PBDC vs. FNCL

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam BDC Income ETF (PBDC) and Fidelity MSCI Financials Index ETF (FNCL).

PBDC and FNCL 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. FNCL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Financials Index. It was launched on Oct 21, 2013.

Performance

PBDC vs. FNCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and Fidelity MSCI Financials Index ETF (FNCL). The values are adjusted to include any dividend payments, if applicable.

PBDC vs. FNCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	-9.87%	-1.77%	19.43%	30.52%	10.86%
FNCL Fidelity MSCI Financials Index ETF	-9.17%	14.94%	30.44%	14.10%	11.92%

Returns By Period

In the year-to-date period, PBDC achieves a -9.87% return, which is significantly lower than FNCL's -9.17% return.

PBDC

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

FNCL

• 1D: 2.23%
• 1M: -3.42%
• YTD: -9.17%
• 6M: -7.18%
• 1Y: 2.69%
• 3Y*: 17.96%
• 5Y*: 9.30%
• 10Y*: 12.25%

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

PBDC vs. FNCL - Expense Ratio Comparison

PBDC has a 6.79% expense ratio, which is higher than FNCL's 0.08% expense ratio.

PBDC

Putnam BDC Income ETF

FNCL

Fidelity MSCI Financials Index ETF

Return for Risk

PBDC vs. FNCL — 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

FNCL

FNCL Risk / Return Rank: 17
FNCL Sharpe Ratio Rank: 16
FNCL Sortino Ratio Rank: 15
FNCL Omega Ratio Rank: 16
FNCL Calmar Ratio Rank: 18
FNCL Martin Ratio Rank: 18

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. FNCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Fidelity MSCI Financials Index ETF (FNCL). 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	FNCL	Difference
Sharpe ratio Return per unit of total volatility	-0.56	0.14	-0.70
Sortino ratio Return per unit of downside risk	-0.66	0.32	-0.97
Omega ratio Gain probability vs. loss probability	0.92	1.05	-0.13
Calmar ratio Return relative to maximum drawdown	-0.61	0.26	-0.87
Martin ratio Return relative to average drawdown	-1.29	0.79	-2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBDC vs. FNCL - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.56, which is lower than the FNCL Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of PBDC and FNCL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBDC	FNCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	0.14	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.52	+0.26

Correlation

The correlation between PBDC and FNCL is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PBDC vs. FNCL - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, more than FNCL's 1.75% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNCL Fidelity MSCI Financials Index ETF	1.75%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Drawdowns

PBDC vs. FNCL - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum FNCL drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for PBDC and FNCL.

Drawdown Indicators

	PBDC	FNCL	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-44.38%	+23.91%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-14.78%	-5.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.38%	—
Current Drawdown Current decline from peak	-17.32%	-11.94%	-5.38%
Average Drawdown Average peak-to-trough decline	-4.13%	-6.89%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	4.92%	+4.55%

Volatility

PBDC vs. FNCL - Volatility Comparison

Putnam BDC Income ETF (PBDC) has a higher volatility of 6.16% compared to Fidelity MSCI Financials Index ETF (FNCL) at 4.88%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than FNCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	FNCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	4.88%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	11.75%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	20.02%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	19.34%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	22.35%	-5.62%