PBDC vs. DBE
PBDC (Putnam BDC Income ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Putnam, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. PBDC is actively managed, while DBE is passively managed. Over the past 3 years, PBDC returned 7.76%/yr vs 23.42%/yr for DBE. At a 0.08 correlation, their price movements are largely independent. PBDC charges 0.75%/yr vs 0.78%/yr for DBE.
Performance
PBDC vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -9.74% return, which is significantly lower than DBE's 83.68% return.
PBDC
- 1D
- -2.15%
- 1M
- -6.53%
- YTD
- -9.74%
- 6M
- -10.38%
- 1Y
- -10.30%
- 3Y*
- 7.76%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
PBDC vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -9.74% | -1.77% | 19.43% | 30.52% | 10.86% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 0.96% |
Correlation
The correlation between PBDC and DBE is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022 | 0.08 |
The correlation between PBDC and DBE shifts across timeframes, from -0.14 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBDC vs. DBE — Risk / Return Rank
PBDC
DBE
PBDC vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Invesco DB Energy Fund (DBE). 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.
| PBDC | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.99 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.40 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 5.89 | -6.40 |
| Martin ratioReturn relative to average drawdown | -0.94 | 11.53 | -12.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBDC | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 2.43 | -2.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.09 | +0.63 |
Drawdowns
PBDC vs. DBE - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PBDC and DBE.
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Drawdown Indicators
| PBDC | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -86.69% | +66.22% |
Max Drawdown (1Y)Largest decline over 1 year | -20.15% | -14.41% | -5.74% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -23.89% | +3.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -17.21% | -30.27% | +13.06% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -57.31% | +52.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.95% | 7.35% | +3.60% |
Volatility
PBDC vs. DBE - Volatility Comparison
The current volatility for Putnam BDC Income ETF (PBDC) is 5.13%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDC | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 12.95% | -7.82% |
Volatility (6M)Calculated over the trailing 6-month period | 15.03% | 30.86% | -15.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.31% | 34.97% | -16.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.04% | 29.39% | -12.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 28.33% | -11.29% |
PBDC vs. DBE - Expense Ratio Comparison
PBDC has a 0.75% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PBDC vs. DBE - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.69%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
PBDC Putnam BDC Income ETF | 11.69% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBDC and DBE have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to PBDC (5.13%). In terms of maximum drawdown, PBDC dropped -20.47% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 7.76% for PBDC. On fees, PBDC is cheaper at 0.75% 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.
Over the 3-year period, DBE has performed better with a 23.42% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBDC is cheaper with a 0.75% expense ratio, compared with 0.78% for DBE.
PBDC has the higher dividend yield at 11.69%, compared with 2.10% for DBE.
PBDC is categorized as Financials Equities, while DBE is Oil & Gas. They also come from different issuers: Putnam and Invesco. Their fees differ too: 0.75% for PBDC and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 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.
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