PBDC vs. HGER
PBDC (Putnam BDC Income ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. PBDC is actively managed, while HGER is passively managed. Over the past 3 years, PBDC returned 5.39%/yr vs 18.45%/yr for HGER. Their 0.06 correlation means their historical movements had little consistent relationship. PBDC charges 13.49%/yr vs 0.68%/yr for HGER.
Performance
PBDC vs. HGER - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -7.13% return, which is significantly lower than HGER's 28.57% return.
PBDC
- 1D
- -2.00%
- 1M
- 1.64%
- 6M
- -2.35%
- YTD
- -7.13%
- 1Y
- -10.52%
- 3Y*
- 5.39%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.44%
HGER
- 1D
- 1.59%
- 1M
- 4.69%
- 6M
- 18.98%
- YTD
- 28.57%
- 1Y
- 40.40%
- 3Y*
- 18.45%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $47.44M | $63.85M | $44.51M | |
| $2.86M | $3.11M | $3.67M |
PBDC vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -7.13% | -1.77% | 19.43% | 30.52% | 10.38% |
HGER Harbor Commodity All-Weather Strategy ETF | 28.57% | 20.08% | 9.25% | 1.93% | 8.73% |
Correlation
The correlation between PBDC and HGER is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.06 |
The correlation between PBDC and HGER shifts across timeframes, from -0.16 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBDC vs. HGER — Risk / Return Rank
PBDC
HGER
PBDC vs. HGER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Harbor Commodity All-Weather Strategy ETF (HGER). 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 | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -3.69 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.40 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.89 | -3.49 |
| Martin ratioReturn relative to average drawdown | -1.01 | 10.18 | -11.20 |
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Drawdowns
PBDC vs. HGER - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum HGER drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for PBDC and HGER.
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Drawdown Indicators
| PBDC | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -23.31% | +2.84% |
Max Drawdown (1Y)Largest decline over 1 year | -17.71% | -14.04% | -3.67% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -14.04% | -6.43% |
Current DrawdownCurrent decline from peak | -14.81% | -4.66% | -10.15% |
Average DrawdownAverage peak-to-trough decline | -5.18% | -7.65% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 3.98% | +6.41% |
Volatility
PBDC vs. HGER - Volatility Comparison
Putnam BDC Income ETF (PBDC) and Harbor Commodity All-Weather Strategy ETF (HGER) have volatilities of 5.72% and 5.55%, 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.
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Volatility by Period
| PBDC | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.72% | 5.55% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 15.31% | 13.65% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.21% | 17.83% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.08% | 17.68% | -0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 17.68% | -0.60% |
PBDC vs. HGER - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than HGER's 0.68% expense ratio.
Dividends
PBDC vs. HGER - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.32%, more than HGER's 5.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 5.51% | 7.09% | 3.28% | 7.24% | 0.64% |
PBDC Putnam BDC Income ETF | 11.32% | 10.53% | 9.29% | 9.86% | 3.40% |
Frequently Asked Questions
PBDC and HGER have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (5.72%) compared to HGER (5.55%). In terms of maximum drawdown, PBDC dropped -20.47% vs HGER's -23.31%.
On 3-year performance, HGER leads with 18.45% vs 5.39% for PBDC. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 5.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HGER has performed better with a 18.45% return vs 5.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HGER is cheaper with a 0.68% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.32%, compared with 5.51% for HGER.
PBDC is categorized as Financials Equities, while HGER is Commodities. They also come from different issuers: Franklin Templeton and Harbor. Their fees differ too: 13.49% for PBDC and 0.68% for HGER.
HGER currently has the higher Sharpe Ratio (2.28 vs -0.55), 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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