PMM vs. TFLO
PMM (Putnam Managed Municipal Income Trust) is a stock, while TFLO (iShares Treasury Floating Rate Bond ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. Over the past 10 years, PMM returned 2.81%/yr vs 2.38%/yr for TFLO. At a correlation of -0.01, they often move in opposite directions.
Performance
PMM vs. TFLO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PMM achieves a 4.16% return, which is significantly higher than TFLO's 1.81% return. Over the past 10 years, PMM has outperformed TFLO with an annualized return of 2.81%, while TFLO has yielded a comparatively lower 2.38% annualized return.
PMM
- 1D
- 0.68%
- 1M
- 3.79%
- YTD
- 4.16%
- 6M
- 6.19%
- 1Y
- 14.03%
- 3Y*
- 6.54%
- 5Y*
- -1.39%
- 10Y*
- 2.81%
TFLO
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.81%
- 6M
- 1.91%
- 1Y
- 3.99%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
PMM vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | 4.16% | 10.50% | 2.84% | 1.89% | -24.13% | 13.71% | 6.26% | 25.01% | -4.49% | 10.56% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.81% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
Correlation
The correlation between PMM and TFLO is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PMM vs. TFLO — Risk / Return Rank
PMM
TFLO
PMM vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Managed Municipal Income Trust (PMM) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.77 | ||
| Sortino ratioReturn per unit of downside risk | -48.92 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 14.01 | -12.75 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 202.27 | -200.55 |
| Martin ratioReturn relative to average drawdown | 5.52 | 827.47 | -821.95 |
Loading charts...
Drawdowns
PMM vs. TFLO - Drawdown Comparison
The maximum PMM drawdown since its inception was -38.66%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for PMM and TFLO.
Loading charts...
Drawdown Indicators
| PMM | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.66% | -5.01% | -33.65% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -0.02% | -8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -0.04% | -18.26% |
Max Drawdown (5Y)Largest decline over 5 years | -37.72% | -0.13% | -37.59% |
Max Drawdown (10Y)Largest decline over 10 years | -37.72% | -0.16% | -37.56% |
Current DrawdownCurrent decline from peak | -9.73% | 0.00% | -9.73% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -0.10% | -10.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 0.00% | +2.55% |
Volatility
PMM vs. TFLO - Volatility Comparison
Putnam Managed Municipal Income Trust (PMM) has a higher volatility of 1.85% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.08%. This indicates that PMM's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PMM | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 0.08% | +1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 7.84% | 0.20% | +7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.48% | 0.29% | +10.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 0.35% | +16.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.10% | 0.46% | +15.64% |
Dividends
PMM vs. TFLO - Dividend Comparison
PMM's dividend yield for the trailing twelve months is around 5.10%, more than TFLO's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | 5.10% | 4.90% | 4.78% | 5.10% | 6.11% | 4.38% | 4.76% | 4.81% | 5.42% | 5.38% | 6.09% | 5.92% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
PMM and TFLO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMM has higher volatility (1.85%) compared to TFLO (0.08%). In terms of maximum drawdown, PMM dropped -38.66% vs TFLO's -5.01%.
TFLO currently has the higher Sharpe Ratio (14.11 vs 1.34), 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.
Find the right allocation for PMM and TFLO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer