PBDC vs HEEM
Comparison between Putnam BDC Income ETF (PBDC, ETF) and ISHARES CURRENCY HEDGED MSCI EMERGING MARKETS ETF (HEEM, ETF).
PBDC vs HEEM - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
Winner
PBDC
$276M
HEEM
$275M
Expense Ratio
PBDC
13.49%
Winner
HEEM
0.72%
Max Drawdown
Winner
PBDC
28.02%
HEEM
35.35%
Sharpe Ratio
PBDC
-0.68
Winner
HEEM
2.12
5Y Beta
Winner
PBDC
0.69
HEEM
0.73
P/E Ratio
PBDC
11.91
HEEM
N/A
Forward P/E
PBDC
7.92
HEEM
N/A
PEG Ratio
PBDC
0.16
HEEM
N/A
5Y Dividends CAGR
PBDC
N/A
HEEM
14.21%
P/S Ratio
PBDC
4.03
HEEM
N/A
P/B Ratio
PBDC
0.88
HEEM
N/A
PBDC vs HEEM - Holdings Comparison
PBDC and HEEM have 1 common holdings. Overlap is -23.89%
PBDC's top 25 holdings weight is 99.98%. HEEM's top 25 holdings weight is 180.33%.
| Rank | PBDC | HEEM |
|---|---|---|
| #1 | ARES CAPITAL CORP (ARCC) - 12.20% | ISHARES MSCI EMERGING MARKETS ETF (EEM) - 99.95% |
| #2 | BLUE OWL TECHNOLOGY FINANCE CORP (OTF) - 10.79% | TWD/USD PURCHASED (n/a) - 23.90% |
| #3 | BLUE OWL CAPITAL CORP ORDINARY SHARES (OBDC) - 9.71% | KRW/USD PURCHASED (n/a) - 17.94% |
| #4 | GOLUB CAPITAL BDC INC (GBDC) - 7.71% | HKD/USD PURCHASED (n/a) - 17.28% |
| #5 | HERCULES CAPITAL INC (HTGC) - 6.85% | INR/USD PURCHASED (n/a) - 11.18% |
| #6 | MAIN STREET CAPITAL CORP (MAIN) - 6.21% | BRL/USD PURCHASED (n/a) - 3.92% |
| #7 | TRINITY CAPITAL INC ORDINARY SHARES (TRIN) - 4.66% | CNH/USD PURCHASED (n/a) - 3.49% |
| #8 | SIXTH STREET SPECIALTY LENDING INC (TSLX) - 4.62% | MYR/USD PURCHASED (n/a) - 3.05% |
| #9 | BLACKSTONE SECURED LENDING FUND ORDINARY SHARES (BXSL) - 4.27% | ZAR/USD PURCHASED (n/a) - 3.03% |
| #10 | BARINGS BDC INC (BBDC) - 4.12% | EUR/USD PURCHASED (n/a) - 1.88% |
| #11 | KAYNE ANDERSON BDC INC (KBDC) - 3.91% | MXN/USD PURCHASED (n/a) - 1.71% |
| #12 | MSC INCOME FUND INC ORDINARY SHARES (MSIF) - 3.31% | THB/USD PURCHASED (n/a) - 0.95% |
| #13 | CAPITAL SOUTHWEST CORP (CSWC) - 3.15% | IDR/USD PURCHASED (n/a) - 0.78% |
| #14 | FS KKR CAPITAL CORP (FSK) - 3.15% | CLP/USD PURCHASED (n/a) - 0.58% |
| #15 | BAIN CAPITAL SPECIALTY FINANCE INC (BCSF) - 3.02% | TRY/USD PURCHASED (n/a) - 0.41% |
| #16 | SLR INVESTMENT CORP (SLRC) - 2.56% | BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 0.00% |
| #17 | MORGAN STANLEY DIRECT LENDING (MSDL) - 1.84% | CASH OFFSET (n/a) - -0.01% |
| #18 | PENNANTPARK FLOATING RATE CAPITAL LTD (PFLT) - 1.71% | USD CASH (n/a) - -0.37% |
| #19 | MIDCAP FINANCIAL INVESTMENT CORP (MFIC) - 1.69% | TRY/USD SOLD (n/a) - -0.41% |
| #20 | SURO CAPITAL CORP (SSSS) - 1.58% | CLP/USD SOLD (n/a) - -0.58% |
| #21 | FIDUS INVESTMENT CORP (FDUS) - 1.49% | IDR/USD SOLD (n/a) - -0.78% |
| #22 | RUNWAY GROWTH FINANCE CORP ORDINARY SHARES (RWAY) - 1.31% | THB/USD SOLD (n/a) - -0.95% |
| #23 | PUTNAM GOVERNMENT MONEY MARKET P (PGLXX) - 0.12% | MXN/USD SOLD (n/a) - -1.71% |
| #24 | CASH (n/a) - 0.00% | EUR/USD SOLD (n/a) - -1.88% |
| #25 | N/A | ZAR/USD SOLD (n/a) - -3.03% |
| Total Holdings | 24 | 32 |
PBDC vs HEEM - Historical Returns
Returns include dividend reinvestment.
1M
PBDC
+0.15%
Winner
HEEM
+3.60%
3M
PBDC
+5.92%
Winner
HEEM
+18.85%
6M
PBDC
-9.28%
Winner
HEEM
+28.40%
1Y
PBDC
-9.95%
Winner
HEEM
+53.43%
5Y(CAGR)
PBDC
N/A
HEEM
+9.83%
10Y(CAGR)
PBDC
N/A
HEEM
+11.24%
Max(CAGR)
Winner
PBDC
+12.80%
HEEM
+8.51%
PBDC vs HEEM - Annual Returns (2014 - 2026)
Returns include dividend reinvestment.
| Year | PBDC | HEEM |
|---|---|---|
| 2026 | -8.65% | +22.58% |
| 2025 | -2.34% | +34.47% |
| 2024 | +19.15% | +13.00% |
| 2023 | +28.69% | +8.27% |
| 2022 | +10.87% | -17.43% |
| 2021 | N/A | -2.74% |
| 2020 | N/A | +15.36% |
| 2019 | N/A | +17.92% |
| 2018 | N/A | -12.68% |
| 2017 | N/A | +26.04% |
| 2016 | N/A | +11.00% |
| 2015 | N/A | -9.15% |
| 2014 | N/A | -1.12% |
PBDC vs HEEM Drawdown Comparison
The maximum drawdown for PBDC was -20.29%, occurring on Mar 12, 2026. This drawdown has not yet recovered.
The maximum drawdown for HEEM was -33.53%, occurring on Oct 24, 2022. Recovery took 1097 trading sessions.
The current PBDC drawdown is -15.58%. The current HEEM drawdown is -3.95%.
| Rank | PBDC | HEEM |
|---|---|---|
| #1 | -20.29% Feb 19, 2025 - Mar 12, 2026 | -33.53% Feb 17, 2021 - Jul 1, 2025 |
| #2 | -10.57% Mar 6, 2023 - Jun 7, 2023 | -28.82% Jan 26, 2018 - Aug 5, 2020 |
| #3 | -8.47% Jul 8, 2024 - Oct 18, 2024 | -27.54% Apr 27, 2015 - Jul 11, 2017 |
| #4 | -6.44% Nov 25, 2022 - Jan 11, 2023 | -10.83% Feb 25, 2026 - Apr 17, 2026 |
| #5 | -6.05% Sep 28, 2023 - Nov 14, 2023 | -8.71% Nov 21, 2014 - Jan 22, 2015 |
| #6 | -5.38% Oct 4, 2022 - Oct 25, 2022 | -8.01% Jun 2, 2026 - Jun 10, 2026 |
| #7 | -4.36% Oct 21, 2024 - Nov 19, 2024 | -5.70% Aug 26, 2020 - Oct 12, 2020 |
| #8 | -3.33% Jan 30, 2024 - Mar 7, 2024 | -5.39% Nov 21, 2017 - Jan 2, 2018 |
| #9 | -2.88% Aug 7, 2023 - Sep 1, 2023 | -5.25% Jan 25, 2021 - Feb 5, 2021 |
| #10 | -2.73% Jan 2, 2025 - Jan 16, 2025 | -4.29% Feb 20, 2015 - Apr 2, 2015 |
| #11 | -2.71% Nov 29, 2024 - Dec 24, 2024 | -4.17% Oct 8, 2025 - Oct 20, 2025 |
| #12 | -2.48% Feb 7, 2023 - Feb 17, 2023 | -4.14% Oct 29, 2025 - Dec 4, 2025 |
| #13 | -2.40% Sep 1, 2023 - Sep 14, 2023 | -4.13% May 11, 2026 - May 26, 2026 |
| #14 | -2.40% Jun 3, 2024 - Jul 3, 2024 | -3.56% Jan 22, 2015 - Feb 13, 2015 |
| #15 | -2.40% Nov 7, 2022 - Nov 11, 2022 | -3.36% Oct 6, 2014 - Oct 31, 2014 |
Correlation
Correlation between PBDC and HEEM is 0.54 which considered as a moderate positive correlation - the stocks show some tendency to move together.
0.54
-101
Dividend Comparison (2014 - 2026)
PBDC vs HEEM dividend yield comparison.
| Year | PBDC | HEEM |
|---|---|---|
| 2026 | 2.60% | 0.00% |
| 2025 | 10.53% | 3.98% |
| 2024 | 9.29% | 2.38% |
| 2023 | 9.86% | 2.75% |
| 2022 | 3.40% | 7.49% |
| 2021 | 0.00% | 1.93% |
| 2020 | 0.00% | 1.49% |
| 2019 | 0.00% | 3.04% |
| 2018 | 0.00% | 2.37% |
| 2017 | 0.00% | 2.05% |
| 2016 | 0.00% | 1.84% |
| 2015 | 0.00% | 6.28% |
| 2014 | 0.00% | 2.04% |
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