PSDYX vs. NUSIX

Last updated Jun 5, 2026

PSDYX (Putnam Ultra Short Duration Income Fund) and NUSIX (Navigator Ultra Short Term Bond Fund) are both Ultrashort Bond funds. Over the past 5 years, PSDYX returned 3.37%/yr vs 3.68%/yr for NUSIX. At a 0.16 correlation, their price movements are largely independent. PSDYX charges 0.30%/yr vs 0.71%/yr for NUSIX.

Performance

PSDYX vs. NUSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PSDYX achieves a 1.43% return, which is significantly lower than NUSIX's 1.56% return.

PSDYX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.43%
• 6M: 1.82%
• 1Y: 4.39%
• 3Y*: 4.87%
• 5Y*: 3.37%
• 10Y*: 2.53%

NUSIX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.56%
• 6M: 1.88%
• 1Y: 4.27%
• 3Y*: 5.04%
• 5Y*: 3.68%
• 10Y*: —

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

PSDYX vs. NUSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PSDYX Putnam Ultra Short Duration Income Fund	1.43%	4.99%	5.25%	4.78%	0.61%	0.07%	1.50%	1.62%
NUSIX Navigator Ultra Short Term Bond Fund	1.56%	4.63%	5.54%	5.64%	1.14%	0.36%	1.49%	1.60%

Correlation

The correlation between PSDYX and NUSIX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 7, 2019	0.16

The correlation between PSDYX and NUSIX shifts across timeframes, from 0.12 (5 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSDYX vs. NUSIX — Risk / Return Rank

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

PSDYX

PSDYX Risk / Return Rank: 98
PSDYX Sharpe Ratio Rank: 93
PSDYX Sortino Ratio Rank: 99
PSDYX Omega Ratio Rank: 99
PSDYX Calmar Ratio Rank: 98
PSDYX Martin Ratio Rank: 99

NUSIX

NUSIX Risk / Return Rank: 100
NUSIX Sharpe Ratio Rank: 100
NUSIX Sortino Ratio Rank: 100
NUSIX Omega Ratio Rank: 100
NUSIX Calmar Ratio Rank: 100
NUSIX 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. NUSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Ultra Short Duration Income Fund (PSDYX) and Navigator Ultra Short Term Bond Fund (NUSIX). 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.

	PSDYX	NUSIX	Difference
Sharpe ratio: Return per unit of total volatility	3.18	6.91	-3.73
Sortino ratio: Return per unit of downside risk	10.05	29.02	-18.96
Omega ratio: Gain probability vs. loss probability	3.30	18.90	-15.60
Calmar ratio: Return relative to maximum drawdown	8.96	43.25	-34.29
Martin ratio: Return relative to average drawdown	44.19	337.91	-293.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSDYX vs. NUSIX - Sharpe Ratio Comparison

The current PSDYX Sharpe Ratio is 3.18, which is lower than the NUSIX Sharpe Ratio of 6.91. The chart below compares the historical Sharpe Ratios of PSDYX and NUSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSDYX	NUSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	6.91	-3.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.61	4.83	-2.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.19	3.74	-1.55

Drawdowns

PSDYX vs. NUSIX - Drawdown Comparison

The maximum PSDYX drawdown since its inception was -2.58%, roughly equal to the maximum NUSIX drawdown of -2.69%. Use the drawdown chart below to compare losses from any high point for PSDYX and NUSIX.

Drawdown Indicators

	PSDYX	NUSIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.58%	-2.69%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	-0.10%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-0.10%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-0.80%	-0.80%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-2.58%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.08%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.01%	+0.09%

Volatility

PSDYX vs. NUSIX - Volatility Comparison

Putnam Ultra Short Duration Income Fund (PSDYX) has a higher volatility of 0.38% compared to Navigator Ultra Short Term Bond Fund (NUSIX) at 0.18%. This indicates that PSDYX's price experiences larger fluctuations and is considered to be riskier than NUSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSDYX	NUSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.18%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	0.93%	0.43%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	0.62%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.30%	0.77%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	0.83%	+0.23%

PSDYX vs. NUSIX - Expense Ratio Comparison

PSDYX has a 0.30% expense ratio, which is lower than NUSIX's 0.71% expense ratio.

Dividends

PSDYX vs. NUSIX - Dividend Comparison

PSDYX's dividend yield for the trailing twelve months is around 4.40%, more than NUSIX's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUSIX Navigator Ultra Short Term Bond Fund	4.16%	4.25%	5.23%	4.92%	1.74%	0.66%	1.08%	1.99%	0.00%	0.00%	0.00%	0.00%
PSDYX Putnam Ultra Short Duration Income Fund	4.40%	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 NUSIX in my portfolio?

PSDYX and NUSIX have a correlation of 0.23, 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 NUSIX?

PSDYX has higher volatility (0.38%) compared to NUSIX (0.18%). In terms of maximum drawdown, PSDYX dropped -2.58% vs NUSIX's -2.69%.

Which has better risk-adjusted returns?

NUSIX currently has the higher Sharpe Ratio (6.91 vs 3.18), 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.