PIM vs VYM
PIM vs VYM
Putnam Master Intermediate Income Trust vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 558 holdings.
Side-by-Side Comparison
| Metric | PIM | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.01% | 0.04% | |
| AUM | $1,493.58 | $79.0B | |
| Dividend Yield | 7.79% | 2.86% | |
| Holdings | 775 | 568 | |
| YTD Return | -1.56% | +13.24% | |
| 1Y Return | +1.56% | +23.76% | |
| 3Y Return (annualized) | +7.58% | +16.97% | |
| 5Y Return (annualized) | +2.18% | +12.26% | |
| Volatility (annualized) | 10.7% | 14.6% | |
| Max Drawdown | -59.0% | -58.8% | |
| Fund Family | Putnam Investments | Vanguard (US) | |
| Category | Fixed Income | Equity | |
| Inception | Apr 29, 1988 | Nov 10, 2006 |
PIM vs VYM Performance
Putnam Master Intermediate Income Trust (PIM) is a ETF from Putnam Investments and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year PIM returned +1.56% while VYM returned +23.76%. Year to date, PIM is down 1.56% versus a gain of 13.24% for VYM.
Over three years, PIM compounded at +7.58% per year against +16.97% for VYM; over five years the annualized figures are +2.18% and +12.26% respectively. Across the full 20-year window we track, VYM has the edge at +6.96% annualized vs -1.48%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VYM has been the more volatile fund, with annualized monthly volatility of 14.6% compared with 10.7% for PIM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -59.0% for PIM and -58.8% for VYM. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.45. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PIM charges 1.01% per year while VYM charges 0.04%. On a $10,000 position that is $101 vs $4 annually, a gap of $97 per year that compounds over a long holding period. On income, PIM currently yields 7.79% against 2.86% for VYM.
Holdings Overlap
PIM and VYM share 0 holdings out of 561 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PIM or VYM?
PIM has an expense ratio of 1.01% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $97 per year of difference.
Which performed better, PIM or VYM?
Over the past year PIM returned +1.56% vs +23.76% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (20 years), PIM annualized -1.48% vs +6.96% for VYM. Past performance does not guarantee future results.
Which is riskier, PIM or VYM?
VYM has been the more volatile fund at 14.6% annualized versus 10.7% for PIM. Worst drawdown: PIM -59.0% vs VYM -58.8%.
Should I hold both PIM and VYM?
PIM and VYM have a monthly-return correlation of 0.45, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PIM and VYM?
PIM and VYM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 561 unique securities.
Which pays a higher dividend, PIM or VYM?
PIM yields 7.79% while VYM yields 2.86%, so PIM currently pays the higher dividend yield.
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