PBDC vs. WNTR

Last updated Jul 14, 2026

PBDC (Putnam BDC Income ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, PBDC returned -13.79% vs 120.64% for WNTR. At a correlation of -0.39, they often move in opposite directions. PBDC charges 13.49%/yr vs 1.01%/yr for WNTR.

Performance

PBDC vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBDC achieves a -8.72% return, which is significantly lower than WNTR's 10.13% return.

PBDC

• 1D: -0.75%
• 1M: -0.56%
• 6M: -8.88%
• YTD: -8.72%
• 1Y: -13.79%
• 3Y*: 5.94%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBDC vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PBDC Putnam BDC Income ETF	-8.72%	-3.55%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between PBDC and WNTR is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.39

Return for Risk

PBDC vs. WNTR — 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: 3
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	2.26	-3.00
Sortino ratio: Return per unit of downside risk	-0.96	2.47	-3.43
Omega ratio: Gain probability vs. loss probability	0.89	1.34	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.69	2.84	-3.53
Martin ratio: Return relative to average drawdown	-1.14	7.31	-8.44

PBDC vs. WNTR - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.74, which is lower than the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of PBDC and WNTR, 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. WNTR - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PBDC and WNTR.

Drawdown Indicators

	PBDC	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-42.65%	+22.18%
Max Drawdown (1Y) Largest decline over 1 year	-20.15%	-42.65%	+22.50%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	—	—
Current Drawdown Current decline from peak	-16.27%	-10.15%	-6.12%
Average Drawdown Average peak-to-trough decline	-5.00%	-20.53%	+15.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	16.58%	-4.41%

Volatility

PBDC vs. WNTR - Volatility Comparison

The current volatility for Putnam BDC Income ETF (PBDC) is 4.56%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that PBDC experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	18.84%	-14.28%
Volatility (6M) Calculated over the trailing 6-month period	15.17%	47.46%	-32.29%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	53.83%	-35.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	53.56%	-36.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	53.56%	-36.54%

PBDC vs. WNTR - Expense Ratio Comparison

PBDC has a 13.49% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

PBDC vs. WNTR - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.52%, less than WNTR's 102.14% yield.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.52%	10.53%	9.29%	9.86%	3.40%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBDC and WNTR in my portfolio?

PBDC and WNTR have a correlation of -0.34, 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 WNTR?

WNTR has higher volatility (18.84%) compared to PBDC (4.56%). In terms of maximum drawdown, PBDC dropped -20.47% vs WNTR's -42.65%.

Which ETF is better, PBDC or WNTR?

On 1-year performance, WNTR leads with 120.64% vs -13.79% for PBDC. On fees, WNTR is cheaper at 1.01% per year. On volatility, PBDC has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs -13.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDC or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 13.49% for PBDC.

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

WNTR has the higher dividend yield at 102.14%, compared with 11.52% for PBDC.

What is the main difference between PBDC and WNTR?

PBDC is categorized as Financials Equities, while WNTR is Derivative Income. They also come from different issuers: Franklin Templeton and YieldMax. Their fees differ too: 13.49% for PBDC and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs -0.74), 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.