ADAM vs. PBDC

Last updated Jun 4, 2026

ADAM (Adamas Trust, Inc) is a stock, while PBDC (Putnam BDC Income ETF) is Financials Equities fund actively managed by Putnam. Over the past 3 years, ADAM returned 7.40%/yr vs 7.76%/yr for PBDC. At a 0.47 correlation, their price movements are largely independent.

Performance

ADAM vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adamas Trust, Inc (ADAM) and Putnam BDC Income ETF (PBDC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADAM achieves a 24.36% return, which is significantly higher than PBDC's -9.74% return.

ADAM

• 1D: -2.87%
• 1M: 1.03%
• YTD: 24.36%
• 6M: 23.09%
• 1Y: 52.21%
• 3Y*: 7.40%
• 5Y*: -2.20%
• 10Y*: 2.03%

PBDC

• 1D: -2.15%
• 1M: -6.53%
• YTD: -9.74%
• 6M: -10.38%
• 1Y: -10.30%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

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

ADAM vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ADAM Adamas Trust, Inc	24.36%	36.49%	-19.27%	-5.45%	13.42%
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%

Correlation

The correlation between ADAM and PBDC is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.47

Return for Risk

ADAM vs. PBDC — Risk / Return Rank

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

ADAM

ADAM Risk / Return Rank: 83
ADAM Sharpe Ratio Rank: 84
ADAM Sortino Ratio Rank: 81
ADAM Omega Ratio Rank: 81
ADAM Calmar Ratio Rank: 83
ADAM Martin Ratio Rank: 87

PBDC

PBDC Risk / Return Rank: 4
PBDC Sharpe Ratio Rank: 4
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

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.

ADAM vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adamas Trust, Inc (ADAM) and Putnam BDC Income ETF (PBDC). 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.

	ADAM	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.65	-0.56	+2.22
Sortino ratio: Return per unit of downside risk	2.40	-0.69	+3.09
Omega ratio: Gain probability vs. loss probability	1.31	0.92	+0.39
Calmar ratio: Return relative to maximum drawdown	3.07	-0.51	+3.59
Martin ratio: Return relative to average drawdown	9.71	-0.94	+10.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADAM vs. PBDC - Sharpe Ratio Comparison

The current ADAM Sharpe Ratio is 1.65, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of ADAM and PBDC, 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

	ADAM	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	-0.56	+2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.73	-0.82

Drawdowns

ADAM vs. PBDC - Drawdown Comparison

The maximum ADAM drawdown since its inception was -97.94%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for ADAM and PBDC.

Drawdown Indicators

	ADAM	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-97.94%	-20.47%	-77.47%
Max Drawdown (1Y) Largest decline over 1 year	-17.07%	-20.15%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-42.20%	-20.47%	-21.73%
Max Drawdown (5Y) Largest decline over 5 years	-58.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-84.01%	—	—
Current Drawdown Current decline from peak	-71.02%	-17.21%	-53.81%
Average Drawdown Average peak-to-trough decline	-73.68%	-4.66%	-69.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	10.95%	-5.56%

Volatility

ADAM vs. PBDC - Volatility Comparison

Adamas Trust, Inc (ADAM) has a higher volatility of 7.30% compared to Putnam BDC Income ETF (PBDC) at 5.13%. This indicates that ADAM's price experiences larger fluctuations and is considered to be riskier than PBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADAM	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	5.13%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	25.28%	15.03%	+10.25%
Volatility (1Y) Calculated over the trailing 1-year period	31.76%	18.31%	+13.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.62%	17.04%	+17.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.27%	17.04%	+31.23%

Dividends

ADAM vs. PBDC - Dividend Comparison

ADAM's dividend yield for the trailing twelve months is around 10.13%, less than PBDC's 11.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADAM Adamas Trust, Inc	10.13%	11.78%	13.20%	14.07%	15.62%	10.75%	6.10%	12.84%	13.58%	12.97%	14.55%	19.14%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADAM and PBDC in my portfolio?

ADAM and PBDC have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADAM or PBDC?

ADAM has higher volatility (7.30%) compared to PBDC (5.13%). In terms of maximum drawdown, ADAM dropped -97.94% vs PBDC's -20.47%.

Which has better risk-adjusted returns?

ADAM currently has the higher Sharpe Ratio (1.65 vs -0.56), 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.