PBDC vs. DBA
PBDC (Putnam BDC Income ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. PBDC is actively managed, while DBA is passively managed. Over the past 3 years, PBDC returned 7.01%/yr vs 11.76%/yr for DBA. At a 0.12 correlation, their price movements are largely independent. PBDC charges 13.49%/yr vs 0.88%/yr for DBA.
Performance
PBDC vs. DBA - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -11.69% return, which is significantly lower than DBA's 4.43% return.
PBDC
- 1D
- -1.02%
- 1M
- -1.61%
- YTD
- -11.69%
- 6M
- -10.28%
- 1Y
- -12.43%
- 3Y*
- 7.01%
- 5Y*
- —
- 10Y*
- —
DBA
- 1D
- 0.08%
- 1M
- -3.30%
- YTD
- 4.43%
- 6M
- 4.76%
- 1Y
- 4.55%
- 3Y*
- 11.76%
- 5Y*
- 11.03%
- 10Y*
- 3.67%
PBDC vs. DBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -11.69% | -1.77% | 19.43% | 30.52% | 10.38% |
DBA Invesco DB Agriculture Fund | 4.43% | -0.56% | 33.45% | 7.64% | 0.49% |
Correlation
The correlation between PBDC and DBA is 0.03, 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 (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.12 |
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Return for Risk
PBDC vs. DBA — Risk / Return Rank
PBDC
DBA
PBDC vs. DBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Invesco DB Agriculture Fund (DBA). 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 | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.08 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 0.53 | -1.15 |
| Martin ratioReturn relative to average drawdown | -1.08 | 1.15 | -2.23 |
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Drawdowns
PBDC vs. DBA - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for PBDC and DBA.
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Drawdown Indicators
| PBDC | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -67.97% | +47.50% |
Max Drawdown (1Y)Largest decline over 1 year | -20.15% | -8.67% | -11.48% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -12.36% | -8.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.12% | — |
Current DrawdownCurrent decline from peak | -18.99% | -26.48% | +7.49% |
Average DrawdownAverage peak-to-trough decline | -4.82% | -41.06% | +36.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.52% | 3.96% | +7.56% |
Volatility
PBDC vs. DBA - Volatility Comparison
Putnam BDC Income ETF (PBDC) has a higher volatility of 5.50% compared to Invesco DB Agriculture Fund (DBA) at 2.85%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDC | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 2.85% | +2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 15.42% | 6.65% | +8.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.69% | 10.60% | +8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.06% | 13.93% | +3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.06% | 13.06% | +4.00% |
PBDC vs. DBA - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than DBA's 0.88% expense ratio.
Dividends
PBDC vs. DBA - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.95%, more than DBA's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.42% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
PBDC Putnam BDC Income ETF | 11.95% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBDC and DBA have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (5.50%) compared to DBA (2.85%). In terms of maximum drawdown, PBDC dropped -20.47% vs DBA's -67.97%.
On 3-year performance, DBA leads with 11.76% vs 7.01% for PBDC. On fees, DBA is cheaper at 0.88% per year. On volatility, DBA has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBA has performed better with a 11.76% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBA is cheaper with a 0.88% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.95%, compared with 3.42% for DBA.
PBDC is categorized as Financials Equities, while DBA is Agricultural Commodities. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 13.49% for PBDC and 0.88% for DBA.
DBA currently has the higher Sharpe Ratio (0.43 vs -0.67), 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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