Putnam BDC Income ETF (PBDC) Performance
PBDC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −11.1% since Dec 31, 2025
- 1 year
- −8.7% total return
- 3 years
- +5.1% a year
- Since first price
- +10.7% a year since 2022
PBDC trailing returns vs SPY, QQQ, AGG
| Period | PBDC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.3% | −7.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.2% | −3.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −3.2% | −8.3% | +7.8% | +8.4% | −1.5% |
| YTD | −11.1% | −17.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −8.7% | −17.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +15.9%+5.1%/yr | −14.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionSep 30, 2022 | +50.9%+10.7%/yr | −0.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PBDC vs SPY
From Sep 30, 2022: PBDC grew to $15,091, SPY to $22,410.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PBDC returns by calendar year
2 of 3 full years positive. Best 2023 (+30.5%), worst 2025 (−1.8%). 2026 is year to date.
PBDC annual returns table
| Year | PBDC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −11.1% | −15.6% | +12.3% | +15.1% | −1.0% |
| 2025 | −1.8% | −20.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +19.4% | −8.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +30.5% | −10.6% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PBDC largest drawdowns
Now 18.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2025 | −20.5% | Mar 12, 2026 | not yet | 1.1 years | 1.7 years so far |
| Mar 6, 2023 | −10.6% | Mar 13, 2023 | Jun 7, 2023 | 7 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PBDC risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +4.7% | +12.0% |
| Volatility (annualized) | 14.3% | 14.9% |
| Sharpe ratio | 0.09 | 0.54 |
| Sortino ratio | 0.12 | 0.82 |
| Best month | +8.5% | +10.6% |
| Worst month | −11.3% | −11.3% |
| Best 12 months | +24.5% | +37.0% |
| Worst 12 months | −18.2% | −18.2% |
| Positive months | 64% | 69% |
| Beta vs S&P 500 | 0.50 | — |
| Correlation with S&P 500 | 0.43 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PBDC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 38 | −18.2% | +11.8% | +37.0% | 71% |
| 3-year (a year) | 14 | +4.7% | +9.1% | +18.7% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
PBDC performance overview
Putnam BDC Income ETF (PBDC) returned −8.7% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +10.7% a year, turning $10,000 into about $15,091. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −20.5%, from Feb 19, 2025 to Mar 12, 2026; the fund has not yet regained that high. PBDC finished 2 of its 3 full calendar years with a gain; the best year was 2023 (+30.5%) and the worst 2025 (−1.8%). Volatility has been 14.9% a year.
Related: PBDC chart, PBDC holdings, PBDC dividends, PBDC valuation. See the PBDC overview for the latest quote and fund facts.
PBDC performance FAQ
What is the PBDC return over the past year?
PBDC returned −8.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 17.9%.
How much would $10,000 invested in PBDC be worth?
$10,000 invested in PBDC at its first recorded close on September 30, 2022 would be worth about $15,091 on October 23, 2026 with distributions reinvested.
What was the worst year for PBDC?
The worst calendar year was 2025, with a total return of −1.8%. The best was 2023 at +30.5%.
What is the biggest drawdown of PBDC?
The largest peak-to-trough decline was −20.5% between February 19, 2025 and March 12, 2026. It has not yet recovered to that high; it is 18.5% below its peak.
How volatile is PBDC?
Over the past 3 years PBDC had an annualized volatility of 14.3% and a Sharpe ratio of 0.09 (excess return over 1–3 month T-bills per unit of risk).