WIW vs. PBDC

Last updated Jun 4, 2026

WIW (Western Asset Inflation-Linked Opportunities & Income Fund) and PBDC (Putnam BDC Income ETF) are both funds - WIW is a Inflation-Protected Bonds fund, while PBDC is a Financials Equities fund actively managed by Putnam. Over the past 3 years, WIW returned 7.45%/yr vs 7.76%/yr for PBDC. At a 0.19 correlation, their price movements are largely independent.

Performance

WIW vs. PBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Inflation-Linked Opportunities & Income Fund (WIW) 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, WIW achieves a 2.28% return, which is significantly higher than PBDC's -9.74% return.

WIW

• 1D: -0.82%
• 1M: 0.15%
• YTD: 2.28%
• 6M: 0.68%
• 1Y: 8.01%
• 3Y*: 7.45%
• 5Y*: 0.77%
• 10Y*: 4.02%

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)

WIW vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WIW Western Asset Inflation-Linked Opportunities & Income Fund	2.28%	13.17%	3.83%	5.10%	4.54%
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%

Correlation

The correlation between WIW and PBDC is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.19

Return for Risk

WIW vs. PBDC — Risk / Return Rank

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

WIW

WIW Risk / Return Rank: 22
WIW Sharpe Ratio Rank: 17
WIW Sortino Ratio Rank: 16
WIW Omega Ratio Rank: 17
WIW Calmar Ratio Rank: 35
WIW Martin Ratio Rank: 24

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.

WIW vs. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Inflation-Linked Opportunities & Income Fund (WIW) 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.

	WIW	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	1.16	-0.56	+1.73
Sortino ratio: Return per unit of downside risk	1.69	-0.69	+2.38
Omega ratio: Gain probability vs. loss probability	1.22	0.92	+0.29
Calmar ratio: Return relative to maximum drawdown	2.23	-0.51	+2.74
Martin ratio: Return relative to average drawdown	5.92	-0.94	+6.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WIW vs. PBDC - Sharpe Ratio Comparison

The current WIW Sharpe Ratio is 1.16, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of WIW 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

	WIW	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	-0.56	+1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.73	-0.41

Drawdowns

WIW vs. PBDC - Drawdown Comparison

The maximum WIW drawdown since its inception was -29.49%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for WIW and PBDC.

Drawdown Indicators

	WIW	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-29.49%	-20.47%	-9.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-20.15%	+16.54%
Max Drawdown (3Y) Largest decline over 3 years	-8.65%	-20.47%	+11.82%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.49%	—	—
Current Drawdown Current decline from peak	-5.64%	-17.21%	+11.57%
Average Drawdown Average peak-to-trough decline	-7.97%	-4.66%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	10.95%	-9.59%

Volatility

WIW vs. PBDC - Volatility Comparison

The current volatility for Western Asset Inflation-Linked Opportunities & Income Fund (WIW) is 1.76%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.13%. This indicates that WIW 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

	WIW	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	5.13%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	4.32%	15.03%	-10.71%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	18.31%	-11.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	17.04%	-6.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.98%	17.04%	-7.06%

Dividends

WIW vs. PBDC - Dividend Comparison

WIW's dividend yield for the trailing twelve months is around 8.85%, 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%
WIW Western Asset Inflation-Linked Opportunities & Income Fund	8.85%	8.68%	8.78%	10.38%	11.81%	6.93%	3.20%	3.74%	4.26%	3.70%	3.61%	3.91%

Frequently Asked Questions

Can I hold both WIW and PBDC in my portfolio?

WIW and PBDC have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WIW or PBDC?

PBDC has higher volatility (5.13%) compared to WIW (1.76%). In terms of maximum drawdown, WIW dropped -29.49% vs PBDC's -20.47%.

Which has better risk-adjusted returns?

WIW currently has the higher Sharpe Ratio (1.16 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.