SSIIX vs. PMOTX

Last updated Jun 4, 2026

SSIIX (Sierra Tactical Core Income Fund) and PMOTX (Putnam Mortgage Opportunities Fund) are both Nontraditional Bonds funds. Over the past 10 years, SSIIX returned 2.51%/yr vs 4.31%/yr for PMOTX. At a 0.12 correlation, their price movements are largely independent. SSIIX charges 1.35%/yr vs 0.47%/yr for PMOTX.

Performance

SSIIX vs. PMOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sierra Tactical Core Income Fund (SSIIX) and Putnam Mortgage Opportunities Fund (PMOTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSIIX achieves a 1.35% return, which is significantly lower than PMOTX's 4.69% return. Over the past 10 years, SSIIX has underperformed PMOTX with an annualized return of 2.51%, while PMOTX has yielded a comparatively higher 4.31% annualized return.

SSIIX

• 1D: 0.20%
• 1M: 1.12%
• YTD: 1.35%
• 6M: 1.58%
• 1Y: 5.99%
• 3Y*: 4.38%
• 5Y*: 1.12%
• 10Y*: 2.51%

PMOTX

• 1D: 0.11%
• 1M: 1.59%
• YTD: 4.69%
• 6M: 3.40%
• 1Y: 6.30%
• 3Y*: 8.35%
• 5Y*: 4.67%
• 10Y*: 4.31%

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

SSIIX vs. PMOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSIIX Sierra Tactical Core Income Fund	1.35%	3.20%	3.84%	3.68%	-5.29%	0.18%	4.78%	7.77%	-1.38%	5.43%
PMOTX Putnam Mortgage Opportunities Fund	4.69%	3.83%	10.08%	6.71%	4.33%	-3.63%	-6.27%	12.02%	3.12%	6.13%

Correlation

The correlation between SSIIX and PMOTX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.12

Return for Risk

SSIIX vs. PMOTX — Risk / Return Rank

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

SSIIX

SSIIX Risk / Return Rank: 49
SSIIX Sharpe Ratio Rank: 59
SSIIX Sortino Ratio Rank: 58
SSIIX Omega Ratio Rank: 64
SSIIX Calmar Ratio Rank: 32
SSIIX Martin Ratio Rank: 29

PMOTX

PMOTX Risk / Return Rank: 64
PMOTX Sharpe Ratio Rank: 47
PMOTX Sortino Ratio Rank: 45
PMOTX Omega Ratio Rank: 75
PMOTX Calmar Ratio Rank: 85
PMOTX Martin Ratio Rank: 68

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.

SSIIX vs. PMOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sierra Tactical Core Income Fund (SSIIX) and Putnam Mortgage Opportunities Fund (PMOTX). 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.

	SSIIX	PMOTX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.01	+0.27
Sortino ratio: Return per unit of downside risk	3.22	2.83	+0.39
Omega ratio: Gain probability vs. loss probability	1.45	1.49	-0.05
Calmar ratio: Return relative to maximum drawdown	2.13	3.99	-1.86
Martin ratio: Return relative to average drawdown	6.86	13.16	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSIIX vs. PMOTX - Sharpe Ratio Comparison

The current SSIIX Sharpe Ratio is 2.28, which is comparable to the PMOTX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SSIIX and PMOTX, 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

	SSIIX	PMOTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.01	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	1.33	-0.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.91	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.85	+0.44

Drawdowns

SSIIX vs. PMOTX - Drawdown Comparison

The maximum SSIIX drawdown since its inception was -9.34%, smaller than the maximum PMOTX drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for SSIIX and PMOTX.

Drawdown Indicators

	SSIIX	PMOTX	Difference
Max Drawdown Largest peak-to-trough decline	-9.34%	-17.57%	+8.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-1.56%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-3.90%	-1.77%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-9.34%	-6.20%	-3.14%
Max Drawdown (10Y) Largest decline over 10 years	-9.34%	-17.57%	+8.23%
Current Drawdown Current decline from peak	-0.40%	-0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-1.84%	-2.99%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.47%	+0.41%

Volatility

SSIIX vs. PMOTX - Volatility Comparison

The current volatility for Sierra Tactical Core Income Fund (SSIIX) is 1.05%, while Putnam Mortgage Opportunities Fund (PMOTX) has a volatility of 1.17%. This indicates that SSIIX experiences smaller price fluctuations and is considered to be less risky than PMOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSIIX	PMOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.17%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	2.55%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	3.11%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.03%	3.53%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.58%	4.73%	-2.15%

SSIIX vs. PMOTX - Expense Ratio Comparison

SSIIX has a 1.35% expense ratio, which is higher than PMOTX's 0.47% expense ratio.

Dividends

SSIIX vs. PMOTX - Dividend Comparison

SSIIX's dividend yield for the trailing twelve months is around 4.03%, more than PMOTX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMOTX Putnam Mortgage Opportunities Fund	3.71%	4.26%	6.11%	7.73%	5.17%	4.72%	3.64%	6.83%	5.94%	0.77%	0.00%	0.00%
SSIIX Sierra Tactical Core Income Fund	4.03%	4.31%	4.29%	3.75%	1.39%	2.51%	2.34%	2.76%	2.61%	3.11%	2.64%	3.36%

Frequently Asked Questions

Can I hold both SSIIX and PMOTX in my portfolio?

SSIIX and PMOTX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSIIX or PMOTX?

PMOTX has higher volatility (1.17%) compared to SSIIX (1.05%). In terms of maximum drawdown, SSIIX dropped -9.34% vs PMOTX's -17.57%.

Which has better risk-adjusted returns?

SSIIX currently has the higher Sharpe Ratio (2.28 vs 2.01), 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.