PPIE vs. PBDC

Last updated Jun 23, 2026

PPIE (Putnam Panagora ESG International Equity ETF -) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - PPIE is a Foreign Large Cap Equities fund actively managed by Putnam, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. Both are actively managed. Over the past 3 years, PPIE returned 18.34%/yr vs 7.01%/yr for PBDC. At a 0.45 correlation, their price movements are largely independent. PPIE charges 0.49%/yr vs 13.49%/yr for PBDC.

Performance

PPIE vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Panagora ESG International Equity ETF - (PPIE) and Putnam BDC Income ETF (PBDC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPIE achieves a 8.31% return, which is significantly higher than PBDC's -11.69% return.

PPIE

• 1D: 0.02%
• 1M: 0.47%
• YTD: 8.31%
• 6M: 8.88%
• 1Y: 22.46%
• 3Y*: 18.34%
• 5Y*: —
• 10Y*: —

PBDC

• 1D: -1.02%
• 1M: -1.61%
• YTD: -11.69%
• 6M: -10.28%
• 1Y: -12.43%
• 3Y*: 7.01%
• 5Y*: —
• 10Y*: —

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

PPIE vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPIE Putnam Panagora ESG International Equity ETF -	8.31%	32.77%	7.67%	9.74%
PBDC Putnam BDC Income ETF	-11.69%	-1.77%	19.43%	23.70%

Correlation

The correlation between PPIE and PBDC is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.45

The correlation between PPIE and PBDC shifts across timeframes, from 0.33 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PPIE vs. PBDC — Risk / Return Rank

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

PPIE

PPIE Risk / Return Rank: 37
PPIE Sharpe Ratio Rank: 38
PPIE Sortino Ratio Rank: 37
PPIE Omega Ratio Rank: 38
PPIE Calmar Ratio Rank: 34
PPIE Martin Ratio Rank: 40

PBDC

PBDC Risk / Return Rank: 4
PBDC Sharpe Ratio Rank: 4
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC 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.

PPIE vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG International Equity ETF - (PPIE) and Putnam BDC Income ETF (PBDC). 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.

	PPIE	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.31	-0.67	+1.98
Sortino ratio: Return per unit of downside risk	1.88	-0.85	+2.73
Omega ratio: Gain probability vs. loss probability	1.24	0.91	+0.34
Calmar ratio: Return relative to maximum drawdown	1.66	-0.62	+2.28
Martin ratio: Return relative to average drawdown	6.12	-1.08	+7.20

PPIE vs. PBDC - Sharpe Ratio Comparison

The current PPIE Sharpe Ratio is 1.31, which is higher than the PBDC Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of PPIE and PBDC, 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

PPIE vs. PBDC - Drawdown Comparison

The maximum PPIE drawdown since its inception was -13.55%, smaller than the maximum PBDC drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for PPIE and PBDC.

Drawdown Indicators

	PPIE	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-13.55%	-20.47%	+6.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-20.15%	+8.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-20.47%	+6.92%
Current Drawdown Current decline from peak	-0.75%	-18.99%	+18.24%
Average Drawdown Average peak-to-trough decline	-2.50%	-4.82%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	11.52%	-8.28%

Volatility

PPIE vs. PBDC - Volatility Comparison

The current volatility for Putnam Panagora ESG International Equity ETF - (PPIE) is 3.00%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.50%. This indicates that PPIE experiences smaller price fluctuations and is considered to be less risky than PBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPIE	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	5.50%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	15.42%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	18.69%	-3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	17.06%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.78%	17.06%	-2.28%

PPIE vs. PBDC - Expense Ratio Comparison

PPIE has a 0.49% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

PPIE vs. PBDC - Dividend Comparison

PPIE's dividend yield for the trailing twelve months is around 12.06%, which matches PBDC's 11.95% yield.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.95%	10.53%	9.29%	9.86%	3.40%
PPIE Putnam Panagora ESG International Equity ETF -	12.06%	8.40%	5.12%	3.30%	0.00%

Frequently Asked Questions

Can I hold both PPIE and PBDC in my portfolio?

PPIE and PBDC have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPIE or PBDC?

PBDC has higher volatility (5.50%) compared to PPIE (3.00%). In terms of maximum drawdown, PPIE dropped -13.55% vs PBDC's -20.47%.

Which ETF is better, PPIE or PBDC?

On 3-year performance, PPIE leads with 18.34% vs 7.01% for PBDC. On fees, PPIE is cheaper at 0.49% per year. On volatility, PPIE has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPIE or PBDC?

Over the 3-year period, PPIE has performed better with a 18.34% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPIE or PBDC?

PPIE is cheaper with a 0.49% expense ratio, compared with 13.49% for PBDC.

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

PPIE has the higher dividend yield at 12.06%, compared with 11.95% for PBDC.

What is the main difference between PPIE and PBDC?

PPIE is categorized as Foreign Large Cap Equities, while PBDC is Financials Equities. They also come from different issuers: Putnam and Franklin Templeton. Their fees differ too: 0.49% for PPIE and 13.49% for PBDC.

Which has better risk-adjusted returns?

PPIE currently has the higher Sharpe Ratio (1.31 vs -0.67), 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.