PMM vs. PMO
PMM (Putnam Managed Municipal Income Trust) and PMO (Putnam Municipal Opportunities Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, PMM returned 3.43%/yr vs 2.97%/yr for PMO. At a 0.39 correlation, their price movements are largely independent.
Performance
PMM vs. PMO - Performance Comparison
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Returns By Period
In the year-to-date period, PMM achieves a 7.27% return, which is significantly higher than PMO's 3.26% return. Over the past 10 years, PMM has outperformed PMO with an annualized return of 3.43%, while PMO has yielded a comparatively lower 2.97% annualized return.
PMM
- 1D
- 1.08%
- 1M
- 4.84%
- 6M
- 7.27%
- YTD
- 7.27%
- 1Y
- 16.06%
- 3Y*
- 6.84%
- 5Y*
- -0.44%
- 10Y*
- 3.43%
PMO
- 1D
- 1.03%
- 1M
- 2.97%
- 6M
- 3.74%
- YTD
- 3.26%
- 1Y
- 13.74%
- 3Y*
- 5.77%
- 5Y*
- -0.91%
- 10Y*
- 2.97%
PMM vs. PMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | 7.27% | 10.50% | 2.84% | 1.89% | -24.13% | 13.71% | 6.26% | 25.01% | -4.49% | 10.56% |
PMO Putnam Municipal Opportunities Trust | 3.26% | 10.45% | 3.15% | -1.31% | -20.32% | 10.08% | 9.38% | 23.13% | -4.05% | 8.89% |
Correlation
The correlation between PMM and PMO is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.39 |
The correlation between PMM and PMO shifts across timeframes, from 0.39 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
PMM:
$280.56M
PMO:
$302.75M
PMM:
$0.92
PMO:
$1.47
PMM:
7.10
PMO:
7.36
PMM:
0.03
PMO:
0.05
PMM:
8.30
PMO:
10.69
PMM:
0.98
PMO:
0.95
PMM:
$33.84M
PMO:
$27.64M
PMM:
$30.73M
PMO:
$24.85M
PMM:
$30.18M
PMO:
$41.22M
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Return for Risk
PMM vs. PMO — Risk / Return Rank
PMM
PMO
PMM vs. PMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Managed Municipal Income Trust (PMM) and Putnam Municipal Opportunities Trust (PMO). 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.
| PMM | PMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.30 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 1.92 | +0.05 |
| Martin ratioReturn relative to average drawdown | 6.68 | 6.20 | +0.48 |
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Drawdowns
PMM vs. PMO - Drawdown Comparison
The maximum PMM drawdown since its inception was -38.66%, which is greater than PMO's maximum drawdown of -36.46%. Use the drawdown chart below to compare losses from any high point for PMM and PMO.
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Drawdown Indicators
| PMM | PMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.66% | -36.46% | -2.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -7.19% | -1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -16.17% | -2.13% |
Max Drawdown (5Y)Largest decline over 5 years | -37.72% | -36.46% | -1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -37.72% | -36.46% | -1.26% |
Current DrawdownCurrent decline from peak | -7.04% | -10.49% | +3.45% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -7.96% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 2.22% | +0.21% |
Volatility
PMM vs. PMO - Volatility Comparison
The current volatility for Putnam Managed Municipal Income Trust (PMM) is 2.99%, while Putnam Municipal Opportunities Trust (PMO) has a volatility of 3.73%. This indicates that PMM experiences smaller price fluctuations and is considered to be less risky than PMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMM | PMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 3.73% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 7.17% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.65% | 9.14% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 15.10% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 14.26% | +1.79% |
Dividends
PMM vs. PMO - Dividend Comparison
PMM's dividend yield for the trailing twelve months is around 4.95%, more than PMO's 4.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | 4.95% | 4.90% | 4.78% | 5.10% | 6.11% | 4.38% | 4.76% | 4.81% | 5.42% | 5.38% | 6.09% | 5.92% |
PMO Putnam Municipal Opportunities Trust | 4.49% | 4.25% | 4.15% | 4.64% | 5.87% | 4.42% | 4.65% | 4.85% | 5.55% | 5.26% | 5.89% | 5.81% |
Financials
PMM vs. PMO - Financials Comparison
This section allows you to compare key financial metrics between Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
PMM vs. PMO - Profitability Comparison
PMM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Putnam Managed Municipal Income Trust reported a gross profit of 9.25M and revenue of 10.28M. Therefore, the gross margin over that period was 90.0%.
PMO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Putnam Municipal Opportunities Trust reported a gross profit of 8.52M and revenue of 9.73M. Therefore, the gross margin over that period was 87.5%.
PMM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Putnam Managed Municipal Income Trust reported an operating income of 8.99M and revenue of 10.28M, resulting in an operating margin of 87.4%.
PMO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Putnam Municipal Opportunities Trust reported an operating income of 7.68M and revenue of 9.73M, resulting in an operating margin of 78.9%.
PMM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Putnam Managed Municipal Income Trust reported a net income of 8.73M and revenue of 10.28M, resulting in a net margin of 85.0%.
PMO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Putnam Municipal Opportunities Trust reported a net income of 7.39M and revenue of 9.73M, resulting in a net margin of 75.9%.
Frequently Asked Questions
PMM and PMO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMO has higher volatility (3.73%) compared to PMM (2.99%). In terms of maximum drawdown, PMM dropped -38.66% vs PMO's -36.46%.
PMM currently has the higher Sharpe Ratio (1.51 vs 1.51), 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.
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