FTCA vs. PBDC
FTCA (Franklin California Municipal Income ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - FTCA is a Municipal Bonds fund actively managed by Franklin Templeton, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. Both are actively managed. At a 0.04 correlation, their price movements are largely independent. FTCA charges 0.35%/yr vs 13.49%/yr for PBDC.
Performance
FTCA vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, FTCA achieves a 3.15% return, which is significantly higher than PBDC's -10.38% return.
FTCA
- 1D
- 0.27%
- 1M
- 1.75%
- YTD
- 3.15%
- 6M
- 3.29%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBDC
- 1D
- 1.60%
- 1M
- -1.76%
- YTD
- -10.38%
- 6M
- -9.85%
- 1Y
- -11.99%
- 3Y*
- 7.00%
- 5Y*
- —
- 10Y*
- —
FTCA vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FTCA Franklin California Municipal Income ETF | 3.15% | -0.08% |
PBDC Putnam BDC Income ETF | -10.38% | 2.51% |
Correlation
The correlation between FTCA and PBDC is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 27, 2025 | 0.04 |
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Return for Risk
FTCA vs. PBDC — Risk / Return Rank
FTCA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PBDC
FTCA vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin California Municipal Income ETF (FTCA) 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.
| FTCA | PBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.91 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.60 | — |
| Martin ratioReturn relative to average drawdown | — | -1.02 | — |
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Drawdowns
FTCA vs. PBDC - Drawdown Comparison
The maximum FTCA drawdown since its inception was -2.92%, smaller than the maximum PBDC drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FTCA and PBDC.
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Drawdown Indicators
| FTCA | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.92% | -20.47% | +17.55% |
Max Drawdown (1Y)Largest decline over 1 year | — | -20.15% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -20.47% | — |
Current DrawdownCurrent decline from peak | 0.00% | -17.79% | +17.79% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -4.87% | +4.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.75% | — |
Volatility
FTCA vs. PBDC - Volatility Comparison
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Volatility by Period
| FTCA | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.46% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 15.51% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 18.70% | -15.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.40% | 17.05% | -13.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 17.05% | -13.65% |
FTCA vs. PBDC - Expense Ratio Comparison
FTCA has a 0.35% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
FTCA vs. PBDC - Dividend Comparison
FTCA's dividend yield for the trailing twelve months is around 2.32%, less than PBDC's 11.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FTCA Franklin California Municipal Income ETF | 2.32% | 0.74% | 0.00% | 0.00% | 0.00% |
PBDC Putnam BDC Income ETF | 11.77% | 10.53% | 9.29% | 9.86% | 3.40% |
Frequently Asked Questions
FTCA and PBDC have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FTCA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTCA is cheaper with a 0.35% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.77%, compared with 2.32% for FTCA.
FTCA is categorized as Municipal Bonds, while PBDC is Financials Equities. Their fees differ too: 0.35% for FTCA and 13.49% for PBDC.
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