PMM vs. HYD
Compare and contrast key facts about Putnam Managed Municipal Income Trust (PMM) and VanEck Vectors High-Yield Municipal Index ETF (HYD).
HYD is a passively managed fund by VanEck that tracks the performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index. It was launched on Feb 4, 2009.
Performance
PMM vs. HYD - Performance Comparison
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PMM vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | -1.30% | 10.50% | 2.84% | 1.89% | -24.13% | 13.71% | 6.26% | 25.01% | -4.49% | 10.56% |
HYD VanEck Vectors High-Yield Municipal Index ETF | -0.34% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Returns By Period
In the year-to-date period, PMM achieves a -1.30% return, which is significantly lower than HYD's -0.34% return. Over the past 10 years, PMM has outperformed HYD with an annualized return of 2.93%, while HYD has yielded a comparatively lower 2.06% annualized return.
PMM
- 1D
- -0.65%
- 1M
- -5.74%
- YTD
- -1.30%
- 6M
- 2.11%
- 1Y
- 3.98%
- 3Y*
- 4.90%
- 5Y*
- -0.59%
- 10Y*
- 2.93%
HYD
- 1D
- 0.90%
- 1M
- -1.26%
- YTD
- -0.34%
- 6M
- 1.38%
- 1Y
- 2.70%
- 3Y*
- 3.60%
- 5Y*
- -0.11%
- 10Y*
- 2.06%
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Return for Risk
PMM vs. HYD — Risk / Return Rank
PMM
HYD
PMM vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Managed Municipal Income Trust (PMM) and VanEck Vectors High-Yield Municipal Index ETF (HYD). 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.
| PMM | HYD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.33 | 0.46 | -0.13 |
Sortino ratioReturn per unit of downside risk | 0.57 | 0.59 | -0.02 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.11 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.61 | 0.73 | -0.12 |
Martin ratioReturn relative to average drawdown | 1.68 | 1.76 | -0.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PMM | HYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 0.46 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | -0.02 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.16 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.44 | -0.21 |
Correlation
The correlation between PMM and HYD is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PMM vs. HYD - Dividend Comparison
PMM's dividend yield for the trailing twelve months is around 5.16%, more than HYD's 4.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | 5.16% | 4.90% | 4.78% | 5.10% | 6.11% | 4.38% | 4.76% | 4.81% | 5.42% | 5.38% | 6.09% | 5.92% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.38% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Drawdowns
PMM vs. HYD - Drawdown Comparison
The maximum PMM drawdown since its inception was -38.66%, which is greater than HYD's maximum drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for PMM and HYD.
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Drawdown Indicators
| PMM | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.66% | -35.61% | -3.05% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -4.42% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -37.72% | -20.72% | -17.00% |
Max Drawdown (10Y)Largest decline over 10 years | -37.72% | -35.61% | -2.11% |
Current DrawdownCurrent decline from peak | -14.47% | -4.40% | -10.07% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -4.34% | -6.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 1.83% | +1.16% |
Volatility
PMM vs. HYD - Volatility Comparison
Putnam Managed Municipal Income Trust (PMM) has a higher volatility of 4.66% compared to VanEck Vectors High-Yield Municipal Index ETF (HYD) at 2.22%. This indicates that PMM's price experiences larger fluctuations and is considered to be riskier than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMM | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.66% | 2.22% | +2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 7.79% | 2.83% | +4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 5.90% | +6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.03% | 6.44% | +10.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.10% | 12.60% | +3.50% |