PBDC vs. USO
PBDC (Putnam BDC Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Putnam, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. PBDC is actively managed, while USO is passively managed. Over the past 3 years, PBDC returned 7.76%/yr vs 29.98%/yr for USO. At a 0.08 correlation, their price movements are largely independent. PBDC charges 0.75%/yr vs 0.86%/yr for USO.
Performance
PBDC vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -9.74% return, which is significantly lower than USO's 103.67% return.
PBDC
- 1D
- -2.15%
- 1M
- -6.53%
- YTD
- -9.74%
- 6M
- -10.38%
- 1Y
- -10.30%
- 3Y*
- 7.76%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
PBDC vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -9.74% | -1.77% | 19.43% | 30.52% | 10.86% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 7.40% |
Correlation
The correlation between PBDC and USO is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022 | 0.08 |
The correlation between PBDC and USO shifts across timeframes, from -0.13 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBDC vs. USO — Risk / Return Rank
PBDC
USO
PBDC vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.87 | ||
| Sortino ratioReturn per unit of downside risk | -3.58 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.38 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 5.01 | -5.52 |
| Martin ratioReturn relative to average drawdown | -0.94 | 9.42 | -10.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBDC | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 2.31 | -2.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | -0.18 | +0.90 |
Drawdowns
PBDC vs. USO - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PBDC and USO.
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Drawdown Indicators
| PBDC | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -98.19% | +77.72% |
Max Drawdown (1Y)Largest decline over 1 year | -20.15% | -20.39% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -26.05% | +5.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -17.21% | -85.01% | +67.80% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -75.30% | +70.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.95% | 10.82% | +0.13% |
Volatility
PBDC vs. USO - Volatility Comparison
The current volatility for Putnam BDC Income ETF (PBDC) is 5.13%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDC | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 14.87% | -9.74% |
Volatility (6M)Calculated over the trailing 6-month period | 15.03% | 38.23% | -23.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.31% | 44.20% | -25.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.04% | 36.06% | -19.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 39.00% | -21.96% |
PBDC vs. USO - Expense Ratio Comparison
PBDC has a 0.75% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
PBDC vs. USO - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.69%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | 11.69% | 10.53% | 9.29% | 9.86% | 3.40% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBDC and USO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to PBDC (5.13%). In terms of maximum drawdown, PBDC dropped -20.47% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 7.76% for PBDC. On fees, PBDC is cheaper at 0.75% per year. On volatility, PBDC has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 29.98% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBDC is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.
PBDC has the higher dividend yield at 11.69%, compared with 0.00% for USO.
PBDC is categorized as Financials Equities, while USO is Oil & Gas. They also come from different issuers: Putnam and USCF. Their fees differ too: 0.75% for PBDC and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -0.56), 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.
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