PBDC vs. GSG

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam BDC Income ETF (PBDC) and iShares S&P GSCI Commodity-Indexed Trust (GSG).

PBDC and GSG 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. GSG is a passively managed fund by iShares that tracks the performance of the S&P GSCI Total Return Index. It was launched on Jul 21, 2006.

Performance

PBDC vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

PBDC vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	-9.87%	-1.77%	19.43%	30.52%	10.86%
GSG iShares S&P GSCI Commodity-Indexed Trust	39.85%	5.93%	8.52%	-5.51%	3.16%

Returns By Period

In the year-to-date period, PBDC achieves a -9.87% return, which is significantly lower than GSG's 39.85% return.

PBDC

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

GSG

• 1D: -1.01%
• 1M: 24.23%
• YTD: 39.85%
• 6M: 40.40%
• 1Y: 41.63%
• 3Y*: 17.03%
• 5Y*: 17.93%
• 10Y*: 9.09%

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

PBDC vs. GSG - Expense Ratio Comparison

PBDC has a 6.79% expense ratio, which is higher than GSG's 0.75% expense ratio.

PBDC

Putnam BDC Income ETF

GSG

iShares S&P GSCI Commodity-Indexed Trust

Return for Risk

PBDC vs. GSG — 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

GSG

GSG Risk / Return Rank: 91
GSG Sharpe Ratio Rank: 91
GSG Sortino Ratio Rank: 92
GSG Omega Ratio Rank: 89
GSG Calmar Ratio Rank: 94
GSG Martin Ratio Rank: 88

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. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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	GSG	Difference
Sharpe ratio Return per unit of total volatility	-0.56	1.98	-2.54
Sortino ratio Return per unit of downside risk	-0.66	2.66	-3.32
Omega ratio Gain probability vs. loss probability	0.92	1.36	-0.44
Calmar ratio Return relative to maximum drawdown	-0.61	3.70	-4.31
Martin ratio Return relative to average drawdown	-1.29	10.32	-11.61
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. GSG - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.56, which is lower than the GSG Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of PBDC and GSG, 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	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	1.98	-2.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	-0.09	+0.87

Correlation

The correlation between PBDC and GSG is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PBDC vs. GSG - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, while GSG has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PBDC vs. GSG - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PBDC and GSG.

Drawdown Indicators

	PBDC	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-89.62%	+69.15%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-11.91%	-8.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	-17.32%	-57.78%	+40.46%
Average Drawdown Average peak-to-trough decline	-4.13%	-63.77%	+59.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	4.27%	+5.20%

Volatility

PBDC vs. GSG - Volatility Comparison

The current volatility for Putnam BDC Income ETF (PBDC) is 6.16%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 11.08%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	11.08%	-4.92%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	16.24%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	21.16%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	21.97%	-5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	21.78%	-5.05%