FBDC vs. PBDC

Last updated Jun 23, 2026

FBDC (FT Confluence BDC & Specialty Finance Income ETF) and PBDC (Putnam BDC Income ETF) are both Financials Equities funds. Both are actively managed. With a 0.96 correlation, they move nearly in lockstep. FBDC charges 1.35%/yr vs 13.49%/yr for PBDC.

Performance

FBDC vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Confluence BDC & Specialty Finance Income ETF (FBDC) 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, FBDC achieves a -10.66% return, which is significantly higher than PBDC's -11.69% return.

FBDC

• 1D: -1.16%
• 1M: -1.54%
• YTD: -10.66%
• 6M: -9.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FBDC vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	-10.66%	-2.66%
PBDC Putnam BDC Income ETF	-11.69%	-1.65%

Correlation

The correlation between FBDC 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 (All Time) Calculated using the full available price history since Jun 30, 2025	0.96

Return for Risk

FBDC vs. PBDC — Risk / Return Rank

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

FBDC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FBDC vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) 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.

	FBDC	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.67	—
Sortino ratio: Return per unit of downside risk	—	-0.85	—
Omega ratio: Gain probability vs. loss probability	—	0.91	—
Calmar ratio: Return relative to maximum drawdown	—	-0.62	—
Martin ratio: Return relative to average drawdown	—	-1.08	—

Drawdowns

FBDC vs. PBDC - Drawdown Comparison

The maximum FBDC drawdown since its inception was -20.60%, roughly equal to the maximum PBDC drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FBDC and PBDC.

Drawdown Indicators

	FBDC	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-20.60%	-20.47%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.47%	—
Current Drawdown Current decline from peak	-18.29%	-18.99%	+0.70%
Average Drawdown Average peak-to-trough decline	-10.41%	-4.82%	-5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.52%	—

Volatility

Volatility by Period

	FBDC	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	18.69%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	17.06%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	17.06%	+0.97%

FBDC vs. PBDC - Expense Ratio Comparison

FBDC has a 1.35% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

FBDC vs. PBDC - Dividend Comparison

FBDC's dividend yield for the trailing twelve months is around 11.67%, less than PBDC's 11.95% yield.

Position	TTM	2025	2024	2023	2022
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.67%	5.41%	0.00%	0.00%	0.00%
PBDC Putnam BDC Income ETF	11.95%	10.53%	9.29%	9.86%	3.40%

Frequently Asked Questions

Can I hold both FBDC and PBDC in my portfolio?

With a correlation of 0.96, FBDC 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 ETF is better, FBDC or PBDC?

On fees, FBDC is cheaper at 1.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBDC or PBDC?

FBDC is cheaper with a 1.35% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.95%, compared with 11.67% for FBDC.

What is the main difference between FBDC and PBDC?

They also come from different issuers: First Trust and Franklin Templeton. Their fees differ too: 1.35% for FBDC and 13.49% for PBDC.