PPIE vs. PBDC

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam Panagora ESG International Equity ETF - (PPIE) and Putnam BDC Income ETF (PBDC).

PPIE and PBDC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PPIE is an actively managed fund by Putnam. It was launched on Jan 19, 2023. PBDC is an actively managed fund by Putnam. It was launched on Sep 29, 2022.

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.

PPIE vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPIE Putnam Panagora ESG International Equity ETF -	-1.27%	32.77%	7.67%	9.66%
PBDC Putnam BDC Income ETF	-9.87%	-1.77%	19.43%	22.90%

Returns By Period

In the year-to-date period, PPIE achieves a -1.27% return, which is significantly higher than PBDC's -9.87% return.

PPIE

• 1D: 3.12%
• 1M: -8.88%
• YTD: -1.27%
• 6M: 3.13%
• 1Y: 21.12%
• 3Y*: 15.68%
• 5Y*: —
• 10Y*: —

PBDC

• 1D: 2.38%
• 1M: 2.99%
• YTD: -9.87%
• 6M: -8.48%
• 1Y: -12.07%
• 3Y*: 9.33%
• 5Y*: —
• 10Y*: —

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

PPIE vs. PBDC - Expense Ratio Comparison

PPIE has a 0.49% expense ratio, which is lower than PBDC's 6.79% expense ratio.

PBDC

Putnam BDC Income ETF

PPIE

Putnam Panagora ESG International Equity ETF -

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: 65
PPIE Sharpe Ratio Rank: 66
PPIE Sortino Ratio Rank: 66
PPIE Omega Ratio Rank: 65
PPIE Calmar Ratio Rank: 63
PPIE Martin Ratio Rank: 63

PBDC

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

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.

	PPIE	PBDC	Difference
Sharpe ratio Return per unit of total volatility	1.19	-0.56	+1.75
Sortino ratio Return per unit of downside risk	1.70	-0.66	+2.36
Omega ratio Gain probability vs. loss probability	1.25	0.92	+0.33
Calmar ratio Return relative to maximum drawdown	1.67	-0.61	+2.27
Martin ratio Return relative to average drawdown	6.47	-1.29	+7.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPIE vs. PBDC - Sharpe Ratio Comparison

The current PPIE Sharpe Ratio is 1.19, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of PPIE and PBDC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PPIE	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	-0.56	+1.75
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.78	+0.23

Correlation

The correlation between PPIE and PBDC is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PPIE vs. PBDC - Dividend Comparison

PPIE's dividend yield for the trailing twelve months is around 13.23%, more than PBDC's 11.69% yield.

	TTM	2025	2024	2023	2022
PPIE Putnam Panagora ESG International Equity ETF -	13.23%	8.40%	5.12%	3.30%	0.00%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%

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%
Current Drawdown Current decline from peak	-8.88%	-17.32%	+8.44%
Average Drawdown Average peak-to-trough decline	-2.48%	-4.13%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	9.47%	-6.38%

Volatility

PPIE vs. PBDC - Volatility Comparison

Putnam Panagora ESG International Equity ETF - (PPIE) has a higher volatility of 7.99% compared to Putnam BDC Income ETF (PBDC) at 6.16%. This indicates that PPIE's price experiences larger fluctuations and is considered to be riskier 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	7.99%	6.16%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	11.48%	14.25%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	21.62%	-3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.69%	16.73%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.69%	16.73%	-2.04%