EZET vs. PBDC

Last updated Jul 16, 2026

EZET (Franklin Ethereum ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - EZET is a Cryptocurrency fund tracking the CME CF Ether-Dollar Reference Rate - New York Variant, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. EZET is passively managed, while PBDC is actively managed. Over the past year, EZET returned -37.01% vs -12.91% for PBDC. At a 0.35 correlation, their price movements are largely independent. EZET charges 0.19%/yr vs 13.49%/yr for PBDC.

Performance

EZET vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ethereum ETF (EZET) 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, EZET achieves a -35.30% return, which is significantly lower than PBDC's -7.38% return.

EZET

• 1D: 2.46%
• 1M: 5.66%
• 6M: -43.24%
• YTD: -35.30%
• 1Y: -37.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBDC

• 1D: 0.64%
• 1M: 2.43%
• 6M: -8.66%
• YTD: -7.38%
• 1Y: -12.91%
• 3Y*: 6.46%
• 5Y*: —
• 10Y*: —

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

EZET vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EZET Franklin Ethereum ETF	-35.30%	-11.23%	-4.77%
PBDC Putnam BDC Income ETF	-7.38%	-1.77%	5.33%

Correlation

The correlation between EZET and PBDC is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.35

Return for Risk

EZET vs. PBDC — Risk / Return Rank

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

EZET

EZET Risk / Return Rank: 5
EZET Sharpe Ratio Rank: 5
EZET Sortino Ratio Rank: 5
EZET Omega Ratio Rank: 5
EZET Calmar Ratio Rank: 5
EZET Martin Ratio Rank: 5

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.

EZET vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Ethereum ETF (EZET) 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.

	EZET	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.69	+0.15
Sortino ratio: Return per unit of downside risk	-0.48	-0.88	+0.41
Omega ratio: Gain probability vs. loss probability	0.95	0.90	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.64	+0.10
Martin ratio: Return relative to average drawdown	-0.85	-1.06	+0.20

EZET vs. PBDC - Sharpe Ratio Comparison

The current EZET Sharpe Ratio is -0.54, which is comparable to the PBDC Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of EZET 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

EZET vs. PBDC - Drawdown Comparison

The maximum EZET drawdown since its inception was -67.89%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for EZET and PBDC.

Drawdown Indicators

	EZET	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-20.47%	-47.42%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	-20.15%	-47.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.47%	—
Current Drawdown Current decline from peak	-60.34%	-15.03%	-45.31%
Average Drawdown Average peak-to-trough decline	-34.58%	-5.02%	-29.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.38%	12.25%	+31.13%

Volatility

EZET vs. PBDC - Volatility Comparison

Franklin Ethereum ETF (EZET) has a higher volatility of 16.65% compared to Putnam BDC Income ETF (PBDC) at 4.66%. This indicates that EZET'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

	EZET	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.65%	4.66%	+11.99%
Volatility (6M) Calculated over the trailing 6-month period	47.44%	15.20%	+32.24%
Volatility (1Y) Calculated over the trailing 1-year period	68.43%	18.80%	+49.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.95%	17.01%	+54.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.95%	17.01%	+54.94%

EZET vs. PBDC - Expense Ratio Comparison

EZET has a 0.19% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

EZET vs. PBDC - Dividend Comparison

EZET has not paid dividends to shareholders, while PBDC's dividend yield for the trailing twelve months is around 11.35%.

Position	TTM	2025	2024	2023	2022
EZET Franklin Ethereum ETF	0.00%	0.00%	0.00%	0.00%	0.00%
PBDC Putnam BDC Income ETF	11.35%	10.53%	9.29%	9.86%	3.40%

Frequently Asked Questions

Can I hold both EZET and PBDC in my portfolio?

EZET and PBDC have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZET or PBDC?

EZET has higher volatility (16.65%) compared to PBDC (4.66%). In terms of maximum drawdown, EZET dropped -67.89% vs PBDC's -20.47%.

Which ETF is better, EZET or PBDC?

On 1-year performance, PBDC leads with -12.91% vs -37.01% for EZET. On fees, EZET is cheaper at 0.19% per year. On volatility, PBDC has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZET or PBDC?

Over the 1-year period, PBDC has performed better with a -12.91% return vs -37.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZET or PBDC?

EZET is cheaper with a 0.19% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.35%, compared with 0.00% for EZET.

What is the main difference between EZET and PBDC?

EZET is categorized as Cryptocurrency, while PBDC is Financials Equities. Their fees differ too: 0.19% for EZET and 13.49% for PBDC.

Which has better risk-adjusted returns?

EZET currently has the higher Sharpe Ratio (-0.54 vs -0.69), 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.