PBDC vs. QQQI

Last updated Jul 14, 2026

PBDC (Putnam BDC Income ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while QQQI is a Nasdaq-100 fund actively managed by Neos. Both are actively managed. Over the past year, PBDC returned -13.79% vs 22.03% for QQQI. At a 0.37 correlation, their price movements are largely independent. PBDC charges 13.49%/yr vs 0.68%/yr for QQQI.

Performance

PBDC vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBDC achieves a -8.72% return, which is significantly lower than QQQI's 10.40% return.

PBDC

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

QQQI

• 1D: -1.69%
• 1M: -0.16%
• 6M: 8.70%
• YTD: 10.40%
• 1Y: 22.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBDC vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBDC Putnam BDC Income ETF	-8.72%	-1.77%	16.13%
QQQI NEOS Nasdaq-100 High Income ETF	10.40%	18.62%	19.44%

Correlation

The correlation between PBDC and QQQI is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.37

Return for Risk

PBDC vs. QQQI — 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

QQQI

QQQI Risk / Return Rank: 56
QQQI Sharpe Ratio Rank: 52
QQQI Sortino Ratio Rank: 49
QQQI Omega Ratio Rank: 53
QQQI Calmar Ratio Rank: 58
QQQI Martin Ratio Rank: 66

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. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	1.44	-2.17
Sortino ratio: Return per unit of downside risk	-0.96	1.96	-2.92
Omega ratio: Gain probability vs. loss probability	0.89	1.27	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.69	2.30	-2.99
Martin ratio: Return relative to average drawdown	-1.14	9.51	-10.65

PBDC vs. QQQI - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.74, which is lower than the QQQI Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PBDC and QQQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBDC vs. QQQI - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, roughly equal to the maximum QQQI drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for PBDC and QQQI.

Drawdown Indicators

	PBDC	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-20.00%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-9.61%	-10.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	—	—
Current Drawdown Current decline from peak	-16.27%	-2.84%	-13.43%
Average Drawdown Average peak-to-trough decline	-5.00%	-2.21%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	2.32%	+9.85%

Volatility

PBDC vs. QQQI - Volatility Comparison

The current volatility for Putnam BDC Income ETF (PBDC) is 4.56%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 7.43%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	7.43%	-2.87%
Volatility (6M) Calculated over the trailing 6-month period	15.17%	12.76%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	15.44%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	17.60%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	17.60%	-0.58%

PBDC vs. QQQI - Expense Ratio Comparison

PBDC has a 13.49% expense ratio, which is higher than QQQI's 0.68% expense ratio.

Dividends

PBDC vs. QQQI - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.52%, less than QQQI's 13.76% yield.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.52%	10.53%	9.29%	9.86%	3.40%
QQQI NEOS Nasdaq-100 High Income ETF	13.76%	13.82%	12.85%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBDC and QQQI in my portfolio?

PBDC and QQQI have a correlation of 0.33, 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 QQQI?

QQQI has higher volatility (7.43%) compared to PBDC (4.56%). In terms of maximum drawdown, PBDC dropped -20.47% vs QQQI's -20.00%.

Which ETF is better, PBDC or QQQI?

On 1-year performance, QQQI leads with 22.03% vs -13.79% for PBDC. On fees, QQQI is cheaper at 0.68% per year. On volatility, PBDC has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or QQQI?

Over the 1-year period, QQQI has performed better with a 22.03% return vs -13.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDC or QQQI?

QQQI is cheaper with a 0.68% expense ratio, compared with 13.49% for PBDC.

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

QQQI has the higher dividend yield at 13.76%, compared with 11.52% for PBDC.

What is the main difference between PBDC and QQQI?

PBDC is categorized as Financials Equities, while QQQI is Nasdaq-100. They also come from different issuers: Franklin Templeton and Neos. Their fees differ too: 13.49% for PBDC and 0.68% for QQQI.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (1.44 vs -0.74), 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.