PIM vs. TIBDX
PIM (Putnam Master Intermediate Income Trust) and TIBDX (TIAA-CREF Core Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, PIM returned 4.35%/yr vs 1.91%/yr for TIBDX. At a 0.12 correlation, their price movements are largely independent. PIM charges 1.09%/yr vs 0.29%/yr for TIBDX.
Performance
PIM vs. TIBDX - Performance Comparison
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Returns By Period
In the year-to-date period, PIM achieves a -1.81% return, which is significantly lower than TIBDX's 0.34% return. Over the past 10 years, PIM has outperformed TIBDX with an annualized return of 4.35%, while TIBDX has yielded a comparatively lower 1.91% 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%
TIBDX
- 1D
- -0.33%
- 1M
- 0.60%
- YTD
- 0.34%
- 6M
- 0.71%
- 1Y
- 4.87%
- 3Y*
- 4.18%
- 5Y*
- 0.09%
- 10Y*
- 1.91%
PIM vs. TIBDX - 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% |
TIBDX TIAA-CREF Core Bond Fund | 0.34% | 7.38% | 1.95% | 5.63% | -13.68% | -0.95% | 8.10% | 9.57% | -0.64% | 4.48% |
Correlation
The correlation between PIM and TIBDX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 1999 | 0.12 |
Over the past year, PIM and TIBDX have become more correlated (0.35) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
PIM vs. TIBDX — Risk / Return Rank
PIM
TIBDX
PIM vs. TIBDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Master Intermediate Income Trust (PIM) and TIAA-CREF Core Bond Fund (TIBDX). 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 | TIBDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.24 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 1.72 | -1.25 |
| Martin ratioReturn relative to average drawdown | 1.07 | 5.09 | -4.02 |
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Drawdowns
PIM vs. TIBDX - Drawdown Comparison
The maximum PIM drawdown since its inception was -43.27%, which is greater than TIBDX's maximum drawdown of -18.82%. Use the drawdown chart below to compare losses from any high point for PIM and TIBDX.
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Drawdown Indicators
| PIM | TIBDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.27% | -18.82% | -24.45% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -2.98% | -3.47% |
Max Drawdown (3Y)Largest decline over 3 years | -7.91% | -6.29% | -1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -17.66% | -18.82% | +1.16% |
Max Drawdown (10Y)Largest decline over 10 years | -28.15% | -18.82% | -9.33% |
Current DrawdownCurrent decline from peak | -3.82% | -1.54% | -2.28% |
Average DrawdownAverage peak-to-trough decline | -9.52% | -2.30% | -7.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 1.01% | +1.84% |
Volatility
PIM vs. TIBDX - Volatility Comparison
Putnam Master Intermediate Income Trust (PIM) has a higher volatility of 2.32% compared to TIAA-CREF Core Bond Fund (TIBDX) at 1.10%. This indicates that PIM's price experiences larger fluctuations and is considered to be riskier than TIBDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIM | TIBDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.32% | 1.10% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 8.68% | 2.95% | +5.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.38% | 3.88% | +7.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 5.64% | +5.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.12% | 4.74% | +8.38% |
PIM vs. TIBDX - Expense Ratio Comparison
PIM has a 1.09% expense ratio, which is higher than TIBDX's 0.29% expense ratio.
Dividends
PIM vs. TIBDX - Dividend Comparison
PIM's dividend yield for the trailing twelve months is around 7.63%, more than TIBDX's 4.46% 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% |
TIBDX TIAA-CREF Core Bond Fund | 4.46% | 4.34% | 3.60% | 3.22% | 2.44% | 2.39% | 4.45% | 3.09% | 2.88% | 2.93% | 3.80% | 4.68% |
Frequently Asked Questions
PIM and TIBDX have a correlation of 0.35, 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 TIBDX (1.10%). In terms of maximum drawdown, PIM dropped -43.27% vs TIBDX's -18.82%.
TIBDX currently has the higher Sharpe Ratio (1.33 vs 0.27), 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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