PBDC vs. GSG

Last updated Jun 4, 2026

PBDC (Putnam BDC Income ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Putnam, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PBDC is actively managed, while GSG is passively managed. Over the past 3 years, PBDC returned 7.76%/yr vs 19.31%/yr for GSG. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

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.

Returns By Period

In the year-to-date period, PBDC achieves a -9.74% return, which is significantly lower than GSG's 42.58% return.

PBDC

• 1D: -2.15%
• 1M: -6.53%
• YTD: -9.74%
• 6M: -10.38%
• 1Y: -10.30%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

GSG

• 1D: 0.77%
• 1M: -4.83%
• YTD: 42.58%
• 6M: 41.06%
• 1Y: 51.52%
• 3Y*: 19.31%
• 5Y*: 15.74%
• 10Y*: 7.69%

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

PBDC vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	5.93%	8.52%	-5.51%	3.16%

Correlation

The correlation between PBDC and GSG is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.12

The correlation between PBDC and GSG shifts across timeframes, from -0.12 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

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: 4
PBDC Sharpe Ratio Rank: 4
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

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	2.26	-2.82
Sortino ratio Return per unit of downside risk	-0.69	2.88	-3.57
Omega ratio Gain probability vs. loss probability	0.92	1.40	-0.48
Calmar ratio Return relative to maximum drawdown	-0.51	5.47	-5.99
Martin ratio Return relative to average drawdown	-0.94	14.39	-15.34
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 2.26. The chart below compares the historical Sharpe Ratios of PBDC and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBDC	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	2.26	-2.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	-0.09	+0.81

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%	-9.46%	-10.69%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-14.94%	-5.53%
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	-17.21%	-56.95%	+39.74%
Average Drawdown Average peak-to-trough decline	-4.66%	-63.71%	+59.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	3.59%	+7.36%

Volatility

PBDC vs. GSG - Volatility Comparison

The current volatility for Putnam BDC Income ETF (PBDC) is 5.13%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. 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	5.13%	7.65%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	20.42%	-5.39%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	22.95%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	22.61%	-5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	22.03%	-4.99%

PBDC vs. GSG - Expense Ratio Comparison

Both PBDC and GSG have an expense ratio of 0.75%.

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.

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

Frequently Asked Questions

Can I hold both PBDC and GSG in my portfolio?

PBDC and GSG have a correlation of -0.12, 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 GSG?

GSG has higher volatility (7.65%) compared to PBDC (5.13%). In terms of maximum drawdown, PBDC dropped -20.47% vs GSG's -89.62%.

Which ETF is better, PBDC or GSG?

On 3-year performance, GSG leads with 19.31% vs 7.76% for PBDC. Both ETFs have the same 0.75% expense ratio. On volatility, PBDC has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or GSG?

Over the 3-year period, GSG has performed better with a 19.31% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDC or GSG?

PBDC and GSG have the same expense ratio: 0.75% per year.

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

PBDC has the higher dividend yield at 11.69%, compared with 0.00% for GSG.

What is the main difference between PBDC and GSG?

PBDC is categorized as Financials Equities, while GSG is Commodities. They also come from different issuers: Putnam and iShares.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (2.26 vs -0.56), 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.