FTXO vs. PBDC

Last updated Jun 4, 2026

FTXO (First Trust Nasdaq Bank ETF) and PBDC (Putnam BDC Income ETF) are both Financials Equities funds. FTXO is passively managed, while PBDC is actively managed. Over the past 3 years, FTXO returned 24.18%/yr vs 7.76%/yr for PBDC. A 0.56 correlation means they provide meaningful diversification when combined. FTXO charges 0.60%/yr vs 0.75%/yr for PBDC.

Performance

FTXO vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq Bank ETF (FTXO) 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, FTXO achieves a 0.81% return, which is significantly higher than PBDC's -9.74% return.

FTXO

• 1D: -1.34%
• 1M: -0.87%
• YTD: 0.81%
• 6M: 4.64%
• 1Y: 23.41%
• 3Y*: 24.18%
• 5Y*: 5.35%
• 10Y*: —

PBDC

• 1D: -2.15%
• 1M: -6.53%
• YTD: -9.74%
• 6M: -10.38%
• 1Y: -10.30%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FTXO vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FTXO First Trust Nasdaq Bank ETF	0.81%	21.32%	29.05%	0.05%	2.11%
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%

Correlation

The correlation between FTXO and PBDC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.56

The correlation between FTXO and PBDC shifts across timeframes, from 0.46 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

FTXO vs. PBDC - Sectors Allocation Comparison

Sectors	FTXO	PBDC
Financial Services	100.0%	100.0%
Technology	0.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FTXO vs. PBDC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FTXO

FTXO Risk / Return Rank: 30
FTXO Sharpe Ratio Rank: 31
FTXO Sortino Ratio Rank: 30
FTXO Omega Ratio Rank: 30
FTXO Calmar Ratio Rank: 29
FTXO Martin Ratio Rank: 28

PBDC

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FTXO vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq Bank ETF (FTXO) 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.

	FTXO	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.13	-0.56	+1.70
Sortino ratio: Return per unit of downside risk	1.62	-0.69	+2.31
Omega ratio: Gain probability vs. loss probability	1.21	0.92	+0.28
Calmar ratio: Return relative to maximum drawdown	1.41	-0.51	+1.92
Martin ratio: Return relative to average drawdown	3.90	-0.94	+4.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTXO vs. PBDC - Sharpe Ratio Comparison

The current FTXO Sharpe Ratio is 1.13, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of FTXO 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.

Sharpe Ratios by Period

	FTXO	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	-0.56	+1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.73	-0.42

Drawdowns

FTXO vs. PBDC - Drawdown Comparison

The maximum FTXO drawdown since its inception was -55.26%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for FTXO and PBDC.

Drawdown Indicators

	FTXO	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-55.26%	-20.47%	-34.79%
Max Drawdown (1Y) Largest decline over 1 year	-16.69%	-20.15%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	-25.84%	-20.47%	-5.37%
Max Drawdown (5Y) Largest decline over 5 years	-46.55%	—	—
Current Drawdown Current decline from peak	-8.10%	-17.21%	+9.11%
Average Drawdown Average peak-to-trough decline	-15.88%	-4.66%	-11.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	10.95%	-4.94%

Volatility

FTXO vs. PBDC - Volatility Comparison

First Trust Nasdaq Bank ETF (FTXO) has a higher volatility of 5.69% compared to Putnam BDC Income ETF (PBDC) at 5.13%. This indicates that FTXO'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

	FTXO	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	5.13%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	15.46%	15.03%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	20.80%	18.31%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.01%	17.04%	+9.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.98%	17.04%	+12.94%

FTXO vs. PBDC - Expense Ratio Comparison

FTXO has a 0.60% expense ratio, which is lower than PBDC's 0.75% expense ratio.

Dividends

FTXO vs. PBDC - Dividend Comparison

FTXO's dividend yield for the trailing twelve months is around 1.78%, less than PBDC's 11.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FTXO First Trust Nasdaq Bank ETF	1.78%	1.92%	2.18%	3.20%	2.94%	1.64%	2.74%	2.53%	3.51%	1.09%	0.16%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTXO and PBDC in my portfolio?

FTXO and PBDC have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTXO or PBDC?

FTXO has higher volatility (5.69%) compared to PBDC (5.13%). In terms of maximum drawdown, FTXO dropped -55.26% vs PBDC's -20.47%.

Which ETF is better, FTXO or PBDC?

On 3-year performance, FTXO leads with 24.18% vs 7.76% for PBDC. On fees, FTXO is cheaper at 0.60% per year. On volatility, PBDC has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTXO or PBDC?

Over the 3-year period, FTXO has performed better with a 24.18% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTXO or PBDC?

FTXO is cheaper with a 0.60% expense ratio, compared with 0.75% for PBDC.

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

PBDC has the higher dividend yield at 11.69%, compared with 1.78% for FTXO.

What is the main difference between FTXO and PBDC?

They also come from different issuers: First Trust and Putnam. Their fees differ too: 0.60% for FTXO and 0.75% for PBDC.

Which has better risk-adjusted returns?

FTXO currently has the higher Sharpe Ratio (1.13 vs -0.56), 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.