PBDC vs. FBDC

Last updated Aug 2, 2026

PBDC (Putnam BDC Income ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. Both are actively managed. Over the past year, PBDC returned -12.27% vs -10.92% for FBDC. Their 0.97 correlation means they have historically moved very closely together. PBDC charges 13.49%/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

In the year-to-date period, PBDC achieves a -9.20% return, which is significantly lower than FBDC's -7.31% return.

PBDC

• 1D: 0.11%
• 1M: -1.02%
• 6M: -8.00%
• YTD: -9.20%
• 1Y: -12.27%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.83%

FBDC

• 1D: -0.01%
• 1M: -0.49%
• 6M: -6.64%
• YTD: -7.31%
• 1Y: -10.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -9.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBDC FT Confluence BDC & Specialty Finance Income ETF	$213.26K	$189.97K	$198.06K
PBDC Putnam BDC Income ETF	$3.46M	$3.16M	$3.71M

PBDC vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
PBDC Putnam BDC Income ETF	-9.20%	-1.65%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-7.31%	-2.66%

Correlation

The correlation between PBDC and FBDC is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.97

The correlation between PBDC and FBDC has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

PBDC vs. FBDC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBDC

PBDC Risk / Return Rank: 3
PBDC Sharpe Ratio Rank: 3
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 3
PBDC Martin Ratio Rank: 2

FBDC

FBDC Risk / Return Rank: 4
FBDC Sharpe Ratio Rank: 4
FBDC Sortino Ratio Rank: 4
FBDC Omega Ratio Rank: 4
FBDC Calmar Ratio Rank: 4
FBDC Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 ratio: Return per unit of total volatility	-0.70	-0.64	-0.06
Sortino ratio: Return per unit of downside risk	-0.91	-0.82	-0.09
Omega ratio: Gain probability vs. loss probability	0.90	0.91	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.64	-0.11
Martin ratio: Return relative to average drawdown	-1.28	-1.14	-0.14

PBDC vs. FBDC - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.70, which is comparable to the FBDC Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of PBDC and FBDC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-17.71%	-18.08%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	—	—
Current Drawdown Current decline from peak	-16.71%	-15.23%	-1.48%
Average Drawdown Average peak-to-trough decline	-5.16%	-10.91%	+5.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.32%	10.12%	+0.20%

Volatility

PBDC vs. FBDC - Volatility Comparison

The current volatility for Putnam BDC Income ETF (PBDC) is 4.35%, while FT Confluence BDC & Specialty Finance Income ETF (FBDC) has a volatility of 4.72%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than FBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	4.72%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	14.60%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	18.87%	18.15%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	17.81%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	17.81%	-0.81%

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 11.58%, less than FBDC's 12.36% yield.

Position	TTM	2025	2024	2023	2022
FBDC FT Confluence BDC & Specialty Finance Income ETF	12.36%	5.41%	0.00%	0.00%	0.00%
PBDC Putnam BDC Income ETF	11.58%	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 is riskier, PBDC or FBDC?

FBDC has higher volatility (4.72%) compared to PBDC (4.35%). In terms of maximum drawdown, PBDC dropped -20.47% vs FBDC's -20.60%.

Which ETF is better, PBDC or FBDC?

On 1-year performance, FBDC leads with -10.92% vs -12.27% for PBDC. On fees, FBDC is cheaper at 1.35% per year. On volatility, PBDC has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or FBDC?

Over the 1-year period, FBDC has performed better with a -10.92% return vs -12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDC or FBDC?

FBDC is cheaper with a 1.35% expense ratio, compared with 13.49% for PBDC.

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

FBDC has the higher dividend yield at 12.36%, compared with 11.58% for PBDC.

What is the main difference between PBDC and 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.

Which has better risk-adjusted returns?

FBDC currently has the higher Sharpe Ratio (-0.64 vs -0.70), 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.