FLTW vs. PBDC

Last updated Aug 2, 2026

FLTW (Franklin FTSE Taiwan ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - FLTW is a Taiwan Equities fund tracking the FTSE Taiwan RIC Capped Index, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. FLTW is passively managed, while PBDC is actively managed. Over the past 3 years, FLTW returned 36.54%/yr vs 4.71%/yr for PBDC. Their 0.33 correlation means their historical movements had little consistent relationship. FLTW charges 0.19%/yr vs 13.49%/yr for PBDC.

Performance

FLTW vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Taiwan ETF (FLTW) 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, FLTW achieves a 53.07% return, which is significantly higher than PBDC's -9.20% return.

FLTW

• 1D: 3.38%
• 1M: -8.11%
• 6M: 41.10%
• YTD: 53.07%
• 1Y: 78.62%
• 3Y*: 36.54%
• 5Y*: 18.91%
• 10Y*: —
• ALL TIME*: 18.45%

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%

*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)
FLTW Franklin FTSE Taiwan ETF	$79.26M	$58.46M	$67.03M
PBDC Putnam BDC Income ETF	$3.46M	$3.16M	$3.71M

FLTW vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLTW Franklin FTSE Taiwan ETF	53.07%	32.00%	16.68%	30.05%	9.74%
PBDC Putnam BDC Income ETF	-9.20%	-1.77%	19.43%	30.52%	10.38%

Correlation

The correlation between FLTW and PBDC is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.33

The correlation between FLTW and PBDC shifts across timeframes, from 0.22 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLTW vs. PBDC — Risk / Return Rank

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

FLTW

FLTW Risk / Return Rank: 90
FLTW Sharpe Ratio Rank: 93
FLTW Sortino Ratio Rank: 87
FLTW Omega Ratio Rank: 89
FLTW Calmar Ratio Rank: 89
FLTW Martin Ratio Rank: 91

PBDC

PBDC Risk / Return Rank: 3
PBDC Sharpe Ratio Rank: 3
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 3
PBDC Martin Ratio Rank: 2

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.

FLTW vs. PBDC - Risk-Adjusted Trends Comparison

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

	FLTW	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	2.49	-0.70	+3.19
Sortino ratio: Return per unit of downside risk	2.92	-0.91	+3.83
Omega ratio: Gain probability vs. loss probability	1.41	0.90	+0.51
Calmar ratio: Return relative to maximum drawdown	3.73	-0.75	+4.48
Martin ratio: Return relative to average drawdown	15.39	-1.28	+16.67

FLTW vs. PBDC - Sharpe Ratio Comparison

The current FLTW Sharpe Ratio is 2.49, which is higher than the PBDC Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of FLTW 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

FLTW vs. PBDC - Drawdown Comparison

The maximum FLTW drawdown since its inception was -38.00%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FLTW and PBDC.

Drawdown Indicators

	FLTW	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-38.00%	-20.47%	-17.53%
Max Drawdown (1Y) Largest decline over 1 year	-21.34%	-17.71%	-3.63%
Max Drawdown (3Y) Largest decline over 3 years	-26.45%	-20.47%	-5.98%
Max Drawdown (5Y) Largest decline over 5 years	-38.00%	—	—
Current Drawdown Current decline from peak	-14.83%	-16.71%	+1.88%
Average Drawdown Average peak-to-trough decline	-8.43%	-5.16%	-3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	10.32%	-5.16%

Volatility

FLTW vs. PBDC - Volatility Comparison

Franklin FTSE Taiwan ETF (FLTW) has a higher volatility of 13.59% compared to Putnam BDC Income ETF (PBDC) at 4.35%. This indicates that FLTW'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.

Volatility by Period

	FLTW	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.59%	4.35%	+9.24%
Volatility (6M) Calculated over the trailing 6-month period	28.76%	15.20%	+13.56%
Volatility (1Y) Calculated over the trailing 1-year period	32.00%	18.87%	+13.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.04%	17.00%	+7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.60%	17.00%	+5.60%

FLTW vs. PBDC - Expense Ratio Comparison

FLTW has a 0.19% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

FLTW vs. PBDC - Dividend Comparison

FLTW's dividend yield for the trailing twelve months is around 1.76%, less than PBDC's 11.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLTW Franklin FTSE Taiwan ETF	1.76%	2.51%	1.89%	2.85%	3.16%	2.31%	2.14%	3.00%	1.06%
PBDC Putnam BDC Income ETF	11.58%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLTW and PBDC in my portfolio?

FLTW and PBDC have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLTW or PBDC?

FLTW has higher volatility (13.59%) compared to PBDC (4.35%). In terms of maximum drawdown, FLTW dropped -38.00% vs PBDC's -20.47%.

Which ETF is better, FLTW or PBDC?

On 3-year performance, FLTW leads with 36.54% vs 4.71% for PBDC. On fees, FLTW is cheaper at 0.19% 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.

Which ETF has performed better, FLTW or PBDC?

Over the 3-year period, FLTW has performed better with a 36.54% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLTW or PBDC?

FLTW is cheaper with a 0.19% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.58%, compared with 1.76% for FLTW.

What is the main difference between FLTW and PBDC?

FLTW is categorized as Taiwan Equities, while PBDC is Financials Equities. Their fees differ too: 0.19% for FLTW and 13.49% for PBDC.

Which has better risk-adjusted returns?

FLTW currently has the higher Sharpe Ratio (2.49 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.