PBDC vs. LVHD
PBDC (Putnam BDC Income ETF) and LVHD (Franklin U.S. Low Volatility High Dividend Index ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while LVHD is a Dividend fund tracking the Franklin U.S. Low Volatility High Dividend Index. PBDC is actively managed, while LVHD is passively managed. Over the past 3 years, PBDC returned 4.71%/yr vs 9.83%/yr for LVHD. Their 0.44 correlation means their historical movements had little consistent relationship. PBDC charges 13.49%/yr vs 0.27%/yr for LVHD.
Performance
PBDC vs. LVHD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PBDC achieves a -9.20% return, which is significantly lower than LVHD's 13.58% return.
PBDC
- 1D
- 0.11%
- 1M
- -1.02%
- 6M
- -8.00%
- YTD
- -9.20%
- 1Y
- -12.27%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.83%
LVHD
- 1D
- -0.11%
- 1M
- -0.55%
- 6M
- 7.65%
- YTD
- 13.58%
- 1Y
- 14.84%
- 3Y*
- 9.83%
- 5Y*
- 7.39%
- 10Y*
- 8.26%
- ALL TIME*
- 9.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.24M | $2.50M | $2.89M | |
| $3.46M | $3.16M | $3.71M |
PBDC vs. LVHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -9.20% | -1.77% | 19.43% | 30.52% | 10.38% |
LVHD Franklin U.S. Low Volatility High Dividend Index ETF | 13.58% | 7.50% | 10.18% | -0.95% | 12.02% |
Correlation
The correlation between PBDC and LVHD is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.44 |
Over the past year, the correlation between PBDC and LVHD has dropped to 0.24 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PBDC vs. LVHD — Risk / Return Rank
PBDC
LVHD
PBDC vs. LVHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Franklin U.S. Low Volatility High Dividend Index ETF (LVHD). 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 | LVHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.04 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.25 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.41 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.96 | -7.24 |
Loading charts...
Drawdowns
PBDC vs. LVHD - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum LVHD drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for PBDC and LVHD.
Loading charts...
Drawdown Indicators
| PBDC | LVHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -37.32% | +16.85% |
Max Drawdown (1Y)Largest decline over 1 year | -17.71% | -6.17% | -11.54% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -11.87% | -8.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.32% | — |
Current DrawdownCurrent decline from peak | -16.71% | -2.12% | -14.59% |
Average DrawdownAverage peak-to-trough decline | -5.16% | -4.00% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.32% | 2.49% | +7.83% |
Volatility
PBDC vs. LVHD - Volatility Comparison
The current volatility for Putnam BDC Income ETF (PBDC) is 4.35%, while Franklin U.S. Low Volatility High Dividend Index ETF (LVHD) has a volatility of 4.75%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than LVHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PBDC | LVHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 4.75% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 15.20% | 8.37% | +6.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 10.54% | +8.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 13.05% | +3.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.00% | 15.57% | +1.43% |
PBDC vs. LVHD - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than LVHD's 0.27% expense ratio.
Dividends
PBDC vs. LVHD - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.58%, more than LVHD's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
LVHD Franklin U.S. Low Volatility High Dividend Index ETF | 3.20% | 3.35% | 4.23% | 3.55% | 3.30% | 2.56% | 3.27% | 3.30% | 3.82% | 3.33% | 2.48% |
PBDC Putnam BDC Income ETF | 11.58% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBDC and LVHD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LVHD has higher volatility (4.75%) compared to PBDC (4.35%). In terms of maximum drawdown, PBDC dropped -20.47% vs LVHD's -37.32%.
On 3-year performance, LVHD leads with 9.83% vs 4.71% for PBDC. On fees, LVHD is cheaper at 0.27% per year. On volatility, PBDC has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, LVHD has performed better with a 9.83% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LVHD is cheaper with a 0.27% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.58%, compared with 3.20% for LVHD.
PBDC is categorized as Financials Equities, while LVHD is Dividend. Their fees differ too: 13.49% for PBDC and 0.27% for LVHD.
LVHD currently has the higher Sharpe Ratio (1.41 vs -0.70), 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.
Find the right allocation for PBDC and LVHD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer