PMM vs. MLPR
Compare and contrast key facts about Putnam Managed Municipal Income Trust (PMM) and ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR).
MLPR is a passively managed fund by UBS that tracks the performance of the Alerian MLP Index (150%). It was launched on Jun 2, 2020.
Performance
PMM vs. MLPR - Performance Comparison
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PMM vs. MLPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | -0.65% | 10.50% | 2.84% | 1.89% | -24.13% | 13.71% | 13.01% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 24.29% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | -9.51% |
Returns By Period
In the year-to-date period, PMM achieves a -0.65% return, which is significantly lower than MLPR's 24.29% return.
PMM
- 1D
- 3.36%
- 1M
- -4.24%
- YTD
- -0.65%
- 6M
- 4.48%
- 1Y
- 5.69%
- 3Y*
- 5.12%
- 5Y*
- -0.46%
- 10Y*
- 2.99%
MLPR
- 1D
- -1.21%
- 1M
- 1.32%
- YTD
- 24.29%
- 6M
- 30.59%
- 1Y
- 15.78%
- 3Y*
- 32.28%
- 5Y*
- 32.14%
- 10Y*
- —
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Return for Risk
PMM vs. MLPR — Risk / Return Rank
PMM
MLPR
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 ratioReturn per unit of total volatility | 0.47 | 0.57 | -0.09 |
Sortino ratioReturn per unit of downside risk | 0.77 | 0.86 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.13 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.62 | +0.01 |
Martin ratioReturn relative to average drawdown | 1.75 | 1.44 | +0.30 |
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 | MLPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.47 | 0.57 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 1.09 | -1.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.93 | -0.70 |
Correlation
The correlation between PMM and MLPR is 0.15, 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. MLPR - Dividend Comparison
PMM's dividend yield for the trailing twelve months is around 5.13%, less than MLPR's 9.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | 5.13% | 4.90% | 4.78% | 5.10% | 6.11% | 4.38% | 4.76% | 4.81% | 5.42% | 5.38% | 6.09% | 5.92% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.14% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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.
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Drawdown Indicators
| PMM | MLPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.66% | -48.98% | +10.32% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -24.45% | +16.24% |
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 DrawdownCurrent decline from peak | -13.91% | -4.17% | -9.74% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -9.09% | -1.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 10.53% | -7.57% |
Volatility
PMM vs. MLPR - Volatility Comparison
Putnam Managed Municipal Income Trust (PMM) and ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) have volatilities of 4.70% and 4.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMM | MLPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 4.93% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 7.78% | 14.06% | -6.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.07% | 28.04% | -15.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.03% | 29.60% | -12.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.10% | 34.01% | -17.91% |