FLGR vs. PBDC

Last updated Aug 5, 2026

FLGR (Franklin FTSE Germany ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - FLGR is a Europe Equities fund tracking the FTSE Germany RIC Capped Index, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. FLGR is passively managed, while PBDC is actively managed. Over the past 3 years, FLGR returned 18.88%/yr vs 6.10%/yr for PBDC. Their 0.43 correlation means their historical movements had little consistent relationship. FLGR charges 0.09%/yr vs 13.49%/yr for PBDC.

Performance

FLGR vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Germany ETF (FLGR) 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, FLGR achieves a 5.02% return, which is significantly higher than PBDC's -5.24% return.

FLGR

• 1D: 1.04%
• 1M: 3.52%
• 6M: 2.61%
• YTD: 5.02%
• 1Y: 8.32%
• 3Y*: 18.88%
• 5Y*: 7.78%
• 10Y*: —
• ALL TIME*: 6.33%

PBDC

• 1D: 1.74%
• 1M: 3.30%
• 6M: 0.44%
• YTD: -5.24%
• 1Y: -8.42%
• 3Y*: 6.10%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLGR Franklin FTSE Germany ETF	$111.58K	$111.40K	$160.27K
PBDC Putnam BDC Income ETF	$3.01M	$3.13M	$3.68M

FLGR vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLGR Franklin FTSE Germany ETF	5.02%	36.67%	10.63%	24.22%	25.74%
PBDC Putnam BDC Income ETF	-5.24%	-1.77%	19.43%	30.52%	10.38%

Correlation

The correlation between FLGR and PBDC is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.43

Return for Risk

FLGR vs. PBDC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLGR

FLGR Risk / Return Rank: 20
FLGR Sharpe Ratio Rank: 20
FLGR Sortino Ratio Rank: 20
FLGR Omega Ratio Rank: 20
FLGR Calmar Ratio Rank: 20
FLGR Martin Ratio Rank: 22

PBDC

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLGR vs. PBDC - Risk-Adjusted Trends Comparison

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

	FLGR	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	0.48	-0.44	+0.92
Sortino ratio: Return per unit of downside risk	0.78	-0.51	+1.29
Omega ratio: Gain probability vs. loss probability	1.10	0.94	+0.15
Calmar ratio: Return relative to maximum drawdown	0.58	-0.48	+1.06
Martin ratio: Return relative to average drawdown	1.69	-0.81	+2.51

FLGR vs. PBDC - Sharpe Ratio Comparison

The current FLGR Sharpe Ratio is 0.48, which is higher than the PBDC Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of FLGR 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

FLGR vs. PBDC - Drawdown Comparison

The maximum FLGR drawdown since its inception was -46.21%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FLGR and PBDC.

Drawdown Indicators

	FLGR	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-46.21%	-20.47%	-25.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-17.71%	+3.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-20.47%	+4.94%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	—	—
Current Drawdown Current decline from peak	0.00%	-13.08%	+13.08%
Average Drawdown Average peak-to-trough decline	-12.22%	-5.17%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.93%	10.37%	-5.44%

Volatility

FLGR vs. PBDC - Volatility Comparison

The current volatility for Franklin FTSE Germany ETF (FLGR) is 4.65%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.30%. This indicates that FLGR 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

	FLGR	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	5.30%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	15.16%	15.38%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	19.11%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.37%	17.06%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	17.06%	+4.30%

FLGR vs. PBDC - Expense Ratio Comparison

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

Dividends

FLGR vs. PBDC - Dividend Comparison

FLGR's dividend yield for the trailing twelve months is around 3.24%, less than PBDC's 11.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLGR Franklin FTSE Germany ETF	3.24%	1.72%	2.40%	2.99%	3.50%	2.67%	2.61%	2.52%	3.06%
PBDC Putnam BDC Income ETF	11.09%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLGR and PBDC in my portfolio?

FLGR and PBDC have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLGR or PBDC?

PBDC has higher volatility (5.30%) compared to FLGR (4.65%). In terms of maximum drawdown, FLGR dropped -46.21% vs PBDC's -20.47%.

Which ETF is better, FLGR or PBDC?

On 3-year performance, FLGR leads with 18.88% vs 6.10% for PBDC. On fees, FLGR is cheaper at 0.09% per year. On volatility, FLGR has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLGR or PBDC?

Over the 3-year period, FLGR has performed better with a 18.88% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLGR or PBDC?

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

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

PBDC has the higher dividend yield at 11.09%, compared with 3.24% for FLGR.

What is the main difference between FLGR and PBDC?

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

Which has better risk-adjusted returns?

FLGR currently has the higher Sharpe Ratio (0.48 vs -0.44), 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.