PBDC vs. FBDC
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 0.96 correlation, they move nearly in lockstep. PBDC charges 13.49%/yr vs 1.35%/yr for FBDC.
Performance
PBDC vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -11.42% return, which is significantly lower than FBDC's -10.39% return.
PBDC
- 1D
- 0.30%
- 1M
- -1.31%
- YTD
- -11.42%
- 6M
- -9.25%
- 1Y
- -11.33%
- 3Y*
- 7.11%
- 5Y*
- —
- 10Y*
- —
FBDC
- 1D
- 0.30%
- 1M
- -1.24%
- YTD
- -10.39%
- 6M
- -8.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBDC vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PBDC Putnam BDC Income ETF | -11.42% | -1.65% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -10.39% | -2.66% |
Correlation
The correlation between PBDC and FBDC is 0.96 - 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 Jun 30, 2025 | 0.96 |
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Return for Risk
PBDC vs. FBDC — Risk / Return Rank
PBDC
FBDC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.91 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | — | — |
| Martin ratioReturn relative to average drawdown | -0.98 | — | — |
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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.
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Drawdown Indicators
| PBDC | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -18.74% | -18.04% | -0.70% |
Average DrawdownAverage peak-to-trough decline | -4.83% | -10.44% | +5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.58% | — | — |
Volatility
PBDC vs. FBDC - Volatility Comparison
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Volatility by Period
| PBDC | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 18.00% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 18.00% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.05% | 18.00% | -0.95% |
PBDC vs. FBDC - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than FBDC's 1.35% expense ratio.
Dividends
PBDC vs. FBDC - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.91%, more than FBDC's 11.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FBDC FT Confluence BDC & Specialty Finance Income ETF | 11.63% | 5.41% | 0.00% | 0.00% | 0.00% |
PBDC Putnam BDC Income ETF | 11.91% | 10.53% | 9.29% | 9.86% | 3.40% |
Frequently Asked Questions
With a correlation of 0.96, 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.
On fees, FBDC is cheaper at 1.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBDC is cheaper with a 1.35% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.91%, compared with 11.63% for FBDC.
They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 13.49% for PBDC and 1.35% for FBDC.
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