PMM vs. VMO
PMM (Putnam Managed Municipal Income Trust) and VMO (Invesco Municipal Opportunity Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, PMM returned 2.68%/yr vs 1.79%/yr for VMO. At a 0.28 correlation, their price movements are largely independent.
Performance
PMM vs. VMO - Performance Comparison
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Returns By Period
In the year-to-date period, PMM achieves a 1.18% return, which is significantly lower than VMO's 4.65% return. Over the past 10 years, PMM has outperformed VMO with an annualized return of 2.68%, while VMO has yielded a comparatively lower 1.79% annualized 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%
VMO
- 1D
- -0.61%
- 1M
- 2.44%
- YTD
- 4.65%
- 6M
- 5.55%
- 1Y
- 15.04%
- 3Y*
- 7.99%
- 5Y*
- -1.01%
- 10Y*
- 1.79%
PMM vs. VMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMM Putnam Managed Municipal Income Trust | 1.18% | 10.50% | 2.84% | 1.89% | -24.13% | 13.71% | 6.26% | 25.01% | -4.49% | 10.56% |
VMO Invesco Municipal Opportunity Trust | 4.65% | 6.57% | 7.73% | 1.54% | -24.29% | 12.95% | 8.89% | 16.23% | -4.54% | 3.05% |
Correlation
The correlation between PMM and VMO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 1992 | 0.28 |
The correlation between PMM and VMO shifts across timeframes, from 0.28 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
PMM:
$266.52M
VMO:
$654.17M
PMM:
$1.85
VMO:
$0.64
PMM:
3.36
VMO:
15.23
PMM:
0.01
VMO:
0.16
PMM:
8.52
VMO:
7.90
PMM:
0.93
VMO:
0.95
PMM:
$31.28M
VMO:
$82.85M
PMM:
$67.33M
VMO:
$58.54M
PMM:
$61.51M
VMO:
$58.61M
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Return for Risk
PMM vs. VMO — Risk / Return Rank
PMM
VMO
PMM vs. VMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Managed Municipal Income Trust (PMM) and Invesco Municipal Opportunity Trust (VMO). 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 | VMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.32 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 2.29 | -0.84 |
| Martin ratioReturn relative to average drawdown | 4.76 | 8.85 | -4.09 |
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 | VMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.71 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.09 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.14 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.26 | -0.03 |
Drawdowns
PMM vs. VMO - Drawdown Comparison
The maximum PMM drawdown since its inception was -38.66%, smaller than the maximum VMO drawdown of -50.11%. Use the drawdown chart below to compare losses from any high point for PMM and VMO.
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Drawdown Indicators
| PMM | VMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.66% | -50.11% | +11.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -6.59% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -16.51% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -37.72% | -37.70% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -37.72% | -37.70% | -0.02% |
Current DrawdownCurrent decline from peak | -12.32% | -8.02% | -4.30% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -9.87% | -1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 1.70% | +0.79% |
Volatility
PMM vs. VMO - Volatility Comparison
The current volatility for Putnam Managed Municipal Income Trust (PMM) is 2.85%, while Invesco Municipal Opportunity Trust (VMO) has a volatility of 3.76%. This indicates that PMM experiences smaller price fluctuations and is considered to be less risky than VMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMM | VMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 3.76% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 8.42% | 6.72% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.46% | 8.87% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 11.53% | +5.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.10% | 12.67% | +3.43% |
Dividends
PMM vs. VMO - Dividend Comparison
PMM's dividend yield for the trailing twelve months is around 5.12%, less than VMO's 7.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VMO Invesco Municipal Opportunity Trust | 7.73% | 7.84% | 6.44% | 4.47% | 5.69% | 4.64% | 4.66% | 4.94% | 5.95% | 5.98% | 6.73% | 6.33% |
Financials
PMM vs. VMO - Financials Comparison
This section allows you to compare key financial metrics between Putnam Managed Municipal Income Trust and Invesco Municipal Opportunity 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
Frequently Asked Questions
PMM and VMO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMO has higher volatility (3.76%) compared to PMM (2.85%). In terms of maximum drawdown, PMM dropped -38.66% vs VMO's -50.11%.
VMO currently has the higher Sharpe Ratio (1.71 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.
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