PMM vs. MLPR

Last updated Jun 4, 2026

PMM (Putnam Managed Municipal Income Trust) is a stock, while MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) is Leveraged Equities fund tracking the Alerian MLP Index (150%). Over the past 5 years, PMM returned -1.28%/yr vs 26.89%/yr for MLPR. At a 0.14 correlation, their price movements are largely independent.

Performance

PMM vs. MLPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Managed Municipal Income Trust (PMM) and ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMM achieves a 1.18% return, which is significantly lower than MLPR's 29.81% return.

PMM

• 1D: -0.48%
• 1M: 2.41%
• YTD: 1.18%
• 6M: 3.10%
• 1Y: 11.84%
• 3Y*: 6.84%
• 5Y*: -1.28%
• 10Y*: 2.68%

MLPR

• 1D: -0.37%
• 1M: -1.12%
• YTD: 29.81%
• 6M: 26.95%
• 1Y: 32.42%
• 3Y*: 32.14%
• 5Y*: 26.89%
• 10Y*: —

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

PMM vs. MLPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMM Putnam Managed Municipal Income Trust	1.18%	10.50%	2.84%	1.89%	-24.13%	13.71%	13.01%
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	29.81%	9.83%	31.57%	35.87%	41.04%	57.33%	-9.51%

Correlation

The correlation between PMM and MLPR is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.14

The correlation between PMM and MLPR shifts across timeframes, from 0.01 (1 year) to 0.15 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PMM vs. MLPR — Risk / Return Rank

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

PMM

PMM Risk / Return Rank: 72
PMM Sharpe Ratio Rank: 75
PMM Sortino Ratio Rank: 73
PMM Omega Ratio Rank: 68
PMM Calmar Ratio Rank: 68
PMM Martin Ratio Rank: 74

MLPR

MLPR Risk / Return Rank: 44
MLPR Sharpe Ratio Rank: 45
MLPR Sortino Ratio Rank: 41
MLPR Omega Ratio Rank: 42
MLPR Calmar Ratio Rank: 47
MLPR Martin Ratio Rank: 45

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.

PMM vs. MLPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Managed Municipal Income Trust (PMM) and ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR). 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	MLPR	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.59	-0.45
Sortino ratio Return per unit of downside risk	1.88	2.11	-0.23
Omega ratio Gain probability vs. loss probability	1.22	1.27	-0.06
Calmar ratio Return relative to maximum drawdown	1.45	2.33	-0.88
Martin ratio Return relative to average drawdown	4.76	7.53	-2.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMM vs. MLPR - Sharpe Ratio Comparison

The current PMM Sharpe Ratio is 1.14, which is comparable to the MLPR Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PMM and MLPR, 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

	PMM	MLPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.59	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.92	-0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.93	-0.70

Drawdowns

PMM vs. MLPR - Drawdown Comparison

The maximum PMM drawdown since its inception was -38.66%, smaller than the maximum MLPR drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for PMM and MLPR.

Drawdown Indicators

	PMM	MLPR	Difference
Max Drawdown Largest peak-to-trough decline	-38.66%	-48.98%	+10.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.21%	-13.97%	+5.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	-24.45%	+6.15%
Max Drawdown (5Y) Largest decline over 5 years	-37.72%	-28.66%	-9.06%
Max Drawdown (10Y) Largest decline over 10 years	-37.72%	—	—
Current Drawdown Current decline from peak	-12.32%	-7.07%	-5.25%
Average Drawdown Average peak-to-trough decline	-11.05%	-8.94%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	4.32%	-1.83%

Volatility

PMM vs. MLPR - Volatility Comparison

The current volatility for Putnam Managed Municipal Income Trust (PMM) is 2.85%, while ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) has a volatility of 8.12%. This indicates that PMM experiences smaller price fluctuations and is considered to be less risky than MLPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMM	MLPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	8.12%	-5.27%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	14.85%	-6.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	20.64%	-10.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	29.52%	-12.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.10%	33.75%	-17.65%

Dividends

PMM vs. MLPR - Dividend Comparison

PMM's dividend yield for the trailing twelve months is around 5.12%, less than MLPR's 9.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	9.00%	10.85%	9.57%	10.08%	7.49%	10.69%	4.21%	0.00%	0.00%	0.00%	0.00%	0.00%
PMM Putnam Managed Municipal Income Trust	5.12%	4.90%	4.78%	5.10%	6.11%	4.38%	4.76%	4.81%	5.42%	5.38%	6.09%	5.92%

Frequently Asked Questions

Can I hold both PMM and MLPR in my portfolio?

PMM and MLPR have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMM or MLPR?

MLPR has higher volatility (8.12%) compared to PMM (2.85%). In terms of maximum drawdown, PMM dropped -38.66% vs MLPR's -48.98%.

Which has better risk-adjusted returns?

MLPR currently has the higher Sharpe Ratio (1.59 vs 1.14), 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.