PBDC vs. PFFA

Last updated Jun 4, 2026

PBDC (Putnam BDC Income ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Putnam, while PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners. Both are actively managed. Over the past 3 years, PBDC returned 7.76%/yr vs 14.46%/yr for PFFA. At a 0.45 correlation, their price movements are largely independent. PBDC charges 0.75%/yr vs 1.47%/yr for PFFA.

Performance

PBDC vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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 PFFA's 3.08% return.

PBDC

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

PFFA

• 1D: -0.70%
• 1M: -0.26%
• YTD: 3.08%
• 6M: 4.03%
• 1Y: 14.79%
• 3Y*: 14.46%
• 5Y*: 6.57%
• 10Y*: —

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

PBDC vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	3.08%	8.22%	16.11%	26.45%	-2.22%

Correlation

The correlation between PBDC and PFFA is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.45

PBDC vs. PFFA - Sectors Allocation Comparison

Sectors	PBDC	PFFA
Financial Services	100.0%	28.1%
Basic Materials	-	0.3%
Communication Services	-	5.3%
Consumer Cyclical	-	0.2%
Consumer Defensive	-	-
Energy	-	3.2%
Healthcare	-	0.9%
Industrials	-	10.2%
Real Estate	-	41.2%
Technology	-	3.0%
Utilities	-	2.3%

Return for Risk

PBDC vs. PFFA — 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

PFFA

PFFA Risk / Return Rank: 56
PFFA Sharpe Ratio Rank: 61
PFFA Sortino Ratio Rank: 63
PFFA Omega Ratio Rank: 64
PFFA Calmar Ratio Rank: 45
PFFA Martin Ratio Rank: 46

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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	PFFA	Difference
Sharpe ratio Return per unit of total volatility	-0.56	2.12	-2.68
Sortino ratio Return per unit of downside risk	-0.69	3.00	-3.69
Omega ratio Gain probability vs. loss probability	0.92	1.40	-0.47
Calmar ratio Return relative to maximum drawdown	-0.51	2.29	-2.80
Martin ratio Return relative to average drawdown	-0.94	7.79	-8.73
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. PFFA - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.56, which is lower than the PFFA Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PBDC and PFFA, 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	PFFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	2.12	-2.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.24	+0.49

Drawdowns

PBDC vs. PFFA - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for PBDC and PFFA.

Drawdown Indicators

	PBDC	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-70.52%	+50.05%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-6.49%	-13.66%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-12.15%	-8.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.70%	—
Current Drawdown Current decline from peak	-17.21%	-1.50%	-15.71%
Average Drawdown Average peak-to-trough decline	-4.66%	-6.65%	+1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	1.90%	+9.05%

Volatility

PBDC vs. PFFA - Volatility Comparison

Putnam BDC Income ETF (PBDC) has a higher volatility of 5.13% compared to Virtus InfraCap U.S. Preferred Stock ETF (PFFA) at 1.87%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	1.87%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	5.68%	+9.35%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	7.02%	+11.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	11.51%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	31.84%	-14.80%

PBDC vs. PFFA - Expense Ratio Comparison

PBDC has a 0.75% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

PBDC vs. PFFA - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, more than PFFA's 9.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.62%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%

Frequently Asked Questions

Can I hold both PBDC and PFFA in my portfolio?

PBDC and PFFA have a correlation of 0.44, 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 PFFA?

PBDC has higher volatility (5.13%) compared to PFFA (1.87%). In terms of maximum drawdown, PBDC dropped -20.47% vs PFFA's -70.52%.

Which ETF is better, PBDC or PFFA?

On 3-year performance, PFFA leads with 14.46% vs 7.76% for PBDC. On fees, PBDC is cheaper at 0.75% per year. On volatility, PFFA has been the lower-risk option at 1.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or PFFA?

Over the 3-year period, PFFA has performed better with a 14.46% 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 PFFA?

PBDC is cheaper with a 0.75% expense ratio, compared with 1.47% for PFFA.

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

PBDC has the higher dividend yield at 11.69%, compared with 9.62% for PFFA.

What is the main difference between PBDC and PFFA?

PBDC is categorized as Financials Equities, while PFFA is Preferred Stock/Convertible Bonds. They also come from different issuers: Putnam and Virtus Investment Partners. Their fees differ too: 0.75% for PBDC and 1.47% for PFFA.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (2.12 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.