PBDC vs. GABF

Last updated Jul 14, 2026

PBDC (Putnam BDC Income ETF) and GABF (Gabelli Financial Services Opportunities ETF) are both Financials Equities funds. Both are actively managed. Over the past 3 years, PBDC returned 5.94%/yr vs 20.10%/yr for GABF. A 0.63 correlation means they provide meaningful diversification when combined. PBDC charges 13.49%/yr vs 0.10%/yr for GABF.

Performance

PBDC vs. GABF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and Gabelli Financial Services Opportunities ETF (GABF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBDC achieves a -8.72% return, which is significantly lower than GABF's -2.34% return.

PBDC

• 1D: -0.75%
• 1M: -0.56%
• 6M: -8.88%
• YTD: -8.72%
• 1Y: -13.79%
• 3Y*: 5.94%
• 5Y*: —
• 10Y*: —

GABF

• 1D: -0.22%
• 1M: 1.32%
• 6M: -5.40%
• YTD: -2.34%
• 1Y: -4.10%
• 3Y*: 20.10%
• 5Y*: —
• 10Y*: —

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

PBDC vs. GABF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	-8.72%	-1.77%	19.43%	30.52%	10.38%
GABF Gabelli Financial Services Opportunities ETF	-2.34%	3.60%	44.38%	38.92%	8.13%

Correlation

The correlation between PBDC and GABF is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.63

The correlation between PBDC and GABF has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

Return for Risk

PBDC vs. GABF — 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: 3
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

GABF

GABF Risk / Return Rank: 7
GABF Sharpe Ratio Rank: 7
GABF Sortino Ratio Rank: 7
GABF Omega Ratio Rank: 7
GABF Calmar Ratio Rank: 7
GABF Martin Ratio Rank: 7

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. GABF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Gabelli Financial Services Opportunities ETF (GABF). 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	GABF	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	-0.23	-0.50
Sortino ratio: Return per unit of downside risk	-0.96	-0.20	-0.76
Omega ratio: Gain probability vs. loss probability	0.89	0.98	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.69	-0.24	-0.45
Martin ratio: Return relative to average drawdown	-1.14	-0.53	-0.61

PBDC vs. GABF - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.74, which is lower than the GABF Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of PBDC and GABF, 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. GABF - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, roughly equal to the maximum GABF drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for PBDC and GABF.

Drawdown Indicators

	PBDC	GABF	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-20.86%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-17.16%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-20.86%	+0.39%
Current Drawdown Current decline from peak	-16.27%	-7.14%	-9.13%
Average Drawdown Average peak-to-trough decline	-5.00%	-4.94%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	7.78%	+4.39%

Volatility

PBDC vs. GABF - Volatility Comparison

Putnam BDC Income ETF (PBDC) and Gabelli Financial Services Opportunities ETF (GABF) have volatilities of 4.56% and 4.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	GABF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	4.51%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	15.17%	13.37%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	17.59%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	20.45%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	20.45%	-3.43%

PBDC vs. GABF - Expense Ratio Comparison

PBDC has a 13.49% expense ratio, which is higher than GABF's 0.10% expense ratio.

Dividends

PBDC vs. GABF - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.52%, more than GABF's 2.01% yield.

Position	TTM	2025	2024	2023	2022
GABF Gabelli Financial Services Opportunities ETF	2.01%	1.96%	4.19%	4.95%	1.31%
PBDC Putnam BDC Income ETF	11.52%	10.53%	9.29%	9.86%	3.40%

Frequently Asked Questions

Can I hold both PBDC and GABF in my portfolio?

PBDC and GABF have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBDC or GABF?

PBDC has higher volatility (4.56%) compared to GABF (4.51%). In terms of maximum drawdown, PBDC dropped -20.47% vs GABF's -20.86%.

Which ETF is better, PBDC or GABF?

On 3-year performance, GABF leads with 20.10% vs 5.94% for PBDC. On fees, GABF is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or GABF?

Over the 3-year period, GABF has performed better with a 20.10% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDC or GABF?

GABF is cheaper with a 0.10% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.52%, compared with 2.01% for GABF.

What is the main difference between PBDC and GABF?

They also come from different issuers: Franklin Templeton and Gabelli. Their fees differ too: 13.49% for PBDC and 0.10% for GABF.

Which has better risk-adjusted returns?

GABF currently has the higher Sharpe Ratio (-0.23 vs -0.74), 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.