USPX vs. PBDC
USPX (Franklin U.S. Equity Index ETF) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - USPX is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index, while PBDC is a Financials Equities fund actively managed by Franklin Templeton. USPX is passively managed, while PBDC is actively managed. Over the past 3 years, USPX returned 20.76%/yr vs 5.49%/yr for PBDC. Their 0.54 correlation means they have sometimes moved together and sometimes differently. USPX charges 0.03%/yr vs 13.49%/yr for PBDC.
Performance
USPX vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, USPX achieves a 11.39% return, which is significantly higher than PBDC's -6.86% return.
USPX
- 1D
- 1.57%
- 1M
- 1.59%
- 6M
- 9.42%
- YTD
- 11.39%
- 1Y
- 22.58%
- 3Y*
- 20.76%
- 5Y*
- 11.91%
- 10Y*
- 12.33%
- ALL TIME*
- 12.60%
PBDC
- 1D
- 2.58%
- 1M
- 1.53%
- 6M
- -3.75%
- YTD
- -6.86%
- 1Y
- -10.01%
- 3Y*
- 5.49%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.20M | $3.19M | $3.74M | |
| $3.21M | $2.97M | $3.76M |
USPX vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USPX Franklin U.S. Equity Index ETF | 11.39% | 17.78% | 24.97% | 27.07% | 5.53% |
PBDC Putnam BDC Income ETF | -6.86% | -1.77% | 19.43% | 30.52% | 10.38% |
Correlation
The correlation between USPX and PBDC is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022 | 0.54 |
The correlation between USPX and PBDC has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.
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Return for Risk
USPX vs. PBDC — Risk / Return Rank
USPX
PBDC
USPX vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) 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.
| USPX | PBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.27 | ||
| Sortino ratioReturn per unit of downside risk | +3.07 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.93 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | -0.57 | +3.05 |
| Martin ratioReturn relative to average drawdown | 10.39 | -0.97 | +11.36 |
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Drawdowns
USPX vs. PBDC - Drawdown Comparison
The maximum USPX drawdown since its inception was -31.21%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for USPX and PBDC.
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Drawdown Indicators
| USPX | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.21% | -20.47% | -10.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.15% | -17.71% | +8.56% |
Max Drawdown (3Y)Largest decline over 3 years | -19.21% | -20.47% | +1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -24.60% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.21% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -14.56% | +14.48% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -5.17% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 10.35% | -8.17% |
Volatility
USPX vs. PBDC - Volatility Comparison
The current volatility for Franklin U.S. Equity Index ETF (USPX) is 3.73%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.07%. This indicates that USPX 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.
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Volatility by Period
| USPX | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.73% | 5.07% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 10.32% | 15.41% | -5.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 19.06% | -6.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 17.04% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 17.04% | -1.06% |
USPX vs. PBDC - Expense Ratio Comparison
USPX has a 0.03% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
USPX vs. PBDC - Dividend Comparison
USPX's dividend yield for the trailing twelve months is around 1.08%, less than PBDC's 11.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PBDC Putnam BDC Income ETF | 11.29% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USPX Franklin U.S. Equity Index ETF | 1.08% | 1.07% | 1.23% | 1.35% | 2.21% | 2.40% | 2.51% | 3.07% | 2.91% | 2.60% | 4.89% |
Frequently Asked Questions
USPX and PBDC have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDC has higher volatility (5.07%) compared to USPX (3.73%). In terms of maximum drawdown, USPX dropped -31.21% vs PBDC's -20.47%.
On 3-year performance, USPX leads with 20.76% vs 5.49% for PBDC. On fees, USPX is cheaper at 0.03% per year. On volatility, USPX has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USPX has performed better with a 20.76% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USPX is cheaper with a 0.03% expense ratio, compared with 13.49% for PBDC.
PBDC has the higher dividend yield at 11.29%, compared with 1.08% for USPX.
USPX is categorized as Large Cap Blend Equities, while PBDC is Financials Equities. Their fees differ too: 0.03% for USPX and 13.49% for PBDC.
USPX currently has the higher Sharpe Ratio (1.75 vs -0.53), 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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