PINCX vs. PGSIX
PINCX (Putnam Income Fund) and PGSIX (Putnam Mortgage Securities Fund) are both Intermediate Core-Plus Bond funds from Putnam. Over the past 10 years, PINCX returned 1.76%/yr vs 1.36%/yr for PGSIX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. PINCX charges 0.73%/yr vs 0.89%/yr for PGSIX.
Performance
PINCX vs. PGSIX - Performance Comparison
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Returns By Period
In the year-to-date period, PINCX achieves a -0.11% return, which is significantly lower than PGSIX's 1.90% return. Over the past 10 years, PINCX has outperformed PGSIX with an annualized return of 1.76%, while PGSIX has yielded a comparatively lower 1.36% annualized return.
PINCX
- 1D
- -0.20%
- 1M
- -1.20%
- 6M
- -0.29%
- YTD
- -0.11%
- 1Y
- 2.54%
- 3Y*
- 4.70%
- 5Y*
- -0.60%
- 10Y*
- 1.76%
- ALL TIME*
- 3.95%
PGSIX
- 1D
- -0.38%
- 1M
- -1.63%
- 6M
- 1.01%
- YTD
- 1.90%
- 1Y
- 5.26%
- 3Y*
- 6.15%
- 5Y*
- 0.77%
- 10Y*
- 1.36%
- ALL TIME*
- 3.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
PINCX Putnam Income Fund | $0.00 | $0.00 | $0.00 |
PINCX vs. PGSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PINCX Putnam Income Fund | -0.11% | 7.51% | 2.59% | 4.79% | -12.96% | -5.39% | 7.06% | 11.19% | 0.46% | 5.83% |
PGSIX Putnam Mortgage Securities Fund | 1.90% | 9.36% | 3.52% | 3.66% | -10.79% | -4.31% | -0.73% | 12.39% | -0.79% | 0.82% |
Correlation
The correlation between PINCX and PGSIX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.73 |
Correlation (All Time) Calculated using the full available price history since May 31, 1996 | 0.74 |
The correlation between PINCX and PGSIX shifts across timeframes, from 0.73 (10 years) to 0.85 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PINCX vs. PGSIX — Risk / Return Rank
PINCX
PGSIX
PINCX vs. PGSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Income Fund (PINCX) and Putnam Mortgage Securities Fund (PGSIX). 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.
| PINCX | PGSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.25 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.38 | -0.98 |
| Martin ratioReturn relative to average drawdown | 3.80 | 7.78 | -3.98 |
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Drawdowns
PINCX vs. PGSIX - Drawdown Comparison
The maximum PINCX drawdown since its inception was -30.57%, which is greater than PGSIX's maximum drawdown of -22.28%. Use the drawdown chart below to compare losses from any high point for PINCX and PGSIX.
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Drawdown Indicators
| PINCX | PGSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.57% | -22.28% | -8.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -2.85% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -5.08% | -6.35% | +1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -20.67% | -19.01% | -1.66% |
Max Drawdown (10Y)Largest decline over 10 years | -22.16% | -22.28% | +0.12% |
Current DrawdownCurrent decline from peak | -4.93% | -1.63% | -3.30% |
Average DrawdownAverage peak-to-trough decline | -4.33% | -2.60% | -1.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.87% | +0.01% |
Volatility
PINCX vs. PGSIX - Volatility Comparison
The current volatility for Putnam Income Fund (PINCX) is 0.82%, while Putnam Mortgage Securities Fund (PGSIX) has a volatility of 1.34%. This indicates that PINCX experiences smaller price fluctuations and is considered to be less risky than PGSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PINCX | PGSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.34% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 3.59% | -0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 4.99% | -1.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 7.03% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 5.97% | -0.69% |
PINCX vs. PGSIX - Expense Ratio Comparison
PINCX has a 0.73% expense ratio, which is lower than PGSIX's 0.89% expense ratio.
Dividends
PINCX vs. PGSIX - Dividend Comparison
PINCX's dividend yield for the trailing twelve months is around 4.59%, less than PGSIX's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGSIX Putnam Mortgage Securities Fund | 4.79% | 5.67% | 16.88% | 8.38% | 12.83% | 4.30% | 4.21% | 4.50% | 3.94% | 3.10% | 2.92% | 2.51% |
PINCX Putnam Income Fund | 4.59% | 4.63% | 8.70% | 7.35% | 7.70% | 2.15% | 5.46% | 4.65% | 3.57% | 3.46% | 3.21% | 3.03% |
Frequently Asked Questions
PINCX and PGSIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGSIX has higher volatility (1.34%) compared to PINCX (0.82%). In terms of maximum drawdown, PINCX dropped -30.57% vs PGSIX's -22.28%.
PGSIX currently has the higher Sharpe Ratio (1.36 vs 0.95), 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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