PMT vs. QQQX

Last updated Jul 14, 2026

PMT (PennyMac Mortgage Investment Trust) is a stock, while QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) is Derivative Income fund actively managed by Nuveen. Over the past 10 years, PMT returned 7.64%/yr vs 13.19%/yr for QQQX. At a 0.36 correlation, their price movements are largely independent.

Performance

PMT vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PennyMac Mortgage Investment Trust (PMT) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMT achieves a -7.91% return, which is significantly lower than QQQX's 11.14% return. Over the past 10 years, PMT has underperformed QQQX with an annualized return of 7.64%, while QQQX has yielded a comparatively higher 13.19% annualized return.

PMT

• 1D: -0.97%
• 1M: 10.39%
• 6M: -11.65%
• YTD: -7.91%
• 1Y: -2.11%
• 3Y*: 4.95%
• 5Y*: 0.55%
• 10Y*: 7.64%

QQQX

• 1D: -0.72%
• 1M: 0.23%
• 6M: 11.06%
• YTD: 11.14%
• 1Y: 25.81%
• 3Y*: 15.57%
• 5Y*: 8.69%
• 10Y*: 13.19%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PMT vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMT PennyMac Mortgage Investment Trust	-7.91%	13.23%	-5.38%	36.11%	-18.07%	8.47%	-12.99%	30.33%	28.04%	9.42%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	11.14%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%

Correlation

The correlation between PMT and QQQX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jul 30, 2009	0.36

The correlation between PMT and QQQX shifts across timeframes, from 0.25 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PMT : $887.72M QQQX : $1.39B
EPS PMT : $1.52 QQQX : $7.57
PE Ratio PMT : 6.69 QQQX : 3.75
PEG Ratio PMT : 0.05 QQQX : 0.43
PS Ratio PMT : 0.83 QQQX : 8.63
PB Ratio PMT : 0.47 QQQX : 1.01
Total Revenue (TTM) PMT : $1.06B QQQX : $160.60M
Gross Profit (TTM) PMT : $946.50M QQQX : $152.14M
EBITDA (TTM) PMT : $966.77M QQQX : $369.75M

Return for Risk

PMT vs. QQQX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PMT

PMT Risk / Return Rank: 40
PMT Sharpe Ratio Rank: 43
PMT Sortino Ratio Rank: 36
PMT Omega Ratio Rank: 36
PMT Calmar Ratio Rank: 43
PMT Martin Ratio Rank: 42

QQQX

QQQX Risk / Return Rank: 64
QQQX Sharpe Ratio Rank: 54
QQQX Sortino Ratio Rank: 56
QQQX Omega Ratio Rank: 54
QQQX Calmar Ratio Rank: 78
QQQX Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMT vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PennyMac Mortgage Investment Trust (PMT) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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.

	PMT	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	1.65	-1.72
Sortino ratio: Return per unit of downside risk	0.09	2.38	-2.29
Omega ratio: Gain probability vs. loss probability	1.01	1.30	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.08	2.84	-2.92
Martin ratio: Return relative to average drawdown	-0.19	10.99	-11.18

PMT vs. QQQX - Sharpe Ratio Comparison

The current PMT Sharpe Ratio is -0.07, which is lower than the QQQX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PMT and QQQX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PMT vs. QQQX - Drawdown Comparison

The maximum PMT drawdown since its inception was -75.90%, which is greater than QQQX's maximum drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for PMT and QQQX.

Drawdown Indicators

	PMT	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-75.90%	-57.25%	-18.65%
Max Drawdown (1Y) Largest decline over 1 year	-26.14%	-9.11%	-17.03%
Max Drawdown (3Y) Largest decline over 3 years	-26.14%	-22.80%	-3.34%
Max Drawdown (5Y) Largest decline over 5 years	-39.81%	-29.33%	-10.48%
Max Drawdown (10Y) Largest decline over 10 years	-75.90%	-35.96%	-39.94%
Current Drawdown Current decline from peak	-16.32%	-2.36%	-13.96%
Average Drawdown Average peak-to-trough decline	-11.60%	-8.00%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.25%	2.35%	+8.90%

Volatility

PMT vs. QQQX - Volatility Comparison

PennyMac Mortgage Investment Trust (PMT) has a higher volatility of 10.65% compared to Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) at 6.75%. This indicates that PMT's price experiences larger fluctuations and is considered to be riskier than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMT	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.65%	6.75%	+3.90%
Volatility (6M) Calculated over the trailing 6-month period	24.07%	13.26%	+10.81%
Volatility (1Y) Calculated over the trailing 1-year period	28.49%	15.75%	+12.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.88%	20.05%	+9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.31%	21.14%	+24.17%

Dividends

PMT vs. QQQX - Dividend Comparison

PMT's dividend yield for the trailing twelve months is around 20.94%, more than QQQX's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMT PennyMac Mortgage Investment Trust	20.94%	12.75%	12.71%	10.70%	14.61%	10.85%	8.64%	8.43%	10.10%	11.70%	11.48%	14.15%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.17%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both PMT and QQQX in my portfolio?

PMT and QQQX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMT or QQQX?

PMT has higher volatility (10.65%) compared to QQQX (6.75%). In terms of maximum drawdown, PMT dropped -75.90% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

QQQX currently has the higher Sharpe Ratio (1.65 vs -0.07), 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.