PBDC vs. FBDC

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam BDC Income ETF (PBDC) and FT Confluence BDC & Specialty Finance Income ETF (FBDC).

PBDC and FBDC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBDC is an actively managed fund by Putnam. It was launched on Sep 29, 2022. FBDC is an actively managed fund by First Trust. It was launched on Jun 30, 2025.

Performance

PBDC vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). The values are adjusted to include any dividend payments, if applicable.

PBDC vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
PBDC Putnam BDC Income ETF	-9.87%	-2.41%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.87%	-2.43%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with PBDC at -9.87% and FBDC at -9.87%.

PBDC

• 1D: 2.38%
• 1M: 2.99%
• YTD: -9.87%
• 6M: -8.48%
• 1Y: -12.07%
• 3Y*: 9.33%
• 5Y*: —
• 10Y*: —

FBDC

• 1D: 2.30%
• 1M: 2.24%
• YTD: -9.87%
• 6M: -9.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PBDC vs. FBDC - Expense Ratio Comparison

PBDC has a 6.79% expense ratio, which is lower than FBDC's 13.69% expense ratio.

FBDC

FT Confluence BDC & Specialty Finance Income ETF

PBDC

Putnam BDC Income ETF

Return for Risk

PBDC vs. FBDC — Risk / Return Rank

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

PBDC

PBDC Risk / Return Rank: 3
PBDC Sharpe Ratio Rank: 3
PBDC Sortino Ratio Rank: 3
PBDC Omega Ratio Rank: 3
PBDC Calmar Ratio Rank: 3
PBDC Martin Ratio Rank: 3

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.

PBDC vs. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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	FBDC	Difference
Sharpe ratio Return per unit of total volatility	-0.56	—	—
Sortino ratio Return per unit of downside risk	-0.66	—	—
Omega ratio Gain probability vs. loss probability	0.92	—	—
Calmar ratio Return relative to maximum drawdown	-0.61	—	—
Martin ratio Return relative to average drawdown	-1.29	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PBDC	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	-0.91	+1.69

Correlation

The correlation between PBDC and FBDC is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PBDC vs. FBDC - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, more than FBDC's 9.28% yield.

	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%
FBDC FT Confluence BDC & Specialty Finance Income ETF	9.28%	5.41%	0.00%	0.00%	0.00%

Drawdowns

PBDC vs. FBDC - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, roughly equal to the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for PBDC and FBDC.

Drawdown Indicators

	PBDC	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-20.60%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	—	—
Current Drawdown Current decline from peak	-17.32%	-17.57%	+0.25%
Average Drawdown Average peak-to-trough decline	-4.13%	-9.11%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	—	—

Volatility

Volatility by Period

	PBDC	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	17.36%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	17.36%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	17.36%	-0.63%