PINCX vs. SMTRX

Last updated Jun 24, 2026

PINCX (Putnam Income Fund) and SMTRX (ALPS/Smith Total Return Bond Fund) are both Intermediate Core-Plus Bond funds. Their correlation of 0.83 suggests significant overlap in exposure. PINCX charges 0.73%/yr vs 0.99%/yr for SMTRX.

Performance

PINCX vs. SMTRX - Performance Comparison

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

Returns By Period

PINCX

• 1D: -0.20%
• 1M: 0.76%
• YTD: 0.92%
• 6M: 1.08%
• 1Y: 5.04%
• 3Y*: 4.87%
• 5Y*: -0.34%
• 10Y*: 2.06%

SMTRX

• 1D: -0.31%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PINCX vs. SMTRX - Yearly Performance Comparison

	2026 (YTD)
PINCX Putnam Income Fund	0.40%
SMTRX ALPS/Smith Total Return Bond Fund	0.00%

Correlation

The correlation between PINCX and SMTRX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.83

Return for Risk

PINCX vs. SMTRX — Risk / Return Rank

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

PINCX

PINCX Risk / Return Rank: 32
PINCX Sharpe Ratio Rank: 30
PINCX Sortino Ratio Rank: 32
PINCX Omega Ratio Rank: 33
PINCX Calmar Ratio Rank: 37
PINCX Martin Ratio Rank: 30

SMTRX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Income Fund (PINCX) 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.

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	SMTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	—	—
Sortino ratio: Return per unit of downside risk	2.17	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.20	—	—
Martin ratio: Return relative to average drawdown	6.53	—	—

Drawdowns

PINCX vs. SMTRX - Drawdown Comparison

The maximum PINCX drawdown since its inception was -30.57%, which is greater than SMTRX's maximum drawdown of -0.62%. Use the drawdown chart below to compare losses from any high point for PINCX and SMTRX.

Drawdown Indicators

	PINCX	SMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-30.57%	-0.62%	-29.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.16%	—	—
Current Drawdown Current decline from peak	-3.95%	-0.31%	-3.64%
Average Drawdown Average peak-to-trough decline	-4.33%	-0.18%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	—	—

Volatility

Volatility by Period

	PINCX	SMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.63%	3.64%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	3.64%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.28%	3.64%	+1.64%

PINCX vs. SMTRX - Expense Ratio Comparison

PINCX has a 0.73% expense ratio, which is lower than SMTRX's 0.99% expense ratio.

Dividends

PINCX vs. SMTRX - Dividend Comparison

PINCX's dividend yield for the trailing twelve months is around 4.55%, more than SMTRX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 PINCX and SMTRX in my portfolio?

PINCX and SMTRX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.