PMOTX vs. GMODX
PMOTX (Putnam Mortgage Opportunities Fund) and GMODX (GMO Opportunistic Income Fund) are both Nontraditional Bonds funds. Over the past 10 years, PMOTX returned 4.31%/yr vs 4.25%/yr for GMODX. At a correlation of -0.06, they often move in opposite directions. Both charge a 0.47% expense ratio.
Performance
PMOTX vs. GMODX - Performance Comparison
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Returns By Period
In the year-to-date period, PMOTX achieves a 4.69% return, which is significantly higher than GMODX's 1.14% return. Both investments have delivered pretty close results over the past 10 years, with PMOTX having a 4.31% annualized return and GMODX not far behind at 4.25%.
PMOTX
- 1D
- 0.00%
- 1M
- 1.59%
- YTD
- 4.69%
- 6M
- 3.40%
- 1Y
- 6.18%
- 3Y*
- 8.30%
- 5Y*
- 4.64%
- 10Y*
- 4.31%
GMODX
- 1D
- 0.08%
- 1M
- -0.01%
- YTD
- 1.14%
- 6M
- 1.48%
- 1Y
- 4.66%
- 3Y*
- 5.84%
- 5Y*
- 3.86%
- 10Y*
- 4.25%
PMOTX vs. GMODX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMOTX Putnam Mortgage Opportunities Fund | 4.69% | 3.83% | 10.08% | 6.71% | 4.33% | -3.63% | -6.27% | 12.02% | 3.12% | 6.13% |
GMODX GMO Opportunistic Income Fund | 1.14% | 6.47% | 6.11% | 7.07% | -2.09% | 2.83% | 3.34% | 3.83% | 4.01% | 6.41% |
Correlation
The correlation between PMOTX and GMODX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016 | -0.06 |
The correlation between PMOTX and GMODX shifts across timeframes, from -0.07 (10 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PMOTX vs. GMODX — Risk / Return Rank
PMOTX
GMODX
PMOTX vs. GMODX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Mortgage Opportunities Fund (PMOTX) and GMO Opportunistic Income Fund (GMODX). 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.
| PMOTX | GMODX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.76 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.99 | 7.10 | -3.11 |
| Martin ratioReturn relative to average drawdown | 13.16 | 29.92 | -16.76 |
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
| PMOTX | GMODX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 3.48 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.33 | 1.02 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | 1.40 | -0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 1.38 | -0.53 |
Drawdowns
PMOTX vs. GMODX - Drawdown Comparison
The maximum PMOTX drawdown since its inception was -17.57%, which is greater than GMODX's maximum drawdown of -8.79%. Use the drawdown chart below to compare losses from any high point for PMOTX and GMODX.
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Drawdown Indicators
| PMOTX | GMODX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.57% | -8.79% | -8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -1.56% | -0.65% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -1.77% | -4.97% | +3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -6.20% | -5.79% | -0.41% |
Max Drawdown (10Y)Largest decline over 10 years | -17.57% | -8.79% | -8.78% |
Current DrawdownCurrent decline from peak | -0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -0.70% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.16% | +0.31% |
Volatility
PMOTX vs. GMODX - Volatility Comparison
Putnam Mortgage Opportunities Fund (PMOTX) has a higher volatility of 1.15% compared to GMO Opportunistic Income Fund (GMODX) at 0.47%. This indicates that PMOTX's price experiences larger fluctuations and is considered to be riskier than GMODX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMOTX | GMODX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 0.47% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 0.91% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 1.35% | +1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.52% | 3.82% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 3.04% | +1.69% |
PMOTX vs. GMODX - Expense Ratio Comparison
Both PMOTX and GMODX have an expense ratio of 0.47%.
Dividends
PMOTX vs. GMODX - Dividend Comparison
PMOTX's dividend yield for the trailing twelve months is around 3.71%, less than GMODX's 5.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMODX GMO Opportunistic Income Fund | 5.01% | 4.99% | 5.28% | 6.17% | 5.44% | 2.10% | 4.15% | 5.69% | 4.35% | 2.66% | 2.55% | 1.71% |
PMOTX Putnam Mortgage Opportunities Fund | 3.71% | 4.26% | 6.11% | 7.73% | 5.17% | 4.72% | 3.64% | 6.83% | 5.94% | 0.77% | 0.00% | 0.00% |
Frequently Asked Questions
PMOTX and GMODX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMOTX has higher volatility (1.15%) compared to GMODX (0.47%). In terms of maximum drawdown, PMOTX dropped -17.57% vs GMODX's -8.79%.
GMODX currently has the higher Sharpe Ratio (3.48 vs 2.01), 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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