PINCX vs. PGSIX

Last updated Jun 4, 2026

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 2.05%/yr vs 1.50%/yr for PGSIX. A 0.74 correlation means they provide meaningful diversification when combined. PINCX charges 0.73%/yr vs 0.89%/yr for PGSIX.

Performance

PINCX vs. PGSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Income Fund (PINCX) and Putnam Mortgage Securities Fund (PGSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PINCX achieves a 0.92% return, which is significantly lower than PGSIX's 2.89% return. Over the past 10 years, PINCX has outperformed PGSIX with an annualized return of 2.05%, while PGSIX has yielded a comparatively lower 1.50% annualized return.

PINCX

• 1D: 0.20%
• 1M: 0.56%
• YTD: 0.92%
• 6M: 0.88%
• 1Y: 6.09%
• 3Y*: 4.87%
• 5Y*: -0.30%
• 10Y*: 2.05%

PGSIX

• 1D: 0.12%
• 1M: 1.41%
• YTD: 2.89%
• 6M: 3.03%
• 1Y: 9.58%
• 3Y*: 6.65%
• 5Y*: 0.46%
• 10Y*: 1.50%

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

PINCX vs. PGSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PINCX Putnam Income Fund	0.92%	7.51%	2.59%	4.79%	-12.96%	-5.39%	7.06%	11.19%	0.46%	5.83%
PGSIX Putnam Mortgage Securities Fund	2.89%	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 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 3, 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.

Return for Risk

PINCX vs. PGSIX — Risk / Return Rank

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

PINCX

PINCX Risk / Return Rank: 36
PINCX Sharpe Ratio Rank: 32
PINCX Sortino Ratio Rank: 34
PINCX Omega Ratio Rank: 36
PINCX Calmar Ratio Rank: 44
PINCX Martin Ratio Rank: 36

PGSIX

PGSIX Risk / Return Rank: 51
PGSIX Sharpe Ratio Rank: 41
PGSIX Sortino Ratio Rank: 46
PGSIX Omega Ratio Rank: 41
PGSIX Calmar Ratio Rank: 72
PGSIX Martin Ratio Rank: 55

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.

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.

	PINCX	PGSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.87	-0.23
Sortino ratio: Return per unit of downside risk	2.43	2.85	-0.41
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.55	3.32	-0.77
Martin ratio: Return relative to average drawdown	7.87	11.10	-3.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PINCX vs. PGSIX - Sharpe Ratio Comparison

The current PINCX Sharpe Ratio is 1.64, which is comparable to the PGSIX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of PINCX and PGSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PINCX	PGSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.87	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.07	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.25	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.84	-0.08

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.

Drawdown Indicators

	PINCX	PGSIX	Difference
Max Drawdown Largest 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	-5.73%	-6.88%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-20.78%	-20.83%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-22.16%	-22.28%	+0.12%
Current Drawdown Current decline from peak	-3.95%	0.00%	-3.95%
Average Drawdown Average peak-to-trough decline	-4.33%	-2.61%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.85%	-0.07%

Volatility

PINCX vs. PGSIX - Volatility Comparison

The current volatility for Putnam Income Fund (PINCX) is 1.38%, while Putnam Mortgage Securities Fund (PGSIX) has a volatility of 1.74%. 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.

Volatility by Period

	PINCX	PGSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	1.74%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	3.41%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	5.06%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	7.00%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.28%	5.95%	-0.67%

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 4.55%, less than PGSIX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGSIX Putnam Mortgage Securities Fund	4.63%	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	4.55%	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

Can I hold both PINCX and PGSIX in my portfolio?

PINCX and PGSIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PINCX or PGSIX?

PGSIX has higher volatility (1.74%) compared to PINCX (1.38%). In terms of maximum drawdown, PINCX dropped -30.57% vs PGSIX's -22.28%.

Which has better risk-adjusted returns?

PGSIX currently has the higher Sharpe Ratio (1.87 vs 1.64), 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.