SYBR.DE vs. PBDC

Last updated Jun 5, 2026

SYBR.DE (SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - SYBR.DE is a Corporate Bonds fund tracking the Bloomberg US Intermediate Corporate Bond, while PBDC is a Financials Equities fund actively managed by Putnam. SYBR.DE is passively managed, while PBDC is actively managed. Over the past 3 years, SYBR.DE returned 2.96%/yr vs 5.04%/yr for PBDC. At a 0.26 correlation, their price movements are largely independent. SYBR.DE charges 0.12%/yr vs 0.75%/yr for PBDC.

Performance

SYBR.DE vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (SYBR.DE) and Putnam BDC Income ETF (PBDC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SYBR.DE is traded in EUR, while PBDC is traded in USD. To make them comparable, the PBDC values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SYBR.DE achieves a 1.66% return, which is significantly higher than PBDC's -7.36% return.

SYBR.DE

• 1D: 0.07%
• 1M: 1.02%
• YTD: 1.66%
• 6M: 1.07%
• 1Y: 3.55%
• 3Y*: 2.96%
• 5Y*: 3.21%
• 10Y*: 2.95%

PBDC

• 1D: -0.95%
• 1M: -3.27%
• YTD: -7.36%
• 6M: -9.20%
• 1Y: -10.27%
• 3Y*: 5.04%
• 5Y*: —
• 10Y*: —

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

SYBR.DE vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SYBR.DE SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	1.66%	-3.96%	10.21%	5.72%	-6.12%
PBDC Putnam BDC Income ETF	-7.36%	-13.42%	27.31%	26.61%	1.46%

Correlation

The correlation between SYBR.DE and PBDC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.26

Return for Risk

SYBR.DE vs. PBDC — Risk / Return Rank

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

SYBR.DE

SYBR.DE Risk / Return Rank: 20
SYBR.DE Sharpe Ratio Rank: 19
SYBR.DE Sortino Ratio Rank: 19
SYBR.DE Omega Ratio Rank: 18
SYBR.DE Calmar Ratio Rank: 23
SYBR.DE Martin Ratio Rank: 23

PBDC

PBDC Risk / Return Rank: 5
PBDC Sharpe Ratio Rank: 5
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 5
PBDC Calmar Ratio Rank: 5
PBDC Martin Ratio Rank: 5

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.

SYBR.DE vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (SYBR.DE) 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.

	SYBR.DE	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	0.61	-0.54	+1.15
Sortino ratio: Return per unit of downside risk	0.92	-0.65	+1.58
Omega ratio: Gain probability vs. loss probability	1.11	0.93	+0.18
Calmar ratio: Return relative to maximum drawdown	1.02	-0.49	+1.52
Martin ratio: Return relative to average drawdown	2.82	-0.89	+3.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SYBR.DE vs. PBDC - Sharpe Ratio Comparison

The current SYBR.DE Sharpe Ratio is 0.61, which is higher than the PBDC Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of SYBR.DE 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

	SYBR.DE	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	-0.54	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.43	-0.03

Drawdowns

SYBR.DE vs. PBDC - Drawdown Comparison

The maximum SYBR.DE drawdown since its inception was -15.02%, smaller than the maximum PBDC drawdown of -29.23%. Use the drawdown chart below to compare losses from any high point for SYBR.DE and PBDC.

Drawdown Indicators

	SYBR.DE	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-15.02%	-29.23%	+14.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-20.96%	+17.82%
Max Drawdown (3Y) Largest decline over 3 years	-9.61%	-29.23%	+19.62%
Max Drawdown (5Y) Largest decline over 5 years	-9.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.02%	—	—
Current Drawdown Current decline from peak	-4.54%	-24.59%	+20.05%
Average Drawdown Average peak-to-trough decline	-4.16%	-8.10%	+3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	11.54%	-10.40%

Volatility

SYBR.DE vs. PBDC - Volatility Comparison

The current volatility for SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (SYBR.DE) is 0.76%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.65%. This indicates that SYBR.DE 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

	SYBR.DE	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	5.65%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	15.29%	-11.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	19.01%	-13.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.41%	17.95%	-10.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.32%	17.95%	-10.63%

SYBR.DE vs. PBDC - Expense Ratio Comparison

SYBR.DE has a 0.12% expense ratio, which is lower than PBDC's 0.75% expense ratio.

Dividends

SYBR.DE vs. PBDC - Dividend Comparison

SYBR.DE's dividend yield for the trailing twelve months is around 4.65%, less than PBDC's 11.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PBDC Putnam BDC Income ETF	11.61%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SYBR.DE SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	4.65%	5.03%	4.55%	5.85%	2.62%	2.24%	2.89%	3.01%	2.78%	3.41%	1.21%

Frequently Asked Questions

Can I hold both SYBR.DE and PBDC in my portfolio?

SYBR.DE and PBDC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SYBR.DE or PBDC?

On fees, SYBR.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SYBR.DE or PBDC?

SYBR.DE is cheaper with a 0.12% expense ratio, compared with 0.75% for PBDC.

What is the main difference between SYBR.DE and PBDC?

SYBR.DE is categorized as Corporate Bonds, while PBDC is Financials Equities. They also come from different issuers: State Street and Putnam. Their fees differ too: 0.12% for SYBR.DE and 0.75% for PBDC.