PMM vs SPRX

Comparison between Putnam Managed Municipal Income Trust. (PMM, ETF) and SPEAR ALPHA ETF (SPRX, ETF).

5-Year PerformanceSPRX has outperformed PMM, delivering a return of +18.9% compared to -0.4%

PMM vs SPRX - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PMM(ETF)	SPRX(ETF)
Net Assets	$292M	$292M
Expense Ratio	N/A	0.75%
Max Drawdown	55.45%	51.34%
Sharpe Ratio	1.12	0.99
5Y Beta	0.24	2.15
P/E Ratio	N/A	315.06
Forward P/E	N/A	36.99
PEG Ratio	N/A	-0.92
5Y Dividends CAGR	-4.85%	N/A
Debt to Equity	N/A	-129.23%
P/S Ratio	N/A	14.82
P/B Ratio	N/A	12.10

Net Assets

Winner

PMM

$292M

SPRX

$292M

Expense Ratio

PMM

N/A

SPRX

0.75%

Max Drawdown

PMM

55.45%

Winner

SPRX

51.34%

Sharpe Ratio

Winner

PMM

1.12

SPRX

0.99

5Y Beta

Winner

PMM

0.24

SPRX

2.15

P/E Ratio

PMM

N/A

SPRX

315.06

Forward P/E

PMM

N/A

SPRX

36.99

PEG Ratio

PMM

N/A

SPRX

-0.92

5Y Dividends CAGR

PMM

-4.85%

SPRX

N/A

Debt to Equity

PMM

N/A

SPRX

-129.23%

P/S Ratio

PMM

N/A

SPRX

14.82

P/B Ratio

PMM

N/A

SPRX

12.10

PMM vs SPRX - Historical Returns

Returns include dividend reinvestment.

Period	PMM	SPRX
1 month	+2.89%	-19.54%
3 months	+5.44%	+7.55%
6 months	+6.97%	+14.57%
1 year	+17.23%	+49.00%
5 years(CAGR)	-0.40%	+18.88%
10 years(CAGR)	+3.11%	N/A
Max(CAGR)	+4.28%	+18.88%

Winner

PMM

+2.89%

SPRX

-19.54%

PMM

+5.44%

Winner

SPRX

+7.55%

PMM

+6.97%

Winner

SPRX

+14.57%

PMM

+17.23%

Winner

SPRX

+49.00%

5Y(CAGR)

PMM

-0.40%

Winner

SPRX

+18.88%

10Y(CAGR)

PMM

+3.11%

SPRX

N/A

Max(CAGR)

PMM

+4.28%

Winner

SPRX

+18.88%

PMM vs SPRX - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	PMM	SPRX
2026	+7.66%	+16.74%
2025	+9.59%	+36.86%
2024	+3.02%	+26.07%
2023	+2.56%	+90.61%
2022	-24.71%	-44.77%
2021	+14.43%	+8.91%
2020	+5.39%	N/A
2019	+20.89%	N/A
2018	-4.36%	N/A
2017	+8.41%	N/A
2016	+1.50%	N/A
2015	+8.42%	N/A
2014	+16.71%	N/A
2013	-14.18%	N/A
2012	+13.90%	N/A
2011	+16.72%	N/A
2010	+11.36%	N/A
2009	+39.05%	N/A
2008	-23.78%	N/A
2007	-4.68%	N/A
2006	+13.52%	N/A
2005	+5.00%	N/A
2004	+4.05%	N/A
2003	+7.27%	N/A
2002	-1.93%	N/A
2001	+2.95%	N/A
2000	-2.73%	N/A
1999	-18.75%	N/A

PMM vs SPRX Drawdown Comparison

The maximum drawdown for PMM was -38.66%, occurring on Dec 12, 2008. Recovery took 604 trading sessions.

The maximum drawdown for SPRX was -51.22%, occurring on Nov 9, 2022. Recovery took 557 trading sessions.

The current PMM drawdown is -7.70%. The current SPRX drawdown is -19.86%.

Rank	PMM	SPRX
#1	-38.66% May 15, 2007 - Oct 6, 2009	-51.22% Nov 8, 2021 - Jan 29, 2024
#2	-37.70% Dec 23, 2021 - Oct 25, 2023	-42.12% Jan 23, 2025 - Jul 9, 2025
#3	-29.07% Feb 25, 2020 - Dec 31, 2020	-24.96% Jun 2, 2026 - Jul 17, 2026
#4	-23.55% Aug 23, 2000 - May 23, 2005	-24.21% Oct 31, 2025 - Apr 17, 2026
#5	-22.09% Jan 25, 2013 - Oct 22, 2015	-23.70% Feb 14, 2024 - Nov 21, 2024
#6	-19.37% Nov 1, 1999 - Aug 17, 2000	-11.96% Jan 6, 2025 - Jan 22, 2025
#7	-15.50% Oct 19, 2010 - Jul 22, 2011	-10.10% Oct 9, 2025 - Oct 31, 2025
#8	-12.72% Sep 28, 2016 - Sep 13, 2017	-8.56% Sep 3, 2021 - Oct 28, 2021
#9	-10.42% Aug 25, 2005 - Aug 15, 2006	-7.98% Aug 12, 2025 - Sep 9, 2025
#10	-9.63% Sep 15, 2017 - Feb 8, 2019	-7.12% May 14, 2026 - May 21, 2026
#11	-8.11% Mar 8, 2012 - May 9, 2012	-6.81% Apr 22, 2026 - May 6, 2026
#12	-8.09% Jul 22, 2011 - Aug 22, 2011	-6.57% Dec 16, 2024 - Dec 26, 2024
#13	-7.15% Oct 3, 2012 - Jan 8, 2013	-5.55% Dec 4, 2024 - Dec 16, 2024
#14	-6.40% Jun 25, 2021 - Nov 18, 2021	-5.54% Dec 26, 2024 - Jan 3, 2025
#15	-6.36% Oct 6, 2009 - Jan 15, 2010	-4.63% Aug 12, 2021 - Aug 24, 2021

Correlation

Correlation between PMM and SPRX is 0.53 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.53

-101

Dividend Comparison (2000 - 2026)

PMM vs SPRX dividend yield comparison.

Year	PMM	SPRX
2026	2.55%	0.00%
2025	4.90%	0.00%
2024	4.78%	0.00%
2023	5.10%	0.00%
2022	6.11%	0.00%
2021	4.38%	0.25%
2020	4.76%	0.00%
2019	4.81%	0.00%
2018	5.42%	0.00%
2017	5.38%	0.00%
2016	6.09%	0.00%
2015	5.92%	0.00%
2014	6.22%	0.00%
2013	7.03%	0.00%
2012	5.79%	0.00%
2011	7.00%	0.00%
2010	7.59%	0.00%
2009	7.05%	0.00%
2008	8.29%	0.00%
2007	5.86%	0.00%
2006	5.33%	0.00%
2005	6.04%	0.00%
2004	7.08%	0.00%
2003	7.60%	0.00%
2002	7.71%	0.00%
2001	7.17%	0.00%
2000	2.97%	0.00%