PBDC vs. PDBC
PBDC (Putnam BDC Income ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past 3 years, PBDC returned 5.39%/yr vs 9.41%/yr for PDBC. Their 0.10 correlation means their historical movements had little consistent relationship. PBDC charges 13.49%/yr vs 0.58%/yr for PDBC.
Performance
PBDC vs. PDBC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PBDC achieves a -7.13% return, which is significantly lower than PDBC's 28.15% 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%
PDBC
- 1D
- 0.47%
- 1M
- 5.47%
- 6M
- 18.25%
- YTD
- 28.15%
- 1Y
- 35.58%
- 3Y*
- 9.41%
- 5Y*
- 11.02%
- 10Y*
- 8.61%
- ALL TIME*
- 3.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.86M | $3.11M | $3.67M | |
| $121.86M | $152.61M | $122.20M |
PBDC vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -7.13% | -1.77% | 19.43% | 30.52% | 10.38% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.15% | 5.96% | 2.09% | -6.25% | 2.35% |
Correlation
The correlation between PBDC and PDBC is -0.17, 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. | -0.17 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.10 |
The correlation between PBDC and PDBC shifts across timeframes, from -0.17 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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. PDBC — Risk / Return Rank
PBDC
PDBC
PBDC vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.09 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.31 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.16 | -2.76 |
| Martin ratioReturn relative to average drawdown | -1.01 | 7.07 | -8.08 |
Loading charts...
Drawdowns
PBDC vs. PDBC - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for PBDC and PDBC.
Loading charts...
Drawdown Indicators
| PBDC | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -49.52% | +29.05% |
Max Drawdown (1Y)Largest decline over 1 year | -17.71% | -16.55% | -1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -16.55% | -3.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -14.81% | -10.21% | -4.60% |
Average DrawdownAverage peak-to-trough decline | -5.18% | -23.02% | +17.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 5.05% | +5.34% |
Volatility
PBDC vs. PDBC - Volatility Comparison
The current volatility for Putnam BDC Income ETF (PBDC) is 5.72%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.58%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PBDC | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.72% | 7.58% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 15.31% | 16.65% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.21% | 19.73% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.08% | 19.28% | -2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 17.85% | -0.77% |
PBDC vs. PDBC - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
PBDC vs. PDBC - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.32%, more than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | 11.32% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.00% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
PBDC and PDBC have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.58%) compared to PBDC (5.72%). In terms of maximum drawdown, PBDC dropped -20.47% vs PDBC's -49.52%.
On 3-year performance, PDBC leads with 9.41% vs 5.39% for PBDC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PBDC has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PDBC has performed better with a 9.41% return vs 5.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.32%, compared with 3.00% for PDBC.
PBDC is categorized as Financials Equities, while PDBC is Commodities. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 13.49% for PBDC and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.81 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.
Find the right allocation for PBDC and PDBC
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