PSP vs. PBDC

Last updated Jun 4, 2026

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 Putnam. PSP is passively managed, while PBDC is actively managed. Over the past 3 years, PSP returned 10.19%/yr vs 7.76%/yr for PBDC. A 0.67 correlation means they provide meaningful diversification when combined. PSP charges 1.44%/yr vs 0.75%/yr for PBDC.

Performance

PSP vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Listed Private Equity ETF (PSP) 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, PSP achieves a -13.50% return, which is significantly lower than PBDC's -9.74% return.

PSP

• 1D: -4.75%
• 1M: -5.00%
• YTD: -13.50%
• 6M: -10.48%
• 1Y: -7.74%
• 3Y*: 10.19%
• 5Y*: -0.12%
• 10Y*: 7.53%

PBDC

• 1D: -2.15%
• 1M: -6.53%
• YTD: -9.74%
• 6M: -10.38%
• 1Y: -10.30%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

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

PSP vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PSP Invesco Global Listed Private Equity ETF	-13.50%	6.49%	17.42%	37.72%	11.58%
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%

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 Oct 3, 2022	0.67

The correlation between PSP and PBDC has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

PSP vs. PBDC - Sectors Allocation Comparison

Sectors	PSP	PBDC
Financial Services	90.7%	100.0%
Consumer Defensive	5.4%	-
Industrials	3.2%	-
Communication Services	1.0%	-
Healthcare	0.5%	-
Basic Materials	0.1%	-
Technology	0.1%	-
Consumer Cyclical	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PSP vs. PBDC — Risk / Return Rank

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

PSP

PSP Risk / Return Rank: 5
PSP Sharpe Ratio Rank: 5
PSP Sortino Ratio Rank: 5
PSP Omega Ratio Rank: 5
PSP Calmar Ratio Rank: 6
PSP Martin Ratio Rank: 5

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.

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.

	PSP	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	-0.56	+0.17
Sortino ratio: Return per unit of downside risk	-0.41	-0.69	+0.28
Omega ratio: Gain probability vs. loss probability	0.95	0.92	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.35	-0.51	+0.17
Martin ratio: Return relative to average drawdown	-0.80	-0.94	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSP vs. PBDC - Sharpe Ratio Comparison

The current PSP Sharpe Ratio is -0.39, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of PSP 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.

Sharpe Ratios by Period

	PSP	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	-0.56	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.73	-0.65

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.

Drawdown Indicators

	PSP	PBDC	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-17.72%	-17.21%	-0.51%
Average Drawdown Average peak-to-trough decline	-30.69%	-4.66%	-26.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.67%	10.95%	-1.28%

Volatility

PSP vs. PBDC - Volatility Comparison

Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 6.89% compared to Putnam BDC Income ETF (PBDC) at 5.13%. 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.

Volatility by Period

	PSP	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	5.13%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	15.03%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	18.31%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.79%	17.04%	+6.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	17.04%	+5.41%

PSP vs. PBDC - Expense Ratio Comparison

PSP has a 1.44% expense ratio, which is higher than PBDC's 0.75% expense ratio.

Dividends

PSP vs. PBDC - Dividend Comparison

PSP's dividend yield for the trailing twelve months is around 6.68%, less than PBDC's 11.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBDC Putnam BDC Income ETF	11.69%	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	6.68%	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

Can I hold both PSP and PBDC in my portfolio?

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.

Which is riskier, PSP or PBDC?

PSP has higher volatility (6.89%) compared to PBDC (5.13%). In terms of maximum drawdown, PSP dropped -85.40% vs PBDC's -20.47%.

Which ETF is better, PSP or PBDC?

On 3-year performance, PSP leads with 10.19% vs 7.76% for PBDC. On fees, PBDC is cheaper at 0.75% per year. On volatility, PBDC has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSP or PBDC?

Over the 3-year period, PSP has performed better with a 10.19% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSP or PBDC?

PBDC is cheaper with a 0.75% expense ratio, compared with 1.44% for PSP.

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

PBDC has the higher dividend yield at 11.69%, compared with 6.68% for PSP.

What is the main difference between PSP and PBDC?

PSP is categorized as Global Equities, while PBDC is Financials Equities. They also come from different issuers: Invesco and Putnam. Their fees differ too: 1.44% for PSP and 0.75% for PBDC.

Which has better risk-adjusted returns?

PSP currently has the higher Sharpe Ratio (-0.39 vs -0.56), 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.