PMOTX vs. MAHIX
PMOTX (Putnam Mortgage Opportunities Fund) and MAHIX (iMGP High Income Alternatives Fund) are both Nontraditional Bonds funds. Over the past 5 years, PMOTX returned 4.97%/yr vs 4.84%/yr for MAHIX. At a 0.14 correlation, their price movements are largely independent. PMOTX charges 0.47%/yr vs 0.98%/yr for MAHIX.
Performance
PMOTX vs. MAHIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PMOTX achieves a 5.03% return, which is significantly higher than MAHIX's 2.21% return.
PMOTX
- 1D
- -0.11%
- 1M
- 1.25%
- YTD
- 5.03%
- 6M
- 3.74%
- 1Y
- 6.29%
- 3Y*
- 8.14%
- 5Y*
- 4.97%
- 10Y*
- 4.39%
MAHIX
- 1D
- 0.10%
- 1M
- 0.72%
- YTD
- 2.21%
- 6M
- 2.52%
- 1Y
- 7.02%
- 3Y*
- 8.44%
- 5Y*
- 4.84%
- 10Y*
- —
PMOTX vs. MAHIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PMOTX Putnam Mortgage Opportunities Fund | 5.03% | 3.83% | 10.08% | 6.71% | 4.33% | -3.63% | -6.27% | 12.02% | -1.92% |
MAHIX iMGP High Income Alternatives Fund | 2.21% | 7.37% | 8.84% | 12.32% | -7.05% | 5.48% | 5.63% | 8.37% | -2.98% |
Correlation
The correlation between PMOTX and MAHIX is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018 | 0.14 |
The correlation between PMOTX and MAHIX shifts across timeframes, from -0.13 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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
PMOTX vs. MAHIX — Risk / Return Rank
PMOTX
MAHIX
PMOTX vs. MAHIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Mortgage Opportunities Fund (PMOTX) and iMGP High Income Alternatives Fund (MAHIX). 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.
| PMOTX | MAHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.81 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.14 | 4.19 | -0.06 |
| Martin ratioReturn relative to average drawdown | 13.64 | 21.00 | -7.36 |
Loading charts...
Drawdowns
PMOTX vs. MAHIX - Drawdown Comparison
The maximum PMOTX drawdown since its inception was -17.57%, smaller than the maximum MAHIX drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for PMOTX and MAHIX.
Loading charts...
Drawdown Indicators
| PMOTX | MAHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.57% | -20.00% | +2.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.56% | -1.71% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -1.77% | -2.97% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -4.34% | -9.52% | +5.18% |
Max Drawdown (10Y)Largest decline over 10 years | -17.57% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.10% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -1.70% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.34% | +0.13% |
Volatility
PMOTX vs. MAHIX - Volatility Comparison
Putnam Mortgage Opportunities Fund (PMOTX) has a higher volatility of 1.17% compared to iMGP High Income Alternatives Fund (MAHIX) at 0.72%. This indicates that PMOTX's price experiences larger fluctuations and is considered to be riskier than MAHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PMOTX | MAHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.72% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 1.71% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 2.04% | +1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.49% | 2.85% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 4.59% | +0.14% |
PMOTX vs. MAHIX - Expense Ratio Comparison
PMOTX has a 0.47% expense ratio, which is lower than MAHIX's 0.98% expense ratio.
Dividends
PMOTX vs. MAHIX - Dividend Comparison
PMOTX's dividend yield for the trailing twelve months is around 3.70%, less than MAHIX's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MAHIX iMGP High Income Alternatives Fund | 7.75% | 7.16% | 5.98% | 6.28% | 4.25% | 4.80% | 3.75% | 3.65% | 0.65% | 0.00% |
PMOTX Putnam Mortgage Opportunities Fund | 3.70% | 4.26% | 6.11% | 7.73% | 5.17% | 4.72% | 3.64% | 6.83% | 5.94% | 0.77% |
Frequently Asked Questions
PMOTX and MAHIX 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 (1.17%) compared to MAHIX (0.72%). In terms of maximum drawdown, PMOTX dropped -17.57% vs MAHIX's -20.00%.
MAHIX currently has the higher Sharpe Ratio (3.50 vs 2.08), 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 PMOTX and MAHIX
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