FLQM vs. PBDC
FLQM (Franklin LibertyQ U.S. Mid Cap Equity ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - FLQM is a Mid Cap Blend Equities fund tracking the LibertyQ U.S. Mid Cap Equity Index, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. FLQM is passively managed, while PBDC is actively managed. Over the past 3 years, FLQM returned 10.57%/yr vs 4.71%/yr for PBDC. Their 0.58 correlation means they have sometimes moved together and sometimes differently. FLQM charges 0.30%/yr vs 13.49%/yr for PBDC.
Performance
FLQM vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, FLQM achieves a 7.46% return, which is significantly higher than PBDC's -9.20% return.
FLQM
- 1D
- -0.51%
- 1M
- 1.32%
- 6M
- 6.05%
- YTD
- 7.46%
- 1Y
- 12.52%
- 3Y*
- 10.57%
- 5Y*
- 7.28%
- 10Y*
- —
- ALL TIME*
- 11.18%
PBDC
- 1D
- 0.11%
- 1M
- -1.02%
- 6M
- -8.00%
- YTD
- -9.20%
- 1Y
- -12.27%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.73M | $5.15M | $5.86M | |
| $3.46M | $3.16M | $3.71M |
FLQM vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF | 7.46% | 5.16% | 14.32% | 17.47% | 10.45% |
PBDC Putnam BDC Income ETF | -9.20% | -1.77% | 19.43% | 30.52% | 10.38% |
Correlation
The correlation between FLQM and PBDC is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.58 |
The correlation between FLQM and PBDC shifts across timeframes, from 0.48 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLQM vs. PBDC — Risk / Return Rank
FLQM
PBDC
FLQM vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) 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.
| FLQM | PBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.90 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | -0.75 | +2.30 |
| Martin ratioReturn relative to average drawdown | 4.31 | -1.28 | +5.59 |
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Drawdowns
FLQM vs. PBDC - Drawdown Comparison
The maximum FLQM drawdown since its inception was -37.26%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FLQM and PBDC.
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Drawdown Indicators
| FLQM | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.26% | -20.47% | -16.79% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -17.71% | +10.14% |
Max Drawdown (3Y)Largest decline over 3 years | -19.70% | -20.47% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -22.51% | — | — |
Current DrawdownCurrent decline from peak | -2.04% | -16.71% | +14.67% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -5.16% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 10.32% | -7.60% |
Volatility
FLQM vs. PBDC - Volatility Comparison
Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) has a higher volatility of 4.57% compared to Putnam BDC Income ETF (PBDC) at 4.35%. This indicates that FLQM'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.
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Volatility by Period
| FLQM | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 4.35% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 9.01% | 15.20% | -6.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.49% | 18.87% | -6.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.45% | 17.00% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.41% | 17.00% | +1.41% |
FLQM vs. PBDC - Expense Ratio Comparison
FLQM has a 0.30% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
FLQM vs. PBDC - Dividend Comparison
FLQM's dividend yield for the trailing twelve months is around 1.64%, less than PBDC's 11.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF | 1.64% | 1.49% | 1.28% | 1.27% | 1.33% | 1.05% | 1.10% | 1.37% | 1.42% | 1.15% |
PBDC Putnam BDC Income ETF | 11.58% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLQM and PBDC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLQM has higher volatility (4.57%) compared to PBDC (4.35%). In terms of maximum drawdown, FLQM dropped -37.26% vs PBDC's -20.47%.
On 3-year performance, FLQM leads with 10.57% vs 4.71% for PBDC. On fees, FLQM is cheaper at 0.30% per year. On volatility, PBDC has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FLQM has performed better with a 10.57% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLQM is cheaper with a 0.30% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.58%, compared with 1.64% for FLQM.
FLQM is categorized as Mid Cap Blend Equities, while PBDC is Financials Equities. Their fees differ too: 0.30% for FLQM and 13.49% for PBDC.
FLQM currently has the higher Sharpe Ratio (0.94 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.
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