PBDC vs. GSG
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 Franklin Templeton, 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 5.94%/yr vs 14.41%/yr for GSG. At a 0.11 correlation, their price movements are largely independent. PBDC charges 13.49%/yr vs 0.75%/yr for GSG.
Performance
PBDC vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -8.72% return, which is significantly lower than GSG's 32.35% return.
PBDC
- 1D
- -0.75%
- 1M
- -0.56%
- 6M
- -8.88%
- YTD
- -8.72%
- 1Y
- -13.79%
- 3Y*
- 5.94%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
PBDC vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -8.72% | -1.77% | 19.43% | 30.52% | 10.38% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 1.68% |
Correlation
The correlation between PBDC and GSG is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.11 |
The correlation between PBDC and GSG shifts across timeframes, from -0.13 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBDC vs. GSG — Risk / Return Rank
PBDC
GSG
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.
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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.27 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 1.85 | -2.53 |
| Martin ratioReturn relative to average drawdown | -1.14 | 6.29 | -7.43 |
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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.
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Drawdown Indicators
| PBDC | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -89.62% | +69.15% |
Max Drawdown (1Y)Largest decline over 1 year | -20.15% | -18.81% | -1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -18.81% | -1.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -16.27% | -60.04% | +43.77% |
Average DrawdownAverage peak-to-trough decline | -5.00% | -63.69% | +58.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.17% | 5.51% | +6.66% |
Volatility
PBDC vs. GSG - Volatility Comparison
The current volatility for Putnam BDC Income ETF (PBDC) is 4.56%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. 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.
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Volatility by Period
| PBDC | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 7.35% | -2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 15.17% | 21.50% | -6.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.81% | 23.48% | -4.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 22.80% | -5.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.02% | 22.00% | -4.98% |
PBDC vs. GSG - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
PBDC vs. GSG - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.52%, 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 | 11.52% | 10.53% | 9.29% | 9.86% | 3.40% |
Frequently Asked Questions
PBDC and GSG have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to PBDC (4.56%). In terms of maximum drawdown, PBDC dropped -20.47% vs GSG's -89.62%.
On 3-year performance, GSG leads with 14.41% vs 5.94% for PBDC. On fees, GSG is cheaper at 0.75% per year. On volatility, PBDC has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 14.41% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.52%, compared with 0.00% for GSG.
PBDC is categorized as Financials Equities, while GSG is Commodities. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 13.49% for PBDC and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 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.
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