PBDC vs. FBDC

Last updated Jun 4, 2026

PBDC (Putnam BDC Income ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. Both are actively managed. With a 0.97 correlation, they move nearly in lockstep. PBDC charges 0.75%/yr vs 1.35%/yr for FBDC.

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.

Returns By Period

The year-to-date returns for both investments are quite close, with PBDC having a -9.74% return and FBDC slightly higher at -9.51%.

PBDC

• 1D: -2.15%
• 1M: -6.53%
• YTD: -9.74%
• 6M: -10.38%
• 1Y: -10.30%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

FBDC

• 1D: -2.98%
• 1M: -7.81%
• YTD: -9.51%
• 6M: -10.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBDC vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
PBDC Putnam BDC Income ETF	-9.74%	-2.41%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.51%	-2.43%

Correlation

The correlation between PBDC and FBDC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.97

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: 4
PBDC Sharpe Ratio Rank: 4
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

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	-0.69	—	—
Omega ratio Gain probability vs. loss probability	0.92	—	—
Calmar ratio Return relative to maximum drawdown	-0.51	—	—
Martin ratio Return relative to average drawdown	-0.94	—	—
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	0.73	-0.70	+1.43

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%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	—	—
Current Drawdown Current decline from peak	-17.21%	-17.24%	+0.03%
Average Drawdown Average peak-to-trough decline	-4.66%	-10.14%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	—	—

Volatility

Volatility by Period

	PBDC	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	18.06%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	18.06%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	18.06%	-1.02%

PBDC vs. FBDC - Expense Ratio Comparison

PBDC has a 0.75% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

PBDC vs. FBDC - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, more than FBDC's 11.52% yield.

Position	TTM	2025	2024	2023	2022
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.52%	5.41%	0.00%	0.00%	0.00%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%

Frequently Asked Questions

Can I hold both PBDC and FBDC in my portfolio?

With a correlation of 0.97, PBDC and FBDC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, PBDC or FBDC?

On fees, PBDC is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBDC or FBDC?

PBDC is cheaper with a 0.75% expense ratio, compared with 1.35% for FBDC.

Which ETF pays a higher dividend yield, PBDC or FBDC?

PBDC has the higher dividend yield at 11.69%, compared with 11.52% for FBDC.

What is the main difference between PBDC and FBDC?

They also come from different issuers: Putnam and First Trust. Their fees differ too: 0.75% for PBDC and 1.35% for FBDC.