PBDC vs. SPCZ

Last updated Jun 24, 2026

PBDC (Putnam BDC Income ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. Both are actively managed. Over the past 3 years, PBDC returned 7.11%/yr vs 6.61%/yr for SPCZ. At a 0.07 correlation, their price movements are largely independent. PBDC charges 13.49%/yr vs 0.90%/yr for SPCZ.

Performance

PBDC vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBDC achieves a -11.42% return, which is significantly lower than SPCZ's 1.88% return.

PBDC

• 1D: 0.30%
• 1M: -1.31%
• YTD: -11.42%
• 6M: -9.25%
• 1Y: -11.33%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

SPCZ

• 1D: -0.06%
• 1M: 0.29%
• YTD: 1.88%
• 6M: 1.78%
• 1Y: 5.48%
• 3Y*: 6.61%
• 5Y*: —
• 10Y*: —

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

PBDC vs. SPCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	-11.42%	-1.77%	19.43%	30.52%	10.38%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	1.88%	10.19%	5.31%	5.93%	1.98%

Correlation

The correlation between PBDC and SPCZ is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.07

Return for Risk

PBDC vs. SPCZ — 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

SPCZ

SPCZ Risk / Return Rank: 24
SPCZ Sharpe Ratio Rank: 18
SPCZ Sortino Ratio Rank: 18
SPCZ Omega Ratio Rank: 28
SPCZ Calmar Ratio Rank: 31
SPCZ Martin Ratio Rank: 26

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. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ). 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	SPCZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	0.59	-1.20
Sortino ratio: Return per unit of downside risk	-0.76	0.92	-1.68
Omega ratio: Gain probability vs. loss probability	0.91	1.19	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.56	1.44	-2.01
Martin ratio: Return relative to average drawdown	-0.98	3.32	-4.30

PBDC vs. SPCZ - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.61, which is lower than the SPCZ Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of PBDC and SPCZ, 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. SPCZ - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for PBDC and SPCZ.

Drawdown Indicators

	PBDC	SPCZ	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-4.47%	-16.00%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-3.82%	-16.33%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-4.47%	-16.00%
Current Drawdown Current decline from peak	-18.74%	-3.43%	-15.31%
Average Drawdown Average peak-to-trough decline	-4.83%	-0.53%	-4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.58%	1.66%	+9.92%

Volatility

PBDC vs. SPCZ - Volatility Comparison

Putnam BDC Income ETF (PBDC) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) have volatilities of 5.50% and 5.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	SPCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	5.66%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	8.35%	+7.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.66%	9.43%	+9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	6.22%	+10.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	6.22%	+10.83%

PBDC vs. SPCZ - Expense Ratio Comparison

PBDC has a 13.49% expense ratio, which is higher than SPCZ's 0.90% expense ratio.

Dividends

PBDC vs. SPCZ - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.91%, which matches SPCZ's 11.83% yield.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.91%	10.53%	9.29%	9.86%	3.40%
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF	11.83%	12.06%	4.24%	5.01%	0.22%

Frequently Asked Questions

Can I hold both PBDC and SPCZ in my portfolio?

PBDC and SPCZ have a correlation of 0.02, 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 SPCZ?

SPCZ has higher volatility (5.66%) compared to PBDC (5.50%). In terms of maximum drawdown, PBDC dropped -20.47% vs SPCZ's -4.47%.

Which ETF is better, PBDC or SPCZ?

On 3-year performance, PBDC leads with 7.11% vs 6.61% for SPCZ. On fees, SPCZ is cheaper at 0.90% per year. On volatility, PBDC has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or SPCZ?

Over the 3-year period, PBDC has performed better with a 7.11% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDC or SPCZ?

SPCZ is cheaper with a 0.90% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.91%, compared with 11.83% for SPCZ.

What is the main difference between PBDC and SPCZ?

They also come from different issuers: Franklin Templeton and RiverNorth. Their fees differ too: 13.49% for PBDC and 0.90% for SPCZ.

Which has better risk-adjusted returns?

SPCZ currently has the higher Sharpe Ratio (0.59 vs -0.61), 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.