FLEE vs. PBDC

Last updated Jun 24, 2026

FLEE (Franklin FTSE Europe ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - FLEE is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. FLEE is passively managed, while PBDC is actively managed. Over the past 3 years, FLEE returned 16.65%/yr vs 7.11%/yr for PBDC. At a 0.49 correlation, their price movements are largely independent. FLEE charges 0.09%/yr vs 13.49%/yr for PBDC.

Performance

FLEE vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Europe ETF (FLEE) 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, FLEE achieves a 6.25% return, which is significantly higher than PBDC's -11.42% return.

FLEE

• 1D: -1.18%
• 1M: -0.09%
• YTD: 6.25%
• 6M: 5.83%
• 1Y: 19.11%
• 3Y*: 16.65%
• 5Y*: 8.96%
• 10Y*: —

PBDC

• 1D: 0.30%
• 1M: -1.31%
• YTD: -11.42%
• 6M: -9.25%
• 1Y: -11.33%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

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

FLEE vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLEE Franklin FTSE Europe ETF	6.25%	35.76%	2.03%	20.46%	20.87%
PBDC Putnam BDC Income ETF	-11.42%	-1.77%	19.43%	30.52%	10.38%

Correlation

The correlation between FLEE 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 (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.49

The correlation between FLEE and PBDC shifts across timeframes, from 0.37 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLEE vs. PBDC — Risk / Return Rank

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

FLEE

FLEE Risk / Return Rank: 35
FLEE Sharpe Ratio Rank: 36
FLEE Sortino Ratio Rank: 35
FLEE Omega Ratio Rank: 33
FLEE Calmar Ratio Rank: 33
FLEE Martin Ratio Rank: 38

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.

FLEE vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe ETF (FLEE) 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.

	FLEE	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.20	-0.61	+1.81
Sortino ratio: Return per unit of downside risk	1.78	-0.76	+2.53
Omega ratio: Gain probability vs. loss probability	1.22	0.91	+0.30
Calmar ratio: Return relative to maximum drawdown	1.55	-0.56	+2.12
Martin ratio: Return relative to average drawdown	5.64	-0.98	+6.62

FLEE vs. PBDC - Sharpe Ratio Comparison

The current FLEE Sharpe Ratio is 1.20, which is higher than the PBDC Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of FLEE 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

FLEE vs. PBDC - Drawdown Comparison

The maximum FLEE drawdown since its inception was -37.27%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FLEE and PBDC.

Drawdown Indicators

	FLEE	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-37.27%	-20.47%	-16.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.37%	-20.15%	+7.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.59%	-20.47%	+5.88%
Max Drawdown (5Y) Largest decline over 5 years	-31.62%	—	—
Current Drawdown Current decline from peak	-2.41%	-18.74%	+16.33%
Average Drawdown Average peak-to-trough decline	-7.07%	-4.83%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	11.58%	-8.19%

Volatility

FLEE vs. PBDC - Volatility Comparison

The current volatility for Franklin FTSE Europe ETF (FLEE) is 4.94%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.50%. This indicates that FLEE experiences smaller price fluctuations and is considered to be less risky than PBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEE	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.50%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	15.43%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	18.66%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.05%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	17.05%	+1.90%

FLEE vs. PBDC - Expense Ratio Comparison

FLEE has a 0.09% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

FLEE vs. PBDC - Dividend Comparison

FLEE's dividend yield for the trailing twelve months is around 0.91%, less than PBDC's 11.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEE Franklin FTSE Europe ETF	0.91%	2.76%	3.93%	2.57%	3.48%	3.61%	1.88%	3.02%	3.85%	0.02%
PBDC Putnam BDC Income ETF	11.91%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLEE and PBDC in my portfolio?

FLEE 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, FLEE or PBDC?

PBDC has higher volatility (5.50%) compared to FLEE (4.94%). In terms of maximum drawdown, FLEE dropped -37.27% vs PBDC's -20.47%.

Which ETF is better, FLEE or PBDC?

On 3-year performance, FLEE leads with 16.65% vs 7.11% for PBDC. On fees, FLEE is cheaper at 0.09% per year. On volatility, FLEE has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEE or PBDC?

Over the 3-year period, FLEE has performed better with a 16.65% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEE or PBDC?

FLEE is cheaper with a 0.09% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.91%, compared with 0.91% for FLEE.

What is the main difference between FLEE and PBDC?

FLEE is categorized as Europe Equities, while PBDC is Financials Equities. Their fees differ too: 0.09% for FLEE and 13.49% for PBDC.

Which has better risk-adjusted returns?

FLEE currently has the higher Sharpe Ratio (1.20 vs -0.61), 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.