PBDC vs. ARCC
PBDC (Putnam BDC Income ETF) is Financials Equities fund actively managed by Franklin Templeton, while ARCC (Ares Capital Corporation) is a stock. Over the past 3 years, PBDC returned 4.71%/yr vs 8.39%/yr for ARCC. Their correlation of 0.84 means they have usually moved in the same direction.
Performance
PBDC vs. ARCC - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -9.20% return, which is significantly lower than ARCC's -2.30% return.
PBDC
- 1D
- 0.11%
- 1M
- -1.02%
- 6M
- -8.00%
- YTD
- -9.20%
- 1Y
- -12.27%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.83%
ARCC
- 1D
- -0.37%
- 1M
- 0.16%
- 6M
- -0.63%
- YTD
- -2.30%
- 1Y
- -7.66%
- 3Y*
- 8.39%
- 5Y*
- 8.57%
- 10Y*
- 12.33%
- ALL TIME*
- 11.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $81.64M | $84.10M | $93.93M | |
| $3.46M | $3.16M | $3.71M |
PBDC vs. ARCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -9.20% | -1.77% | 19.43% | 30.52% | 10.38% |
ARCC Ares Capital Corporation | -2.30% | 1.07% | 19.78% | 20.03% | 12.66% |
Correlation
The correlation between PBDC and ARCC is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.84 |
The correlation between PBDC and ARCC has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
PBDC vs. ARCC — Risk / Return Rank
PBDC
ARCC
PBDC vs. ARCC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Ares Capital Corporation (ARCC). 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.
| PBDC | ARCC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.94 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.50 | -0.25 |
| Martin ratioReturn relative to average drawdown | -1.28 | -0.91 | -0.37 |
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Drawdowns
PBDC vs. ARCC - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum ARCC drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for PBDC and ARCC.
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Drawdown Indicators
| PBDC | ARCC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -79.36% | +58.89% |
Max Drawdown (1Y)Largest decline over 1 year | -17.71% | -17.35% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -19.35% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.77% | — |
Current DrawdownCurrent decline from peak | -16.71% | -11.07% | -5.64% |
Average DrawdownAverage peak-to-trough decline | -5.16% | -9.12% | +3.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.32% | 9.51% | +0.81% |
Volatility
PBDC vs. ARCC - Volatility Comparison
Putnam BDC Income ETF (PBDC) and Ares Capital Corporation (ARCC) have volatilities of 4.35% and 4.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDC | ARCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 4.33% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 15.20% | 14.79% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 18.86% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 19.97% | -2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.00% | 25.58% | -8.58% |
Dividends
PBDC vs. ARCC - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.58%, more than ARCC's 10.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARCC Ares Capital Corporation | 10.23% | 9.49% | 8.77% | 9.59% | 10.12% | 7.65% | 9.47% | 9.01% | 9.88% | 9.67% | 9.22% | 11.02% |
PBDC Putnam BDC Income ETF | 11.58% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBDC and ARCC have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (4.35%) compared to ARCC (4.33%). In terms of maximum drawdown, PBDC dropped -20.47% vs ARCC's -79.36%.
ARCC currently has the higher Sharpe Ratio (-0.46 vs -0.70), 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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