PSDYX vs. PAIPX

Last updated Aug 4, 2026

PSDYX (Putnam Ultra Short Duration Income Fund) and PAIPX (PIMCO Short Asset Investment Fund) are both Ultrashort Bond funds. Over the past 10 years, PSDYX returned 2.53%/yr vs 2.53%/yr for PAIPX. Their 0.38 correlation means their historical movements had little consistent relationship. PSDYX charges 0.30%/yr vs 0.45%/yr for PAIPX.

Performance

PSDYX vs. PAIPX - Performance Comparison

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

Returns By Period

In the year-to-date period, PSDYX achieves a 1.68% return, which is significantly lower than PAIPX's 2.23% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: PSDYX at 2.53% and PAIPX at 2.53%.

PSDYX

• 1D: 0.00%
• 1M: -0.10%
• 6M: 1.31%
• YTD: 1.68%
• 1Y: 3.63%
• 3Y*: 4.59%
• 5Y*: 3.43%
• 10Y*: 2.53%
• ALL TIME*: 2.01%

PAIPX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.83%
• YTD: 2.23%
• 1Y: 4.23%
• 3Y*: 4.91%
• 5Y*: 3.46%
• 10Y*: 2.53%
• ALL TIME*: 2.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PAIPX PIMCO Short Asset Investment Fund	$0.00	$0.00	$0.00
PSDYX Putnam Ultra Short Duration Income Fund	$0.00	$0.00	$0.00

PSDYX vs. PAIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSDYX Putnam Ultra Short Duration Income Fund	1.68%	4.99%	5.25%	4.78%	0.61%	0.07%	1.50%	2.86%	1.95%	1.40%
PAIPX PIMCO Short Asset Investment Fund	2.23%	4.83%	5.93%	4.55%	0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%

Correlation

The correlation between PSDYX and PAIPX is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.29
Correlation (10Y) Provides a long-term view across more market conditions.	0.38
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.38

The correlation between PSDYX and PAIPX shifts across timeframes, from 0.29 (5 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSDYX vs. PAIPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 98
PSDYX Martin Ratio Rank: 99

PAIPX

PAIPX Risk / Return Rank: 100
PAIPX Sharpe Ratio Rank: 99
PAIPX Sortino Ratio Rank: 100
PAIPX Omega Ratio Rank: 100
PAIPX Calmar Ratio Rank: 100
PAIPX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSDYX vs. PAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Ultra Short Duration Income Fund (PSDYX) and PIMCO Short Asset Investment Fund (PAIPX). 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	PAIPX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	3.75	-0.88
Sortino ratio: Return per unit of downside risk	9.06	17.03	-7.97
Omega ratio: Gain probability vs. loss probability	3.19	7.92	-4.73
Calmar ratio: Return relative to maximum drawdown	7.61	42.58	-34.96
Martin ratio: Return relative to average drawdown	37.11	127.50	-90.39

PSDYX vs. PAIPX - Sharpe Ratio Comparison

The current PSDYX Sharpe Ratio is 2.88, which is comparable to the PAIPX Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of PSDYX and PAIPX, 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. PAIPX - Drawdown Comparison

The maximum PSDYX drawdown since its inception was -2.58%, smaller than the maximum PAIPX drawdown of -3.49%. Use the drawdown chart below to compare losses from any high point for PSDYX and PAIPX.

Drawdown Indicators

	PSDYX	PAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-2.58%	-3.49%	+0.91%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	-0.10%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-1.20%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-0.80%	-1.61%	+0.81%
Max Drawdown (10Y) Largest decline over 10 years	-2.58%	-3.49%	+0.91%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.14%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.03%	+0.07%

Volatility

PSDYX vs. PAIPX - Volatility Comparison

The current volatility for Putnam Ultra Short Duration Income Fund (PSDYX) is 0.17%, while PIMCO Short Asset Investment Fund (PAIPX) has a volatility of 0.25%. This indicates that PSDYX experiences smaller price fluctuations and is considered to be less risky than PAIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSDYX	PAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.25%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.93%	0.79%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.36%	1.19%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	1.67%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	1.35%	-0.29%

PSDYX vs. PAIPX - Expense Ratio Comparison

PSDYX has a 0.30% expense ratio, which is lower than PAIPX's 0.45% expense ratio.

Dividends

PSDYX vs. PAIPX - Dividend Comparison

PSDYX's dividend yield for the trailing twelve months is around 3.97%, more than PAIPX's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAIPX PIMCO Short Asset Investment Fund	3.53%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%
PSDYX Putnam Ultra Short Duration Income Fund	3.97%	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 PAIPX in my portfolio?

PSDYX and PAIPX have a correlation of 0.41, 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 PAIPX?

PAIPX has higher volatility (0.25%) compared to PSDYX (0.17%). In terms of maximum drawdown, PSDYX dropped -2.58% vs PAIPX's -3.49%.

Which has better risk-adjusted returns?

PAIPX currently has the higher Sharpe Ratio (3.75 vs 2.88), 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.