PULT vs. PBDC

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam ESG Ultra Short ETF (PULT) and Putnam BDC Income ETF (PBDC).

PULT and PBDC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PULT 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

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.

PULT vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PULT Putnam ESG Ultra Short ETF	0.56%	5.08%	5.93%	5.46%
PBDC Putnam BDC Income ETF	-9.87%	-1.77%	19.43%	22.90%

Returns By Period

In the year-to-date period, PULT achieves a 0.56% return, which is significantly higher than PBDC's -9.87% return.

PULT

• 1D: 0.08%
• 1M: 0.10%
• YTD: 0.56%
• 6M: 1.75%
• 1Y: 4.37%
• 3Y*: 5.51%
• 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)

PULT vs. PBDC - Expense Ratio Comparison

PULT has a 0.25% expense ratio, which is lower than PBDC's 6.79% expense ratio.

PBDC

Putnam BDC Income ETF

PULT

Putnam ESG Ultra Short ETF

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

PULT Risk / Return Rank: 99
PULT Sharpe Ratio Rank: 99
PULT Sortino Ratio Rank: 99
PULT Omega Ratio Rank: 99
PULT Calmar Ratio Rank: 99
PULT Martin Ratio Rank: 99

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.

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.

	PULT	PBDC	Difference
Sharpe ratio Return per unit of total volatility	7.40	-0.56	+7.96
Sortino ratio Return per unit of downside risk	15.34	-0.66	+16.00
Omega ratio Gain probability vs. loss probability	3.47	0.92	+2.56
Calmar ratio Return relative to maximum drawdown	20.05	-0.61	+20.66
Martin ratio Return relative to average drawdown	97.34	-1.29	+98.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PULT vs. PBDC - Sharpe Ratio Comparison

The current PULT Sharpe Ratio is 7.40, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of PULT 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

	PULT	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.40	-0.56	+7.96
Sharpe Ratio (All Time) Calculated using the full available price history	9.30	0.78	+8.52

Correlation

The correlation between PULT and PBDC is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PULT vs. PBDC - Dividend Comparison

PULT's dividend yield for the trailing twelve months is around 4.69%, less than PBDC's 11.69% yield.

	TTM	2025	2024	2023	2022
PULT Putnam ESG Ultra Short ETF	4.69%	4.59%	5.38%	4.88%	0.00%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%

Drawdowns

PULT vs. PBDC - Drawdown Comparison

The maximum PULT drawdown since its inception was -0.34%, smaller than the maximum PBDC drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for PULT and PBDC.

Drawdown Indicators

	PULT	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-0.34%	-20.47%	+20.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.22%	-20.15%	+19.93%
Current Drawdown Current decline from peak	0.00%	-17.32%	+17.32%
Average Drawdown Average peak-to-trough decline	-0.02%	-4.13%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	9.47%	-9.43%

Volatility

PULT vs. PBDC - Volatility Comparison

The current volatility for Putnam ESG Ultra Short ETF (PULT) is 0.15%, while Putnam BDC Income ETF (PBDC) has a volatility of 6.16%. This indicates that PULT 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

	PULT	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	6.16%	-6.01%
Volatility (6M) Calculated over the trailing 6-month period	0.44%	14.25%	-13.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	21.62%	-21.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	16.73%	-16.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.58%	16.73%	-16.15%