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PBDC vs. SPYI
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Key characteristics


PBDCSPYI
YTD Return13.92%20.40%
1Y Return19.82%25.07%
Sharpe Ratio1.902.83
Sortino Ratio2.563.77
Omega Ratio1.351.61
Calmar Ratio2.493.92
Martin Ratio9.9019.71
Ulcer Index2.13%1.32%
Daily Std Dev11.07%9.16%
Max Drawdown-10.57%-10.19%
Current Drawdown-1.10%0.00%

Correlation

-0.50.00.51.00.6

The correlation between PBDC and SPYI is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Performance

PBDC vs. SPYI - Performance Comparison

In the year-to-date period, PBDC achieves a 13.92% return, which is significantly lower than SPYI's 20.40% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.


-5.00%0.00%5.00%10.00%JuneJulyAugustSeptemberOctoberNovember
1.73%
12.18%
PBDC
SPYI

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PBDC vs. SPYI - Expense Ratio Comparison

PBDC has a 6.79% expense ratio, which is higher than SPYI's 0.68% expense ratio.


PBDC
Putnam BDC Income ETF
Expense ratio chart for PBDC: current value at 6.79% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%6.79%
Expense ratio chart for SPYI: current value at 0.68% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.68%

Risk-Adjusted Performance

PBDC vs. SPYI - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and NEOS S&P 500 High Income ETF (SPYI). 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
Sharpe ratio
The chart of Sharpe ratio for PBDC, currently valued at 1.90, compared to the broader market-2.000.002.004.006.001.90
Sortino ratio
The chart of Sortino ratio for PBDC, currently valued at 2.56, compared to the broader market0.005.0010.002.56
Omega ratio
The chart of Omega ratio for PBDC, currently valued at 1.35, compared to the broader market1.001.502.002.503.001.35
Calmar ratio
The chart of Calmar ratio for PBDC, currently valued at 2.49, compared to the broader market0.005.0010.0015.002.49
Martin ratio
The chart of Martin ratio for PBDC, currently valued at 9.90, compared to the broader market0.0020.0040.0060.0080.00100.00120.009.90
SPYI
Sharpe ratio
The chart of Sharpe ratio for SPYI, currently valued at 2.83, compared to the broader market-2.000.002.004.006.002.83
Sortino ratio
The chart of Sortino ratio for SPYI, currently valued at 3.77, compared to the broader market0.005.0010.003.77
Omega ratio
The chart of Omega ratio for SPYI, currently valued at 1.61, compared to the broader market1.001.502.002.503.001.61
Calmar ratio
The chart of Calmar ratio for SPYI, currently valued at 3.92, compared to the broader market0.005.0010.0015.003.92
Martin ratio
The chart of Martin ratio for SPYI, currently valued at 19.71, compared to the broader market0.0020.0040.0060.0080.00100.00120.0019.71

PBDC vs. SPYI - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is 1.90, which is lower than the SPYI Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of PBDC and SPYI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio1.001.502.002.503.003.50JuneJulyAugustSeptemberOctoberNovember
1.90
2.83
PBDC
SPYI

Dividends

PBDC vs. SPYI - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 9.71%, less than SPYI's 11.53% yield.


TTM20232022
PBDC
Putnam BDC Income ETF
9.71%9.86%3.40%
SPYI
NEOS S&P 500 High Income ETF
11.53%12.01%4.10%

Drawdowns

PBDC vs. SPYI - Drawdown Comparison

The maximum PBDC drawdown since its inception was -10.57%, roughly equal to the maximum SPYI drawdown of -10.19%. Use the drawdown chart below to compare losses from any high point for PBDC and SPYI. For additional features, visit the drawdowns tool.


-8.00%-6.00%-4.00%-2.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-1.10%
0
PBDC
SPYI

Volatility

PBDC vs. SPYI - Volatility Comparison

Putnam BDC Income ETF (PBDC) has a higher volatility of 3.83% compared to NEOS S&P 500 High Income ETF (SPYI) at 2.66%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%6.00%JuneJulyAugustSeptemberOctoberNovember
3.83%
2.66%
PBDC
SPYI