PBDC vs. PEMX

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam BDC Income ETF (PBDC) and Putnam Emerging Markets Ex-China ETF (PEMX).

PBDC and PEMX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBDC is an actively managed fund by Putnam. It was launched on Sep 29, 2022. PEMX is an actively managed fund by Putnam. It was launched on May 17, 2023.

Performance

PBDC vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and Putnam Emerging Markets Ex-China ETF (PEMX). The values are adjusted to include any dividend payments, if applicable.

PBDC vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBDC Putnam BDC Income ETF	-9.87%	-1.77%	19.43%	22.41%
PEMX Putnam Emerging Markets Ex-China ETF	9.03%	34.01%	17.21%	15.13%

Returns By Period

In the year-to-date period, PBDC achieves a -9.87% return, which is significantly lower than PEMX's 9.03% return.

PBDC

• 1D: 2.38%
• 1M: 2.99%
• YTD: -9.87%
• 6M: -8.48%
• 1Y: -12.07%
• 3Y*: 9.33%
• 5Y*: —
• 10Y*: —

PEMX

• 1D: 4.10%
• 1M: -9.83%
• YTD: 9.03%
• 6M: 19.84%
• 1Y: 50.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBDC vs. PEMX - Expense Ratio Comparison

PBDC has a 6.79% expense ratio, which is higher than PEMX's 0.85% expense ratio.

PBDC

Putnam BDC Income ETF

PEMX

Putnam Emerging Markets Ex-China ETF

Return for Risk

PBDC vs. PEMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PBDC

PBDC Risk / Return Rank: 3
PBDC Sharpe Ratio Rank: 3
PBDC Sortino Ratio Rank: 3
PBDC Omega Ratio Rank: 3
PBDC Calmar Ratio Rank: 3
PBDC Martin Ratio Rank: 3

PEMX

PEMX Risk / Return Rank: 94
PEMX Sharpe Ratio Rank: 95
PEMX Sortino Ratio Rank: 95
PEMX Omega Ratio Rank: 94
PEMX Calmar Ratio Rank: 92
PEMX Martin Ratio Rank: 94

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. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Putnam Emerging Markets Ex-China ETF (PEMX). 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	PEMX	Difference
Sharpe ratio Return per unit of total volatility	-0.56	2.46	-3.02
Sortino ratio Return per unit of downside risk	-0.66	3.17	-3.83
Omega ratio Gain probability vs. loss probability	0.92	1.45	-0.54
Calmar ratio Return relative to maximum drawdown	-0.61	3.43	-4.04
Martin ratio Return relative to average drawdown	-1.29	14.24	-15.53
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. PEMX - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.56, which is lower than the PEMX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of PBDC and PEMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBDC	PEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	2.46	-3.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.57	-0.79

Correlation

The correlation between PBDC and PEMX is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PBDC vs. PEMX - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, more than PEMX's 6.42% yield.

	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%
PEMX Putnam Emerging Markets Ex-China ETF	6.42%	7.00%	5.00%	0.72%	0.00%

Drawdowns

PBDC vs. PEMX - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for PBDC and PEMX.

Drawdown Indicators

	PBDC	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-14.91%	-5.56%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-14.45%	-5.70%
Current Drawdown Current decline from peak	-17.32%	-10.94%	-6.38%
Average Drawdown Average peak-to-trough decline	-4.13%	-2.88%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	3.48%	+5.99%

Volatility

PBDC vs. PEMX - Volatility Comparison

The current volatility for Putnam BDC Income ETF (PBDC) is 6.16%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 11.24%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	11.24%	-5.08%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	15.87%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	20.48%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	17.16%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	17.16%	-0.43%