PBDC vs. KWT

Last updated Jun 4, 2026

PBDC (Putnam BDC Income ETF) and KWT (iShares MSCI Kuwait ETF) are both Financials Equities funds. PBDC is actively managed, while KWT is passively managed. Over the past 3 years, PBDC returned 7.76%/yr vs 10.61%/yr for KWT. At a 0.25 correlation, their price movements are largely independent. PBDC charges 0.75%/yr vs 0.74%/yr for KWT.

Performance

PBDC vs. KWT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and iShares MSCI Kuwait ETF (KWT). 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 KWT's -1.30% return.

PBDC

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

KWT

• 1D: -0.59%
• 1M: -1.54%
• YTD: -1.30%
• 6M: -1.08%
• 1Y: 6.41%
• 3Y*: 10.61%
• 5Y*: 9.17%
• 10Y*: —

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

PBDC vs. KWT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%
KWT iShares MSCI Kuwait ETF	-1.30%	25.38%	11.29%	-4.71%	3.80%

Correlation

The correlation between PBDC and KWT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.25

The correlation between PBDC and KWT shifts across timeframes, from 0.13 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

PBDC vs. KWT - Sectors Allocation Comparison

Sectors	PBDC	KWT
Financial Services	100.0%	64.4%
Basic Materials	-	1.6%
Communication Services	-	6.3%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	2.7%
Energy	-	-
Healthcare	-	-
Industrials	-	10.8%
Real Estate	-	11.0%
Technology	-	-
Utilities	-	1.0%

Return for Risk

PBDC vs. KWT — 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

KWT

KWT Risk / Return Rank: 16
KWT Sharpe Ratio Rank: 16
KWT Sortino Ratio Rank: 16
KWT Omega Ratio Rank: 16
KWT Calmar Ratio Rank: 16
KWT Martin Ratio Rank: 15

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. KWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and iShares MSCI Kuwait ETF (KWT). 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	KWT	Difference
Sharpe ratio Return per unit of total volatility	-0.56	0.47	-1.03
Sortino ratio Return per unit of downside risk	-0.69	0.74	-1.44
Omega ratio Gain probability vs. loss probability	0.92	1.10	-0.18
Calmar ratio Return relative to maximum drawdown	-0.51	0.56	-1.07
Martin ratio Return relative to average drawdown	-0.94	1.33	-2.27
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. KWT - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.56, which is lower than the KWT Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of PBDC and KWT, 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	KWT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	0.47	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.90	-0.17

Drawdowns

PBDC vs. KWT - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum KWT drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for PBDC and KWT.

Drawdown Indicators

	PBDC	KWT	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-24.37%	+3.90%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-11.54%	-8.61%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-15.72%	-4.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.37%	—
Current Drawdown Current decline from peak	-17.21%	-6.07%	-11.14%
Average Drawdown Average peak-to-trough decline	-4.66%	-7.30%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	4.85%	+6.10%

Volatility

PBDC vs. KWT - Volatility Comparison

Putnam BDC Income ETF (PBDC) has a higher volatility of 5.13% compared to iShares MSCI Kuwait ETF (KWT) at 3.16%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than KWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	KWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	3.16%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	11.64%	+3.39%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	13.84%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	13.61%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	13.93%	+3.11%

PBDC vs. KWT - Expense Ratio Comparison

PBDC has a 0.75% expense ratio, which is higher than KWT's 0.74% expense ratio.

Dividends

PBDC vs. KWT - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, more than KWT's 5.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	5.47%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBDC and KWT in my portfolio?

PBDC and KWT 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.

Which is riskier, PBDC or KWT?

PBDC has higher volatility (5.13%) compared to KWT (3.16%). In terms of maximum drawdown, PBDC dropped -20.47% vs KWT's -24.37%.

Which ETF is better, PBDC or KWT?

On 3-year performance, KWT leads with 10.61% vs 7.76% for PBDC. On fees, KWT is cheaper at 0.74% per year. On volatility, KWT has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or KWT?

Over the 3-year period, KWT has performed better with a 10.61% 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 KWT?

KWT is cheaper with a 0.74% expense ratio, compared with 0.75% for PBDC.

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

PBDC has the higher dividend yield at 11.69%, compared with 5.47% for KWT.

What is the main difference between PBDC and KWT?

They also come from different issuers: Putnam and iShares. Their fees differ too: 0.75% for PBDC and 0.74% for KWT.

Which has better risk-adjusted returns?

KWT currently has the higher Sharpe Ratio (0.47 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.