FLIA vs. PBDC

Last updated Jun 25, 2026

FLIA (Franklin Liberty International Aggregate Bond ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - FLIA is a International Government Bonds fund actively managed by Franklin Templeton, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. Both are actively managed. Over the past 3 years, FLIA returned 3.57%/yr vs 6.83%/yr for PBDC. At a 0.10 correlation, their price movements are largely independent. FLIA charges 0.25%/yr vs 13.49%/yr for PBDC.

Performance

FLIA vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty International Aggregate Bond ETF (FLIA) 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, FLIA achieves a 1.88% return, which is significantly higher than PBDC's -12.12% return.

FLIA

• 1D: 0.24%
• 1M: 1.02%
• YTD: 1.88%
• 6M: 1.57%
• 1Y: 2.37%
• 3Y*: 3.57%
• 5Y*: 1.05%
• 10Y*: —

PBDC

• 1D: -0.80%
• 1M: -2.09%
• YTD: -12.12%
• 6M: -10.84%
• 1Y: -12.95%
• 3Y*: 6.83%
• 5Y*: —
• 10Y*: —

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

FLIA vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLIA Franklin Liberty International Aggregate Bond ETF	1.88%	2.12%	2.42%	7.17%	-0.78%
PBDC Putnam BDC Income ETF	-12.12%	-1.77%	19.43%	30.52%	10.38%

Correlation

The correlation between FLIA and PBDC is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.10

Return for Risk

FLIA vs. PBDC — Risk / Return Rank

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

FLIA

FLIA Risk / Return Rank: 23
FLIA Sharpe Ratio Rank: 22
FLIA Sortino Ratio Rank: 20
FLIA Omega Ratio Rank: 20
FLIA Calmar Ratio Rank: 26
FLIA Martin Ratio Rank: 25

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.

FLIA vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty International Aggregate Bond ETF (FLIA) 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.

	FLIA	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	0.72	-0.70	+1.42
Sortino ratio: Return per unit of downside risk	1.06	-0.89	+1.95
Omega ratio: Gain probability vs. loss probability	1.13	0.90	+0.23
Calmar ratio: Return relative to maximum drawdown	1.17	-0.65	+1.81
Martin ratio: Return relative to average drawdown	3.07	-1.11	+4.18

FLIA vs. PBDC - Sharpe Ratio Comparison

The current FLIA Sharpe Ratio is 0.72, which is higher than the PBDC Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of FLIA 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

FLIA vs. PBDC - Drawdown Comparison

The maximum FLIA drawdown since its inception was -11.24%, smaller than the maximum PBDC drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FLIA and PBDC.

Drawdown Indicators

	FLIA	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-11.24%	-20.47%	+9.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-20.15%	+18.11%
Max Drawdown (3Y) Largest decline over 3 years	-2.77%	-20.47%	+17.70%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	—	—
Current Drawdown Current decline from peak	0.00%	-19.39%	+19.39%
Average Drawdown Average peak-to-trough decline	-3.77%	-4.85%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	11.64%	-10.86%

Volatility

FLIA vs. PBDC - Volatility Comparison

The current volatility for Franklin Liberty International Aggregate Bond ETF (FLIA) is 0.67%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.45%. This indicates that FLIA 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

	FLIA	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	5.45%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	15.43%	-12.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	18.65%	-15.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.42%	17.05%	-12.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	17.05%	-12.35%

FLIA vs. PBDC - Expense Ratio Comparison

FLIA has a 0.25% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

FLIA vs. PBDC - Dividend Comparison

FLIA's dividend yield for the trailing twelve months is around 2.67%, less than PBDC's 12.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLIA Franklin Liberty International Aggregate Bond ETF	2.67%	2.62%	2.97%	0.93%	18.12%	2.26%	0.43%	2.93%	1.23%
PBDC Putnam BDC Income ETF	12.00%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLIA and PBDC in my portfolio?

FLIA and PBDC have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLIA or PBDC?

PBDC has higher volatility (5.45%) compared to FLIA (0.67%). In terms of maximum drawdown, FLIA dropped -11.24% vs PBDC's -20.47%.

Which ETF is better, FLIA or PBDC?

On 3-year performance, PBDC leads with 6.83% vs 3.57% for FLIA. On fees, FLIA is cheaper at 0.25% per year. On volatility, FLIA has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLIA or PBDC?

Over the 3-year period, PBDC has performed better with a 6.83% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLIA or PBDC?

FLIA is cheaper with a 0.25% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 12.00%, compared with 2.67% for FLIA.

What is the main difference between FLIA and PBDC?

FLIA is categorized as International Government Bonds, while PBDC is Financials Equities. Their fees differ too: 0.25% for FLIA and 13.49% for PBDC.

Which has better risk-adjusted returns?

FLIA currently has the higher Sharpe Ratio (0.72 vs -0.70), 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.