BIZD vs. PBDC

Last updated Jun 23, 2026

BIZD (VanEck BDC Income ETF) and PBDC (Putnam BDC Income ETF) are both Financials Equities funds. BIZD is passively managed, while PBDC is actively managed. Over the past 3 years, BIZD returned 5.12%/yr vs 7.01%/yr for PBDC. With a 0.95 correlation, they move nearly in lockstep. BIZD charges 12.86%/yr vs 13.49%/yr for PBDC.

Performance

BIZD vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck BDC Income ETF (BIZD) 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, BIZD achieves a -10.45% return, which is significantly higher than PBDC's -11.69% return.

BIZD

• 1D: -1.13%
• 1M: -1.29%
• YTD: -10.45%
• 6M: -9.50%
• 1Y: -14.18%
• 3Y*: 5.12%
• 5Y*: 3.92%
• 10Y*: 7.49%

PBDC

• 1D: -1.02%
• 1M: -1.61%
• YTD: -11.69%
• 6M: -10.28%
• 1Y: -12.43%
• 3Y*: 7.01%
• 5Y*: —
• 10Y*: —

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

BIZD vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BIZD VanEck BDC Income ETF	-10.45%	-4.96%	15.63%	27.02%	11.20%
PBDC Putnam BDC Income ETF	-11.69%	-1.77%	19.43%	30.52%	10.38%

Correlation

The correlation between BIZD and PBDC is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.95

The correlation between BIZD and PBDC has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

BIZD vs. PBDC — Risk / Return Rank

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

BIZD

BIZD Risk / Return Rank: 3
BIZD Sharpe Ratio Rank: 3
BIZD Sortino Ratio Rank: 3
BIZD Omega Ratio Rank: 3
BIZD Calmar Ratio Rank: 4
BIZD Martin Ratio Rank: 4

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.

BIZD vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck BDC Income ETF (BIZD) 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.

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.

	BIZD	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	-0.67	-0.10
Sortino ratio: Return per unit of downside risk	-1.01	-0.85	-0.16
Omega ratio: Gain probability vs. loss probability	0.89	0.91	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.62	-0.02
Martin ratio: Return relative to average drawdown	-1.07	-1.08	+0.01

BIZD vs. PBDC - Sharpe Ratio Comparison

The current BIZD Sharpe Ratio is -0.77, which is comparable to the PBDC Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of BIZD 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.

Drawdowns

BIZD vs. PBDC - Drawdown Comparison

The maximum BIZD drawdown since its inception was -55.44%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for BIZD and PBDC.

Drawdown Indicators

	BIZD	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-20.47%	-34.97%
Max Drawdown (1Y) Largest decline over 1 year	-22.22%	-20.15%	-2.07%
Max Drawdown (3Y) Largest decline over 3 years	-22.56%	-20.47%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-55.44%	—	—
Current Drawdown Current decline from peak	-20.57%	-18.99%	-1.58%
Average Drawdown Average peak-to-trough decline	-6.76%	-4.82%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.24%	11.52%	+1.72%

Volatility

BIZD vs. PBDC - Volatility Comparison

VanEck BDC Income ETF (BIZD) and Putnam BDC Income ETF (PBDC) have volatilities of 5.55% and 5.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIZD	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	5.50%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	15.17%	15.42%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	18.69%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.06%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	17.06%	+4.72%

BIZD vs. PBDC - Expense Ratio Comparison

BIZD has a 12.86% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

BIZD vs. PBDC - Dividend Comparison

BIZD's dividend yield for the trailing twelve months is around 14.10%, more than PBDC's 11.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	14.10%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
PBDC Putnam BDC Income ETF	11.95%	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 BIZD and PBDC in my portfolio?

With a correlation of 0.96, BIZD and PBDC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BIZD or PBDC?

BIZD has higher volatility (5.55%) compared to PBDC (5.50%). In terms of maximum drawdown, BIZD dropped -55.44% vs PBDC's -20.47%.

Which ETF is better, BIZD or PBDC?

On 3-year performance, PBDC leads with 7.01% vs 5.12% for BIZD. On fees, BIZD is cheaper at 12.86% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIZD or PBDC?

Over the 3-year period, PBDC has performed better with a 7.01% return vs 5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIZD or PBDC?

BIZD is cheaper with a 12.86% expense ratio, compared with 13.49% for PBDC.

Which ETF pays a higher dividend yield, BIZD or PBDC?

BIZD has the higher dividend yield at 14.10%, compared with 11.95% for PBDC.

What is the main difference between BIZD and PBDC?

They also come from different issuers: VanEck and Franklin Templeton. Their fees differ too: 12.86% for BIZD and 13.49% for PBDC.

Which has better risk-adjusted returns?

PBDC currently has the higher Sharpe Ratio (-0.67 vs -0.77), 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.