PBDC vs. VFH
PBDC (Putnam BDC Income ETF) and VFH (Vanguard Financials ETF) are both Financials Equities funds. PBDC is actively managed, while VFH is passively managed. Over the past 3 years, PBDC returned 4.71%/yr vs 19.66%/yr for VFH. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PBDC charges 13.49%/yr vs 0.09%/yr for VFH.
Performance
PBDC vs. VFH - Performance Comparison
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Returns By Period
In the year-to-date period, PBDC achieves a -9.20% return, which is significantly lower than VFH's 5.30% return.
PBDC
- 1D
- 0.11%
- 1M
- -1.02%
- 6M
- -8.00%
- YTD
- -9.20%
- 1Y
- -12.27%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.83%
VFH
- 1D
- -0.14%
- 1M
- 2.24%
- 6M
- 7.40%
- YTD
- 5.30%
- 1Y
- 13.18%
- 3Y*
- 19.66%
- 5Y*
- 11.34%
- 10Y*
- 13.43%
- ALL TIME*
- 6.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.46M | $3.16M | $3.71M | |
| $53.46M | $73.54M | $73.23M |
PBDC vs. VFH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -9.20% | -1.77% | 19.43% | 30.52% | 10.38% |
VFH Vanguard Financials ETF | 5.30% | 14.91% | 30.44% | 14.17% | 10.91% |
Correlation
The correlation between PBDC and VFH is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.62 |
The correlation between PBDC and VFH has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.
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Return for Risk
PBDC vs. VFH — Risk / Return Rank
PBDC
VFH
PBDC vs. VFH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Vanguard Financials ETF (VFH). 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 | VFH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.14 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.74 | -1.49 |
| Martin ratioReturn relative to average drawdown | -1.28 | 1.93 | -3.21 |
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Drawdowns
PBDC vs. VFH - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum VFH drawdown of -78.61%. Use the drawdown chart below to compare losses from any high point for PBDC and VFH.
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Drawdown Indicators
| PBDC | VFH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -78.61% | +58.14% |
Max Drawdown (1Y)Largest decline over 1 year | -17.71% | -14.75% | -2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -17.30% | -3.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.42% | — |
Current DrawdownCurrent decline from peak | -16.71% | -1.21% | -15.50% |
Average DrawdownAverage peak-to-trough decline | -5.16% | -18.42% | +13.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.32% | 5.67% | +4.65% |
Volatility
PBDC vs. VFH - Volatility Comparison
Putnam BDC Income ETF (PBDC) has a higher volatility of 4.35% compared to Vanguard Financials ETF (VFH) at 4.07%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than VFH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDC | VFH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 4.07% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 15.20% | 11.21% | +3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 15.06% | +3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 19.12% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.00% | 22.48% | -5.48% |
PBDC vs. VFH - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than VFH's 0.09% expense ratio.
Dividends
PBDC vs. VFH - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.58%, more than VFH's 1.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | 11.58% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VFH Vanguard Financials ETF | 1.67% | 1.55% | 1.75% | 2.08% | 2.31% | 1.87% | 2.21% | 2.17% | 2.30% | 1.53% | 1.63% | 2.00% |
Frequently Asked Questions
PBDC and VFH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (4.35%) compared to VFH (4.07%). In terms of maximum drawdown, PBDC dropped -20.47% vs VFH's -78.61%.
On 3-year performance, VFH leads with 19.66% vs 4.71% for PBDC. On fees, VFH is cheaper at 0.09% per year. On volatility, VFH has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VFH has performed better with a 19.66% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VFH is cheaper with a 0.09% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.58%, compared with 1.67% for VFH.
They also come from different issuers: Franklin Templeton and Vanguard. Their fees differ too: 13.49% for PBDC and 0.09% for VFH.
VFH currently has the higher Sharpe Ratio (0.73 vs -0.70), 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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