PBDC vs. PULT

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam BDC Income ETF (PBDC) and Putnam ESG Ultra Short ETF (PULT).

PBDC and PULT 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. PULT is an actively managed fund by Putnam. It was launched on Jan 19, 2023.

Performance

PBDC vs. PULT - Performance Comparison

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

PBDC vs. PULT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBDC Putnam BDC Income ETF	-9.87%	-1.77%	19.43%	22.90%
PULT Putnam ESG Ultra Short ETF	0.56%	5.08%	5.93%	5.46%

Returns By Period

In the year-to-date period, PBDC achieves a -9.87% return, which is significantly lower than PULT's 0.56% return.

PBDC

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

PULT

• 1D: 0.08%
• 1M: 0.10%
• YTD: 0.56%
• 6M: 1.75%
• 1Y: 4.37%
• 3Y*: 5.51%
• 5Y*: —
• 10Y*: —

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

PBDC vs. PULT - Expense Ratio Comparison

PBDC has a 6.79% expense ratio, which is higher than PULT's 0.25% expense ratio.

PBDC

Putnam BDC Income ETF

PULT

Putnam ESG Ultra Short ETF

Return for Risk

PBDC vs. PULT — 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

PULT

PULT Risk / Return Rank: 99
PULT Sharpe Ratio Rank: 99
PULT Sortino Ratio Rank: 99
PULT Omega Ratio Rank: 99
PULT Calmar Ratio Rank: 99
PULT Martin Ratio Rank: 99

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. PULT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Putnam ESG Ultra Short ETF (PULT). 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	PULT	Difference
Sharpe ratio Return per unit of total volatility	-0.56	7.40	-7.96
Sortino ratio Return per unit of downside risk	-0.66	15.34	-16.00
Omega ratio Gain probability vs. loss probability	0.92	3.47	-2.56
Calmar ratio Return relative to maximum drawdown	-0.61	20.05	-20.66
Martin ratio Return relative to average drawdown	-1.29	97.34	-98.64
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. PULT - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.56, which is lower than the PULT Sharpe Ratio of 7.40. The chart below compares the historical Sharpe Ratios of PBDC and PULT, 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	PULT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	7.40	-7.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	9.30	-8.52

Correlation

The correlation between PBDC and PULT is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PBDC vs. PULT - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.69%, more than PULT's 4.69% yield.

	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%
PULT Putnam ESG Ultra Short ETF	4.69%	4.59%	5.38%	4.88%	0.00%

Drawdowns

PBDC vs. PULT - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, which is greater than PULT's maximum drawdown of -0.34%. Use the drawdown chart below to compare losses from any high point for PBDC and PULT.

Drawdown Indicators

	PBDC	PULT	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-0.34%	-20.13%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-0.22%	-19.93%
Current Drawdown Current decline from peak	-17.32%	0.00%	-17.32%
Average Drawdown Average peak-to-trough decline	-4.13%	-0.02%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	0.04%	+9.43%

Volatility

PBDC vs. PULT - Volatility Comparison

Putnam BDC Income ETF (PBDC) has a higher volatility of 6.16% compared to Putnam ESG Ultra Short ETF (PULT) at 0.15%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than PULT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	PULT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	0.15%	+6.01%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	0.44%	+13.81%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	0.59%	+21.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	0.58%	+16.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	0.58%	+16.15%