LVHD vs. PBDC
LVHD (Franklin U.S. Low Volatility High Dividend Index ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - LVHD is a Dividend fund tracking the Franklin U.S. Low Volatility High Dividend Index, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. LVHD is passively managed, while PBDC is actively managed. Over the past 3 years, LVHD returned 10.47%/yr vs 5.49%/yr for PBDC. Their 0.44 correlation means their historical movements had little consistent relationship. LVHD charges 0.27%/yr vs 13.49%/yr for PBDC.
Performance
LVHD vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, LVHD achieves a 13.57% return, which is significantly higher than PBDC's -6.86% return.
LVHD
- 1D
- -0.01%
- 1M
- -0.57%
- 6M
- 7.71%
- YTD
- 13.57%
- 1Y
- 14.82%
- 3Y*
- 10.47%
- 5Y*
- 7.44%
- 10Y*
- 8.26%
- ALL TIME*
- 9.15%
PBDC
- 1D
- 2.58%
- 1M
- 1.53%
- 6M
- -3.75%
- YTD
- -6.86%
- 1Y
- -10.01%
- 3Y*
- 5.49%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.34M | $2.46M | $2.92M | |
| $3.20M | $3.19M | $3.74M |
LVHD vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
LVHD Franklin U.S. Low Volatility High Dividend Index ETF | 13.57% | 7.50% | 10.18% | -0.95% | 12.02% |
PBDC Putnam BDC Income ETF | -6.86% | -1.77% | 19.43% | 30.52% | 10.38% |
Correlation
The correlation between LVHD and PBDC is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.44 |
Over the past year, the correlation between LVHD and PBDC has dropped to 0.24 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
LVHD vs. PBDC — Risk / Return Rank
LVHD
PBDC
LVHD vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Low Volatility High Dividend Index ETF (LVHD) 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.
| LVHD | PBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.94 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.93 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | -0.57 | +2.98 |
| Martin ratioReturn relative to average drawdown | 5.96 | -0.97 | +6.93 |
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Drawdowns
LVHD vs. PBDC - Drawdown Comparison
The maximum LVHD drawdown since its inception was -37.32%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for LVHD and PBDC.
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Drawdown Indicators
| LVHD | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.32% | -20.47% | -16.85% |
Max Drawdown (1Y)Largest decline over 1 year | -6.17% | -17.71% | +11.54% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -20.47% | +8.60% |
Max Drawdown (5Y)Largest decline over 5 years | -16.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.32% | — | — |
Current DrawdownCurrent decline from peak | -2.13% | -14.56% | +12.43% |
Average DrawdownAverage peak-to-trough decline | -4.00% | -5.17% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 10.35% | -7.86% |
Volatility
LVHD vs. PBDC - Volatility Comparison
The current volatility for Franklin U.S. Low Volatility High Dividend Index ETF (LVHD) is 4.27%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.07%. This indicates that LVHD 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
| LVHD | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 5.07% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 8.31% | 15.41% | -7.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.53% | 19.06% | -8.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.05% | 17.04% | -3.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.58% | 17.04% | -1.46% |
LVHD vs. PBDC - Expense Ratio Comparison
LVHD has a 0.27% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
LVHD vs. PBDC - Dividend Comparison
LVHD's dividend yield for the trailing twelve months is around 3.20%, less than PBDC's 11.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
LVHD Franklin U.S. Low Volatility High Dividend Index ETF | 3.20% | 3.35% | 4.23% | 3.55% | 3.30% | 2.56% | 3.27% | 3.30% | 3.82% | 3.33% | 2.48% |
PBDC Putnam BDC Income ETF | 11.29% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LVHD and PBDC have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (5.07%) compared to LVHD (4.27%). In terms of maximum drawdown, LVHD dropped -37.32% vs PBDC's -20.47%.
On 3-year performance, LVHD leads with 10.47% vs 5.49% for PBDC. On fees, LVHD is cheaper at 0.27% per year. On volatility, LVHD has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, LVHD has performed better with a 10.47% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LVHD is cheaper with a 0.27% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.29%, compared with 3.20% for LVHD.
LVHD is categorized as Dividend, while PBDC is Financials Equities. Their fees differ too: 0.27% for LVHD and 13.49% for PBDC.
LVHD currently has the higher Sharpe Ratio (1.42 vs -0.53), 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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