PFLT vs. BIZD

Last updated Jun 23, 2026

PFLT (PennantPark Floating Rate Capital Ltd.) is a stock, while BIZD (VanEck BDC Income ETF) is Financials Equities fund tracking the MVIS US Business Development Companies Index. Over the past 10 years, PFLT returned 4.93%/yr vs 7.49%/yr for BIZD. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

PFLT vs. BIZD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PennantPark Floating Rate Capital Ltd. (PFLT) and VanEck BDC Income ETF (BIZD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFLT achieves a -16.15% return, which is significantly lower than BIZD's -10.45% return. Over the past 10 years, PFLT has underperformed BIZD with an annualized return of 4.93%, while BIZD has yielded a comparatively higher 7.49% annualized return.

PFLT

• 1D: -3.07%
• 1M: -9.66%
• YTD: -16.15%
• 6M: -14.30%
• 1Y: -19.29%
• 3Y*: -0.23%
• 5Y*: -0.54%
• 10Y*: 4.93%

BIZD

• 1D: -1.13%
• 1M: -1.29%
• YTD: -10.45%
• 6M: -9.50%
• 1Y: -14.18%
• 3Y*: 5.12%
• 5Y*: 3.92%
• 10Y*: 7.49%

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

PFLT vs. BIZD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFLT PennantPark Floating Rate Capital Ltd.	-16.15%	-4.17%	0.62%	23.05%	-5.53%	32.64%	-1.41%	15.52%	-8.29%	5.49%
BIZD VanEck BDC Income ETF	-10.45%	-4.96%	15.63%	27.02%	-8.51%	36.25%	-7.12%	30.87%	-6.88%	0.36%

Correlation

The correlation between PFLT and BIZD is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 12, 2013	0.60

The correlation between PFLT and BIZD shifts across timeframes, from 0.60 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFLT vs. BIZD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFLT

PFLT Risk / Return Rank: 8
PFLT Sharpe Ratio Rank: 6
PFLT Sortino Ratio Rank: 9
PFLT Omega Ratio Rank: 10
PFLT Calmar Ratio Rank: 11
PFLT Martin Ratio Rank: 4

BIZD

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

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.

PFLT vs. BIZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PennantPark Floating Rate Capital Ltd. (PFLT) and VanEck BDC Income ETF (BIZD). 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.

	PFLT	BIZD	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	-0.77	-0.15
Sortino ratio: Return per unit of downside risk	-1.21	-1.01	-0.20
Omega ratio: Gain probability vs. loss probability	0.86	0.89	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.64	-0.16
Martin ratio: Return relative to average drawdown	-1.61	-1.07	-0.53

PFLT vs. BIZD - Sharpe Ratio Comparison

The current PFLT Sharpe Ratio is -0.92, which is comparable to the BIZD Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of PFLT and BIZD, 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

PFLT vs. BIZD - Drawdown Comparison

The maximum PFLT drawdown since its inception was -69.77%, which is greater than BIZD's maximum drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for PFLT and BIZD.

Drawdown Indicators

	PFLT	BIZD	Difference
Max Drawdown Largest peak-to-trough decline	-69.77%	-55.44%	-14.33%
Max Drawdown (1Y) Largest decline over 1 year	-24.19%	-22.22%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-25.22%	-22.56%	-2.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	-22.91%	-6.73%
Max Drawdown (10Y) Largest decline over 10 years	-69.77%	-55.44%	-14.33%
Current Drawdown Current decline from peak	-25.22%	-20.57%	-4.65%
Average Drawdown Average peak-to-trough decline	-8.34%	-6.76%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.02%	13.24%	-1.22%

Volatility

PFLT vs. BIZD - Volatility Comparison

PennantPark Floating Rate Capital Ltd. (PFLT) has a higher volatility of 8.39% compared to VanEck BDC Income ETF (BIZD) at 5.55%. This indicates that PFLT's price experiences larger fluctuations and is considered to be riskier than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLT	BIZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	5.55%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	15.17%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.97%	18.52%	+2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	17.44%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.01%	21.78%	+7.23%

Dividends

PFLT vs. BIZD - Dividend Comparison

PFLT's dividend yield for the trailing twelve months is around 16.70%, more than BIZD's 14.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	14.10%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
PFLT PennantPark Floating Rate Capital Ltd.	16.70%	13.27%	11.25%	9.98%	10.38%	8.93%	10.83%	9.24%	9.59%	8.31%	8.08%	10.04%

Frequently Asked Questions

Can I hold both PFLT and BIZD in my portfolio?

PFLT and BIZD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFLT or BIZD?

PFLT has higher volatility (8.39%) compared to BIZD (5.55%). In terms of maximum drawdown, PFLT dropped -69.77% vs BIZD's -55.44%.

Which has better risk-adjusted returns?

BIZD currently has the higher Sharpe Ratio (-0.77 vs -0.92), 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.