PMO vs. PMM
PMO (Putnam Municipal Opportunities Trust) and PMM (Putnam Managed Municipal Income Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, PMO returned 2.63%/yr vs 2.81%/yr for PMM. At a 0.39 correlation, their price movements are largely independent.
Performance
PMO vs. PMM - Performance Comparison
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Returns By Period
In the year-to-date period, PMO achieves a 2.11% return, which is significantly lower than PMM's 4.16% return. Over the past 10 years, PMO has underperformed PMM with an annualized return of 2.63%, while PMM has yielded a comparatively higher 2.81% annualized return.
PMO
- 1D
- 0.21%
- 1M
- 4.61%
- YTD
- 2.11%
- 6M
- 4.45%
- 1Y
- 13.97%
- 3Y*
- 5.89%
- 5Y*
- -0.76%
- 10Y*
- 2.63%
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%
PMO vs. PMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMO Putnam Municipal Opportunities Trust | 2.11% | 10.45% | 3.15% | -1.31% | -20.32% | 10.08% | 9.38% | 23.13% | -4.05% | 8.89% |
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% |
Correlation
The correlation between PMO and PMM is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
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 PMO and PMM shifts across timeframes, from 0.39 (all time) to 0.63 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
PMO:
$292.35M
PMM:
$272.96M
PMO:
$3.11
PMM:
$1.85
PMO:
3.44
PMM:
3.44
PMO:
0.19
PMM:
0.01
PMO:
10.75
PMM:
8.73
PMO:
0.94
PMM:
0.95
PMO:
$27.18M
PMM:
$31.28M
PMO:
$18.84M
PMM:
$67.33M
PMO:
$86.11M
PMM:
$61.51M
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Return for Risk
PMO vs. PMM — Risk / Return Rank
PMO
PMM
PMO vs. PMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Municipal Opportunities Trust (PMO) and Putnam Managed Municipal Income Trust (PMM). 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.
| PMO | PMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 1.72 | +0.23 |
| Martin ratioReturn relative to average drawdown | 6.28 | 5.52 | +0.76 |
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Drawdowns
PMO vs. PMM - Drawdown Comparison
The maximum PMO drawdown since its inception was -36.46%, smaller than the maximum PMM drawdown of -38.66%. Use the drawdown chart below to compare losses from any high point for PMO and PMM.
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Drawdown Indicators
| PMO | PMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.46% | -38.66% | +2.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -8.21% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -16.17% | -18.30% | +2.13% |
Max Drawdown (5Y)Largest decline over 5 years | -36.46% | -37.72% | +1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -36.46% | -37.72% | +1.26% |
Current DrawdownCurrent decline from peak | -11.48% | -9.73% | -1.75% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -11.05% | +3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 2.55% | -0.32% |
Volatility
PMO vs. PMM - Volatility Comparison
The current volatility for Putnam Municipal Opportunities Trust (PMO) is 1.67%, while Putnam Managed Municipal Income Trust (PMM) has a volatility of 1.85%. This indicates that PMO experiences smaller price fluctuations and is considered to be less risky than PMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMO | PMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.85% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 7.84% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.57% | 10.48% | -1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.03% | 16.98% | -1.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.28% | 16.10% | -1.82% |
Dividends
PMO vs. PMM - Dividend Comparison
PMO's dividend yield for the trailing twelve months is around 4.54%, less than PMM's 5.10% 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% |
PMO Putnam Municipal Opportunities Trust | 4.54% | 4.25% | 4.15% | 4.64% | 5.87% | 4.42% | 4.65% | 4.85% | 5.55% | 5.26% | 5.89% | 5.81% |
Financials
PMO vs. PMM - Financials Comparison
This section allows you to compare key financial metrics between Putnam Municipal Opportunities Trust and Putnam Managed Municipal Income 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
PMO and PMM have a correlation of 0.59, 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 PMO (1.67%). In terms of maximum drawdown, PMO dropped -36.46% vs PMM's -38.66%.
PMO currently has the higher Sharpe Ratio (1.64 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.
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