PULT vs. PBDC

Last updated Jul 17, 2026

PULT (Putnam ESG Ultra Short ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - PULT is a Ultrashort Bond fund actively managed by Putnam, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. Both are actively managed. At a correlation of -0.02, they often move in opposite directions. PULT charges 0.25%/yr vs 13.49%/yr for PBDC.

Performance

PULT vs. PBDC - Performance Comparison

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

Returns By Period

PULT

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBDC

• 1D: 1.34%
• 1M: 3.04%
• 6M: -8.59%
• YTD: -6.14%
• 1Y: -12.67%
• 3Y*: 6.68%
• 5Y*: —
• 10Y*: —

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

PULT vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PULT Putnam ESG Ultra Short ETF	1.23%	5.08%	5.93%	5.47%
PBDC Putnam BDC Income ETF	-6.14%	-1.77%	19.43%	23.70%

Correlation

The correlation between PULT and PBDC is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	-0.02

Return for Risk

PULT vs. PBDC — Risk / Return Rank

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

PULT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PULT vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Ultra Short ETF (PULT) 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.

	PULT	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.68	—
Sortino ratio: Return per unit of downside risk	—	-0.86	—
Omega ratio: Gain probability vs. loss probability	—	0.90	—
Calmar ratio: Return relative to maximum drawdown	—	-0.63	—
Martin ratio: Return relative to average drawdown	—	-1.03	—

Drawdowns

Drawdown Indicators

	PULT	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	—	-20.47%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-20.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.47%	—
Current Drawdown Current decline from peak	—	-13.90%	—
Average Drawdown Average peak-to-trough decline	—	-5.03%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.28%	—

Volatility

Volatility by Period

	PULT	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.85%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.02%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.02%	—

PULT vs. PBDC - Expense Ratio Comparison

PULT has a 0.25% expense ratio, which is lower than PBDC's 13.49% expense ratio.

Dividends

PULT vs. PBDC - Dividend Comparison

PULT has not paid dividends to shareholders, while PBDC's dividend yield for the trailing twelve months is around 11.20%.

Position	TTM	2025	2024	2023	2022
PBDC Putnam BDC Income ETF	11.20%	10.53%	9.29%	9.86%	3.40%
PULT Putnam ESG Ultra Short ETF	3.89%	4.59%	5.38%	4.88%	0.00%

Frequently Asked Questions

Can I hold both PULT and PBDC in my portfolio?

PULT and PBDC have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PULT or PBDC?

On fees, PULT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PULT or PBDC?

PULT is cheaper with a 0.25% expense ratio, compared with 13.49% for PBDC.

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

PBDC has the higher dividend yield at 11.20%, compared with 3.89% for PULT.

What is the main difference between PULT and PBDC?

PULT is categorized as Ultrashort Bond, while PBDC is Financials Equities. They also come from different issuers: Putnam and Franklin Templeton. Their fees differ too: 0.25% for PULT and 13.49% for PBDC.