PBDC vs. IYF
PBDC (Putnam BDC Income ETF) and IYF (iShares U.S. Financials ETF) are both Financials Equities funds. PBDC is actively managed, while IYF is passively managed. Over the past 3 years, PBDC returned 7.11%/yr vs 23.15%/yr for IYF. A 0.62 correlation means they provide meaningful diversification when combined. PBDC charges 13.49%/yr vs 0.42%/yr for IYF.
Performance
PBDC vs. IYF - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -11.42% return, which is significantly lower than IYF's 0.92% return.
PBDC
- 1D
- 0.30%
- 1M
- -1.31%
- YTD
- -11.42%
- 6M
- -9.25%
- 1Y
- -11.33%
- 3Y*
- 7.11%
- 5Y*
- —
- 10Y*
- —
IYF
- 1D
- 0.41%
- 1M
- 4.59%
- YTD
- 0.92%
- 6M
- -0.33%
- 1Y
- 11.89%
- 3Y*
- 23.15%
- 5Y*
- 11.53%
- 10Y*
- 13.90%
PBDC vs. IYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -11.42% | -1.77% | 19.43% | 30.52% | 10.38% |
IYF iShares U.S. Financials ETF | 0.92% | 18.25% | 31.30% | 15.32% | 11.28% |
Correlation
The correlation between PBDC and IYF is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.62 |
The correlation between PBDC and IYF has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
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Return for Risk
PBDC vs. IYF — Risk / Return Rank
PBDC
IYF
PBDC vs. IYF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and iShares U.S. Financials ETF (IYF). 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 | IYF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.15 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 0.86 | -1.42 |
| Martin ratioReturn relative to average drawdown | -0.98 | 2.32 | -3.30 |
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Drawdowns
PBDC vs. IYF - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum IYF drawdown of -79.09%. Use the drawdown chart below to compare losses from any high point for PBDC and IYF.
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Drawdown Indicators
| PBDC | IYF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -79.09% | +58.62% |
Max Drawdown (1Y)Largest decline over 1 year | -20.15% | -13.88% | -6.27% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -16.60% | -3.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.57% | — |
Current DrawdownCurrent decline from peak | -18.74% | -2.17% | -16.57% |
Average DrawdownAverage peak-to-trough decline | -4.83% | -17.58% | +12.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.58% | 5.14% | +6.44% |
Volatility
PBDC vs. IYF - Volatility Comparison
Putnam BDC Income ETF (PBDC) has a higher volatility of 5.50% compared to iShares U.S. Financials ETF (IYF) at 4.13%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than IYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDC | IYF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 4.13% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 11.19% | +4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 14.53% | +4.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 19.00% | -1.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.05% | 20.84% | -3.79% |
PBDC vs. IYF - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than IYF's 0.42% expense ratio.
Dividends
PBDC vs. IYF - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.91%, more than IYF's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYF iShares U.S. Financials ETF | 1.48% | 1.32% | 1.29% | 1.67% | 1.86% | 1.27% | 1.72% | 1.64% | 1.90% | 1.46% | 1.67% | 1.66% |
PBDC Putnam BDC Income ETF | 11.91% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBDC and IYF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (5.50%) compared to IYF (4.13%). In terms of maximum drawdown, PBDC dropped -20.47% vs IYF's -79.09%.
On 3-year performance, IYF leads with 23.15% vs 7.11% for PBDC. On fees, IYF is cheaper at 0.42% per year. On volatility, IYF has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IYF has performed better with a 23.15% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYF is cheaper with a 0.42% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.91%, compared with 1.48% for IYF.
They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 13.49% for PBDC and 0.42% for IYF.
IYF currently has the higher Sharpe Ratio (0.82 vs -0.61), 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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