PBDC vs. PHYD

Last updated Jul 14, 2026

PBDC (Putnam BDC Income ETF) and PHYD (Putnam ESG High Yield ETF -) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while PHYD is a High Yield Bonds fund actively managed by Putnam. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. PBDC charges 13.49%/yr vs 0.55%/yr for PHYD.

Performance

PBDC vs. PHYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and Putnam ESG High Yield ETF - (PHYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PBDC

• 1D: -0.75%
• 1M: -0.56%
• 6M: -8.88%
• YTD: -8.72%
• 1Y: -13.79%
• 3Y*: 5.94%
• 5Y*: —
• 10Y*: —

PHYD

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBDC vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBDC Putnam BDC Income ETF	-8.72%	-1.77%	19.43%	23.70%
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.30%

Correlation

The correlation between PBDC and PHYD 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	0.42
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.44

Return for Risk

PBDC vs. PHYD — 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: 3
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

PHYD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Putnam ESG High Yield ETF - (PHYD). 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	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	—	—
Sortino ratio: Return per unit of downside risk	-0.96	—	—
Omega ratio: Gain probability vs. loss probability	0.89	—	—
Calmar ratio: Return relative to maximum drawdown	-0.69	—	—
Martin ratio: Return relative to average drawdown	-1.14	—	—

Drawdowns

Drawdown Indicators

	PBDC	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	—	—
Current Drawdown Current decline from peak	-16.27%	—	—
Average Drawdown Average peak-to-trough decline	-5.00%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	—	—

Volatility

Volatility by Period

	PBDC	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	—	—

PBDC vs. PHYD - Expense Ratio Comparison

PBDC has a 13.49% expense ratio, which is higher than PHYD's 0.55% expense ratio.

Dividends

PBDC vs. PHYD - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.52%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.52%	10.53%	9.29%	9.86%	3.40%
PHYD Putnam ESG High Yield ETF -	8.52%	6.63%	6.80%	6.15%	0.00%

Frequently Asked Questions

Can I hold both PBDC and PHYD in my portfolio?

PBDC and PHYD 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 ETF is better, PBDC or PHYD?

On fees, PHYD is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBDC or PHYD?

PHYD is cheaper with a 0.55% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.52%, compared with 8.52% for PHYD.

What is the main difference between PBDC and PHYD?

PBDC is categorized as Financials Equities, while PHYD is High Yield Bonds. They also come from different issuers: Franklin Templeton and Putnam. Their fees differ too: 13.49% for PBDC and 0.55% for PHYD.