PBDC vs. XLFI

Last updated Aug 2, 2026

PBDC (Putnam BDC Income ETF) and XLFI (State Street Financial Select Sector SPDR Premium Income ETF) are both exchange-traded funds - PBDC is a Financials Equities fund actively managed by Franklin Templeton, while XLFI is a Derivative Income fund actively managed by State Street. Both are actively managed. Over the past year, PBDC returned -12.27% vs 11.31% for XLFI. Their 0.48 correlation means their historical movements had little consistent relationship. PBDC charges 13.49%/yr vs 0.35%/yr for XLFI.

Performance

PBDC vs. XLFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam BDC Income ETF (PBDC) and State Street Financial Select Sector SPDR Premium Income ETF (XLFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBDC achieves a -9.20% return, which is significantly lower than XLFI's 3.17% 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%

XLFI

• 1D: -0.41%
• 1M: 2.09%
• 6M: 4.95%
• YTD: 3.17%
• 1Y: 11.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBDC Putnam BDC Income ETF	$3.46M	$3.16M	$3.71M
XLFI State Street Financial Select Sector SPDR Premium Income ETF	$205.39K	$226.21K	$175.11K

PBDC vs. XLFI - Yearly Performance Comparison

	2026 (YTD)	2025
PBDC Putnam BDC Income ETF	-9.20%	-5.39%
XLFI State Street Financial Select Sector SPDR Premium Income ETF	3.17%	5.40%

Correlation

The correlation between PBDC and XLFI is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.48

Return for Risk

PBDC vs. XLFI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBDC

PBDC Risk / Return Rank: 3
PBDC Sharpe Ratio Rank: 3
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 3
PBDC Martin Ratio Rank: 2

XLFI

XLFI Risk / Return Rank: 29
XLFI Sharpe Ratio Rank: 33
XLFI Sortino Ratio Rank: 29
XLFI Omega Ratio Rank: 31
XLFI Calmar Ratio Rank: 26
XLFI Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBDC vs. XLFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam BDC Income ETF (PBDC) and State Street Financial Select Sector SPDR Premium Income ETF (XLFI). 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	XLFI	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	0.81	-1.51
Sortino ratio: Return per unit of downside risk	-0.91	1.12	-2.02
Omega ratio: Gain probability vs. loss probability	0.90	1.15	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.75	0.80	-1.55
Martin ratio: Return relative to average drawdown	-1.28	2.26	-3.54

PBDC vs. XLFI - Sharpe Ratio Comparison

The current PBDC Sharpe Ratio is -0.70, which is lower than the XLFI Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of PBDC and XLFI, 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. XLFI - Drawdown Comparison

The maximum PBDC drawdown since its inception was -20.47%, which is greater than XLFI's maximum drawdown of -11.89%. Use the drawdown chart below to compare losses from any high point for PBDC and XLFI.

Drawdown Indicators

	PBDC	XLFI	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-11.89%	-8.58%
Max Drawdown (1Y) Largest decline over 1 year	-17.71%	-11.89%	-5.82%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	—	—
Current Drawdown Current decline from peak	-16.71%	-1.11%	-15.60%
Average Drawdown Average peak-to-trough decline	-5.16%	-3.02%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.32%	4.22%	+6.10%

Volatility

PBDC vs. XLFI - Volatility Comparison

Putnam BDC Income ETF (PBDC) has a higher volatility of 4.35% compared to State Street Financial Select Sector SPDR Premium Income ETF (XLFI) at 2.78%. This indicates that PBDC's price experiences larger fluctuations and is considered to be riskier than XLFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDC	XLFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	2.78%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	9.08%	+6.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.87%	11.88%	+6.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	11.85%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	11.85%	+5.15%

PBDC vs. XLFI - Expense Ratio Comparison

PBDC has a 13.49% expense ratio, which is higher than XLFI's 0.35% expense ratio.

Dividends

PBDC vs. XLFI - Dividend Comparison

PBDC's dividend yield for the trailing twelve months is around 11.58%, more than XLFI's 11.29% yield.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.58%	10.53%	9.29%	9.86%	3.40%
XLFI State Street Financial Select Sector SPDR Premium Income ETF	11.29%	5.57%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBDC and XLFI in my portfolio?

PBDC and XLFI have a correlation of 0.48, 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 XLFI?

PBDC has higher volatility (4.35%) compared to XLFI (2.78%). In terms of maximum drawdown, PBDC dropped -20.47% vs XLFI's -11.89%.

Which ETF is better, PBDC or XLFI?

On 1-year performance, XLFI leads with 11.31% vs -12.27% for PBDC. On fees, XLFI is cheaper at 0.35% per year. On volatility, XLFI has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDC or XLFI?

Over the 1-year period, XLFI has performed better with a 11.31% return vs -12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDC or XLFI?

XLFI is cheaper with a 0.35% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.58%, compared with 11.29% for XLFI.

What is the main difference between PBDC and XLFI?

PBDC is categorized as Financials Equities, while XLFI is Derivative Income. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 13.49% for PBDC and 0.35% for XLFI.

Which has better risk-adjusted returns?

XLFI currently has the higher Sharpe Ratio (0.81 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.