KWT vs. PBDC

Last updated Jun 4, 2026

KWT (iShares MSCI Kuwait ETF) and PBDC (Putnam BDC Income ETF) are both Financials Equities funds. KWT is passively managed, while PBDC is actively managed. Over the past 3 years, KWT returned 10.61%/yr vs 7.76%/yr for PBDC. At a 0.25 correlation, their price movements are largely independent. KWT charges 0.74%/yr vs 0.75%/yr for PBDC.

Performance

KWT vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kuwait ETF (KWT) 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, KWT achieves a -1.30% return, which is significantly higher than PBDC's -9.74% return.

KWT

• 1D: -0.59%
• 1M: -1.54%
• YTD: -1.30%
• 6M: -1.08%
• 1Y: 6.41%
• 3Y*: 10.61%
• 5Y*: 9.17%
• 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)

KWT vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KWT iShares MSCI Kuwait ETF	-1.30%	25.38%	11.29%	-4.71%	3.80%
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%

Correlation

The correlation between KWT and PBDC is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.25

The correlation between KWT and PBDC shifts across timeframes, from 0.13 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

KWT vs. PBDC - Sectors Allocation Comparison

Sectors	KWT	PBDC
Financial Services	64.4%	100.0%
Real Estate	11.0%	-
Industrials	10.8%	-
Communication Services	6.3%	-
Consumer Defensive	2.7%	-
Consumer Cyclical	2.2%	-
Basic Materials	1.6%	-
Utilities	1.0%	-
Energy	-	-
Healthcare	-	-
Technology	-	-

Return for Risk

KWT vs. PBDC — Risk / Return Rank

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

KWT

KWT Risk / Return Rank: 16
KWT Sharpe Ratio Rank: 16
KWT Sortino Ratio Rank: 16
KWT Omega Ratio Rank: 16
KWT Calmar Ratio Rank: 16
KWT Martin Ratio Rank: 15

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.

KWT vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) 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.

	KWT	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	0.47	-0.56	+1.03
Sortino ratio: Return per unit of downside risk	0.74	-0.69	+1.44
Omega ratio: Gain probability vs. loss probability	1.10	0.92	+0.18
Calmar ratio: Return relative to maximum drawdown	0.56	-0.51	+1.07
Martin ratio: Return relative to average drawdown	1.33	-0.94	+2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KWT vs. PBDC - Sharpe Ratio Comparison

The current KWT Sharpe Ratio is 0.47, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of KWT 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

	KWT	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.47	-0.56	+1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.73	+0.17

Drawdowns

KWT vs. PBDC - Drawdown Comparison

The maximum KWT drawdown since its inception was -24.37%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for KWT and PBDC.

Drawdown Indicators

	KWT	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-20.47%	-3.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-20.15%	+8.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-20.47%	+4.75%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	—	—
Current Drawdown Current decline from peak	-6.07%	-17.21%	+11.14%
Average Drawdown Average peak-to-trough decline	-7.30%	-4.66%	-2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	10.95%	-6.10%

Volatility

KWT vs. PBDC - Volatility Comparison

The current volatility for iShares MSCI Kuwait ETF (KWT) is 3.16%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.13%. This indicates that KWT 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.

Volatility by Period

	KWT	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	5.13%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	15.03%	-3.39%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	18.31%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.61%	17.04%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.93%	17.04%	-3.11%

KWT vs. PBDC - Expense Ratio Comparison

KWT has a 0.74% expense ratio, which is lower than PBDC's 0.75% expense ratio.

Dividends

KWT vs. PBDC - Dividend Comparison

KWT's dividend yield for the trailing twelve months is around 5.47%, less than PBDC's 11.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	5.47%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KWT and PBDC in my portfolio?

KWT and PBDC have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KWT or PBDC?

PBDC has higher volatility (5.13%) compared to KWT (3.16%). In terms of maximum drawdown, KWT dropped -24.37% vs PBDC's -20.47%.

Which ETF is better, KWT or PBDC?

On 3-year performance, KWT leads with 10.61% vs 7.76% for PBDC. On fees, KWT is cheaper at 0.74% per year. On volatility, KWT has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWT or PBDC?

Over the 3-year period, KWT has performed better with a 10.61% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWT or PBDC?

KWT is cheaper with a 0.74% expense ratio, compared with 0.75% for PBDC.

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

PBDC has the higher dividend yield at 11.69%, compared with 5.47% for KWT.

What is the main difference between KWT and PBDC?

They also come from different issuers: iShares and Putnam. Their fees differ too: 0.74% for KWT and 0.75% for PBDC.

Which has better risk-adjusted returns?

KWT currently has the higher Sharpe Ratio (0.47 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.