PBDC vs. VOO
PBDC (Putnam BDC Income ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while VOO is a S&P 500 fund tracking the S&P 500 Index. PBDC is actively managed, while VOO is passively managed. Over the past 3 years, PBDC returned 4.71%/yr vs 19.42%/yr for VOO. Their 0.54 correlation means they have sometimes moved together and sometimes differently. PBDC charges 13.49%/yr vs 0.03%/yr for VOO.
Performance
PBDC vs. VOO - 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 VOO's 10.16% 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%
VOO
- 1D
- 0.71%
- 1M
- 0.26%
- 6M
- 8.58%
- YTD
- 10.16%
- 1Y
- 21.58%
- 3Y*
- 19.42%
- 5Y*
- 12.83%
- 10Y*
- 15.14%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.46M | $3.16M | $3.71M | |
| $3.82B | $3.78B | $5.44B |
PBDC vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | -9.20% | -1.77% | 19.43% | 30.52% | 10.38% |
VOO Vanguard S&P 500 ETF | 10.16% | 17.82% | 24.98% | 26.32% | 5.89% |
Correlation
The correlation between PBDC and VOO is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.54 |
The correlation between PBDC and VOO shifts across timeframes, from 0.43 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBDC vs. VOO — Risk / Return Rank
PBDC
VOO
PBDC vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.04 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.28 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.21 | -2.96 |
| Martin ratioReturn relative to average drawdown | -1.28 | 9.44 | -10.72 |
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Drawdowns
PBDC vs. VOO - Drawdown Comparison
The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PBDC and VOO.
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Drawdown Indicators
| PBDC | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -33.99% | +13.52% |
Max Drawdown (1Y)Largest decline over 1 year | -17.71% | -8.90% | -8.81% |
Max Drawdown (3Y)Largest decline over 3 years | -20.47% | -18.69% | -1.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.52% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -16.71% | -1.38% | -15.33% |
Average DrawdownAverage peak-to-trough decline | -5.16% | -3.67% | -1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.32% | 2.08% | +8.24% |
Volatility
PBDC vs. VOO - Volatility Comparison
Putnam BDC Income ETF (PBDC) has a higher volatility of 4.35% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDC | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 3.54% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 15.20% | 10.10% | +5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 12.82% | +6.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 16.93% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.00% | 18.01% | -1.01% |
PBDC vs. VOO - Expense Ratio Comparison
PBDC has a 13.49% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
PBDC vs. VOO - Dividend Comparison
PBDC's dividend yield for the trailing twelve months is around 11.58%, more than VOO's 1.07% 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% |
VOO Vanguard S&P 500 ETF | 1.07% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
PBDC and VOO have a correlation of 0.43, 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 VOO (3.54%). In terms of maximum drawdown, PBDC dropped -20.47% vs VOO's -33.99%.
On 3-year performance, VOO leads with 19.42% vs 4.71% for PBDC. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VOO has performed better with a 19.42% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.58%, compared with 1.07% for VOO.
PBDC is categorized as Financials Equities, while VOO is S&P 500. They also come from different issuers: Franklin Templeton and Vanguard. Their fees differ too: 13.49% for PBDC and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.53 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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