FTHY vs. PBDC
FTHY (First Trust High Yield Opportunities 2027 Term Fund) and PBDC (Putnam BDC Income ETF) are both funds - FTHY is a High Yield Bonds fund managed by First Trust, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. Over the past 3 years, FTHY returned 11.21%/yr vs 7.11%/yr for PBDC. At a 0.38 correlation, their price movements are largely independent. FTHY charges 0.02%/yr vs 13.49%/yr for PBDC.
Performance
FTHY vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, FTHY achieves a 1.53% return, which is significantly higher than PBDC's -11.42% return.
FTHY
- 1D
- 0.00%
- 1M
- 0.39%
- YTD
- 1.53%
- 6M
- 1.96%
- 1Y
- 3.84%
- 3Y*
- 11.21%
- 5Y*
- 2.72%
- 10Y*
- —
PBDC
- 1D
- 0.30%
- 1M
- -1.31%
- YTD
- -11.42%
- 6M
- -9.25%
- 1Y
- -11.33%
- 3Y*
- 7.11%
- 5Y*
- —
- 10Y*
- —
FTHY vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FTHY First Trust High Yield Opportunities 2027 Term Fund | 1.53% | 7.80% | 15.71% | 14.65% | 3.06% |
PBDC Putnam BDC Income ETF | -11.42% | -1.77% | 19.43% | 30.52% | 10.38% |
Correlation
The correlation between FTHY and PBDC is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.38 |
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Return for Risk
FTHY vs. PBDC — Risk / Return Rank
FTHY
PBDC
FTHY vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust High Yield Opportunities 2027 Term Fund (FTHY) 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.
| FTHY | PBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.91 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.56 | +1.27 |
| Martin ratioReturn relative to average drawdown | 1.89 | -0.98 | +2.87 |
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Drawdowns
FTHY vs. PBDC - Drawdown Comparison
The maximum FTHY drawdown since its inception was -31.17%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FTHY and PBDC.
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Drawdown Indicators
| FTHY | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.17% | -20.47% | -10.70% |
Max Drawdown (1Y)Largest decline over 1 year | -5.44% | -20.15% | +14.71% |
Max Drawdown (3Y)Largest decline over 3 years | -8.70% | -20.47% | +11.77% |
Max Drawdown (5Y)Largest decline over 5 years | -31.17% | — | — |
Current DrawdownCurrent decline from peak | -1.28% | -18.74% | +17.46% |
Average DrawdownAverage peak-to-trough decline | -10.12% | -4.83% | -5.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 11.58% | -9.54% |
Volatility
FTHY vs. PBDC - Volatility Comparison
The current volatility for First Trust High Yield Opportunities 2027 Term Fund (FTHY) is 2.77%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.50%. This indicates that FTHY 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.
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Volatility by Period
| FTHY | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 5.50% | -2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 5.68% | 15.43% | -9.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.43% | 18.66% | -11.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 17.05% | -4.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.23% | 17.05% | -3.82% |
FTHY vs. PBDC - Expense Ratio Comparison
FTHY has a 0.02% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
FTHY vs. PBDC - Dividend Comparison
FTHY's dividend yield for the trailing twelve months is around 11.09%, less than PBDC's 11.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FTHY First Trust High Yield Opportunities 2027 Term Fund | 11.09% | 10.66% | 10.70% | 10.22% | 11.85% | 7.83% | 2.94% |
PBDC Putnam BDC Income ETF | 11.91% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% |
Frequently Asked Questions
FTHY and PBDC have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (5.50%) compared to FTHY (2.77%). In terms of maximum drawdown, FTHY dropped -31.17% vs PBDC's -20.47%.
FTHY currently has the higher Sharpe Ratio (0.52 vs -0.61), 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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