correlation between PIM and SMTRX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.21

Return for Risk

PIM vs. SMTRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PIM

PIM Risk / Return Rank: 5
PIM Sharpe Ratio Rank: 4
PIM Sortino Ratio Rank: 4
PIM Omega Ratio Rank: 4
PIM Calmar Ratio Rank: 5
PIM Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PIM vs. SMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Master Intermediate Income Trust (PIM) and ALPS/Smith Total Return Bond Fund (SMTRX). 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	SMTRX	Difference
Sharpe ratio: Return per unit of total volatility	0.25	—	—
Sortino ratio: Return per unit of downside risk	0.49	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	0.44	—	—
Martin ratio: Return relative to average drawdown	1.02	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PIM	SMTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	5.86	-5.70

Drawdowns

PIM vs. SMTRX - Drawdown Comparison

The maximum PIM drawdown since its inception was -43.27%, which is greater than SMTRX's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for PIM and SMTRX.

Drawdown Indicators

	PIM	SMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-43.27%	-0.10%	-43.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.39%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.15%	—	—
Current Drawdown Current decline from peak	-3.52%	0.00%	-3.52%
Average Drawdown Average peak-to-trough decline	-9.53%	-0.03%	-9.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	—	—

Volatility

Volatility by Period

	PIM	SMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	1.90%	+9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.73%	1.90%	+8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	1.90%	+11.21%

PIM vs. SMTRX - Expense Ratio Comparison

PIM has a 1.09% expense ratio, which is higher than SMTRX's 0.99% expense ratio.

Dividends

PIM vs. SMTRX - Dividend Comparison

PIM's dividend yield for the trailing twelve months is around 8.30%, more than SMTRX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIM Putnam Master Intermediate Income Trust	8.30%	7.90%	8.10%	8.28%	8.25%	6.68%	8.32%	7.59%	6.82%	6.54%	6.77%	6.86%
SMTRX ALPS/Smith Total Return Bond Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIM and SMTRX in my portfolio?

PIM and SMTRX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.