PSP vs. PBDC
PSP (Invesco Global Listed Private Equity ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. PSP is passively managed, while PBDC is actively managed. Over the past 3 years, PSP returned 8.19%/yr vs 5.94%/yr for PBDC. A 0.66 correlation means they provide meaningful diversification when combined. PSP charges 1.44%/yr vs 13.49%/yr for PBDC.
Performance
PSP vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -12.29% return, which is significantly lower than PBDC's -8.72% return.
PSP
- 1D
- -0.19%
- 1M
- -0.71%
- 6M
- -15.12%
- YTD
- -12.29%
- 1Y
- -13.87%
- 3Y*
- 8.19%
- 5Y*
- 0.15%
- 10Y*
- 7.94%
PBDC
- 1D
- -0.75%
- 1M
- -0.56%
- 6M
- -8.88%
- YTD
- -8.72%
- 1Y
- -13.79%
- 3Y*
- 5.94%
- 5Y*
- —
- 10Y*
- —
PSP vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -12.29% | 6.49% | 17.42% | 37.72% | 12.39% |
PBDC Putnam BDC Income ETF | -8.72% | -1.77% | 19.43% | 30.52% | 10.38% |
Correlation
The correlation between PSP and PBDC is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.66 |
The correlation between PSP and PBDC has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
PSP vs. PBDC — Risk / Return Rank
PSP
PBDC
PSP vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | PBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.89 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.69 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.14 | -0.10 |
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Drawdowns
PSP vs. PBDC - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for PSP and PBDC.
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Drawdown Indicators
| PSP | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -20.47% | -64.93% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -20.15% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -20.47% | -2.47% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | — | — |
Current DrawdownCurrent decline from peak | -16.57% | -16.27% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -30.62% | -5.00% | -25.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.23% | 12.17% | -0.94% |
Volatility
PSP vs. PBDC - Volatility Comparison
Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 5.55% compared to Putnam BDC Income ETF (PBDC) at 4.56%. This indicates that PSP'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.
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Volatility by Period
| PSP | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 4.56% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 17.03% | 15.17% | +1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.25% | 18.81% | +1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.91% | 17.02% | +6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.28% | 17.02% | +5.26% |
PSP vs. PBDC - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
PSP vs. PBDC - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.21%, less than PBDC's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | 11.52% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PSP Invesco Global Listed Private Equity ETF | 6.21% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PSP and PBDC have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (5.55%) compared to PBDC (4.56%). In terms of maximum drawdown, PSP dropped -85.40% vs PBDC's -20.47%.
On 3-year performance, PSP leads with 8.19% vs 5.94% for PBDC. On fees, PSP is cheaper at 1.44% 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.
Over the 3-year period, PSP has performed better with a 8.19% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSP is cheaper with a 1.44% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.52%, compared with 6.21% for PSP.
PSP is categorized as Global Equities, while PBDC is Financials Equities. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 1.44% for PSP and 13.49% for PBDC.
PSP currently has the higher Sharpe Ratio (-0.69 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.
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