PSDYX vs. FCNVX

Last updated Jul 18, 2026

PSDYX (Putnam Ultra Short Duration Income Fund) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both Ultrashort Bond funds. Over the past 10 years, PSDYX returned 2.56%/yr vs 2.61%/yr for FCNVX. At a 0.47 correlation, their price movements are largely independent. PSDYX charges 0.30%/yr vs 0.25%/yr for FCNVX.

Performance

PSDYX vs. FCNVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Ultra Short Duration Income Fund (PSDYX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PSDYX having a 1.78% return and FCNVX slightly higher at 1.82%. Both investments have delivered pretty close results over the past 10 years, with PSDYX having a 2.56% annualized return and FCNVX not far ahead at 2.61%.

PSDYX

• 1D: 0.00%
• 1M: 0.34%
• 6M: 1.78%
• YTD: 1.78%
• 1Y: 4.25%
• 3Y*: 4.80%
• 5Y*: 3.45%
• 10Y*: 2.56%

FCNVX

• 1D: 0.00%
• 1M: 0.41%
• 6M: 1.82%
• YTD: 1.82%
• 1Y: 4.09%
• 3Y*: 4.96%
• 5Y*: 3.66%
• 10Y*: 2.61%

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

PSDYX vs. FCNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSDYX Putnam Ultra Short Duration Income Fund	1.78%	4.99%	5.25%	4.78%	0.61%	0.07%	1.50%	2.86%	1.95%	1.40%
FCNVX Fidelity Conservative Income Bond Institutional Class	1.82%	4.51%	5.43%	5.86%	0.85%	-0.06%	1.10%	3.00%	1.82%	1.42%

Correlation

The correlation between PSDYX and FCNVX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.47

The correlation between PSDYX and FCNVX shifts across timeframes, from 0.41 (3 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSDYX vs. FCNVX — Risk / Return Rank

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

PSDYX

PSDYX Risk / Return Rank: 99
PSDYX Sharpe Ratio Rank: 97
PSDYX Sortino Ratio Rank: 99
PSDYX Omega Ratio Rank: 99
PSDYX Calmar Ratio Rank: 99
PSDYX Martin Ratio Rank: 99

FCNVX

FCNVX Risk / Return Rank: 100
FCNVX Sharpe Ratio Rank: 98
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX Martin Ratio Rank: 100

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.

PSDYX vs. FCNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Ultra Short Duration Income Fund (PSDYX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.

	PSDYX	FCNVX	Difference
Sharpe ratio: Return per unit of total volatility	3.16	3.47	-0.31
Sortino ratio: Return per unit of downside risk	10.61	18.03	-7.43
Omega ratio: Gain probability vs. loss probability	3.65	8.77	-5.12
Calmar ratio: Return relative to maximum drawdown	8.67	41.30	-32.62
Martin ratio: Return relative to average drawdown	43.02	132.04	-89.02

PSDYX vs. FCNVX - Sharpe Ratio Comparison

The current PSDYX Sharpe Ratio is 3.16, which is comparable to the FCNVX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of PSDYX and FCNVX, 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

PSDYX vs. FCNVX - Drawdown Comparison

The maximum PSDYX drawdown since its inception was -2.58%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for PSDYX and FCNVX.

Drawdown Indicators

	PSDYX	FCNVX	Difference
Max Drawdown Largest peak-to-trough decline	-2.58%	-2.19%	-0.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	-0.10%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-0.30%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-0.80%	-0.59%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-2.58%	-2.19%	-0.39%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.05%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.03%	+0.07%

Volatility

PSDYX vs. FCNVX - Volatility Comparison

The current volatility for Putnam Ultra Short Duration Income Fund (PSDYX) is 0.37%, while Fidelity Conservative Income Bond Institutional Class (FCNVX) has a volatility of 0.40%. This indicates that PSDYX experiences smaller price fluctuations and is considered to be less risky than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSDYX	FCNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.40%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	0.81%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	1.36%	1.18%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	1.30%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	1.05%	+0.01%

PSDYX vs. FCNVX - Expense Ratio Comparison

PSDYX has a 0.30% expense ratio, which is higher than FCNVX's 0.25% expense ratio.

Dividends

PSDYX vs. FCNVX - Dividend Comparison

PSDYX's dividend yield for the trailing twelve months is around 4.36%, more than FCNVX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNVX Fidelity Conservative Income Bond Institutional Class	4.10%	4.41%	5.17%	4.97%	1.24%	0.24%	0.99%	2.45%	2.21%	1.30%	1.01%	0.48%
PSDYX Putnam Ultra Short Duration Income Fund	4.36%	4.65%	4.81%	3.65%	1.30%	0.37%	1.09%	2.51%	2.23%	1.29%	0.88%	0.57%

Frequently Asked Questions

Can I hold both PSDYX and FCNVX in my portfolio?

PSDYX and FCNVX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSDYX or FCNVX?

FCNVX has higher volatility (0.40%) compared to PSDYX (0.37%). In terms of maximum drawdown, PSDYX dropped -2.58% vs FCNVX's -2.19%.

Which has better risk-adjusted returns?

FCNVX currently has the higher Sharpe Ratio (3.47 vs 3.16), 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.