FTMS vs. PBDC
FTMS (Franklin Short-Term Municipal Income ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - FTMS 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 correlation of -0.04, they often move in opposite directions. FTMS charges 0.21%/yr vs 13.49%/yr for PBDC.
Performance
FTMS vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, FTMS achieves a 1.41% return, which is significantly higher than PBDC's -10.38% return.
FTMS
- 1D
- -0.20%
- 1M
- 0.39%
- YTD
- 1.41%
- 6M
- 1.41%
- 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*
- —
FTMS vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FTMS Franklin Short-Term Municipal Income ETF | 1.41% | 0.47% |
PBDC Putnam BDC Income ETF | -10.38% | 2.51% |
Correlation
The correlation between FTMS 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
FTMS vs. PBDC — Risk / Return Rank
FTMS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PBDC
FTMS vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Short-Term Municipal Income ETF (FTMS) 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.
| FTMS | 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
FTMS vs. PBDC - Drawdown Comparison
The maximum FTMS drawdown since its inception was -1.24%, smaller than the maximum PBDC drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FTMS and PBDC.
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Drawdown Indicators
| FTMS | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.24% | -20.47% | +19.23% |
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 | -0.20% | -17.79% | +17.59% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -4.87% | +4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.75% | — |
Volatility
FTMS vs. PBDC - Volatility Comparison
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Volatility by Period
| FTMS | 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 | 1.73% | 18.70% | -16.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.73% | 17.05% | -15.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.73% | 17.05% | -15.32% |
FTMS vs. PBDC - Expense Ratio Comparison
FTMS has a 0.21% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
FTMS vs. PBDC - Dividend Comparison
FTMS's dividend yield for the trailing twelve months is around 1.97%, less than PBDC's 11.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FTMS Franklin Short-Term Municipal Income ETF | 1.97% | 0.57% | 0.00% | 0.00% | 0.00% |
PBDC Putnam BDC Income ETF | 11.77% | 10.53% | 9.29% | 9.86% | 3.40% |
Frequently Asked Questions
FTMS 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, FTMS is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTMS is cheaper with a 0.21% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.77%, compared with 1.97% for FTMS.
FTMS is categorized as Municipal Bonds, while PBDC is Financials Equities. Their fees differ too: 0.21% for FTMS and 13.49% for PBDC.
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