PBDC vs SPY
Comparison between Putnam BDC Income ETF (PBDC, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
PBDC vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
PBDC
$281M
Winner
SPY
$781B
Expense Ratio
PBDC
13.49%
Winner
SPY
0.09%
Max Drawdown
Winner
PBDC
28.92%
SPY
56.47%
Sharpe Ratio
PBDC
-0.96
Winner
SPY
1.25
5Y Beta
Winner
PBDC
0.68
SPY
1.00
P/E Ratio
Winner
PBDC
12.53
SPY
28.78
Forward P/E
Winner
PBDC
9.08
SPY
21.23
PEG Ratio
PBDC
0.61
SPY
N/A
5Y Dividends CAGR
PBDC
N/A
SPY
6.00%
5Y EPS CAGR
PBDC
N/A
SPY
25.62%
Debt to Equity
PBDC
N/A
SPY
31.92%
P/S Ratio
PBDC
3.96
Winner
SPY
3.76
P/B Ratio
Winner
PBDC
0.87
SPY
5.64
PBDC vs SPY - Holdings Comparison
PBDC and SPY have 1 common holdings. Overlap is 0.00%
PBDC's top 25 holdings weight is 100.01%. SPY's top 25 holdings weight is 51.74%.
| Rank | PBDC | SPY |
|---|---|---|
| #1 | ARES CAPITAL CORP (ARCC) - 10.34% | NVIDIA CORP (NVDA) - 7.89% |
| #2 | BLUE OWL CAPITAL CORP ORDINARY SHARES (OBDC) - 10.34% | APPLE INC (AAPL) - 7.37% |
| #3 | BLUE OWL TECHNOLOGY FINANCE CORP (OTF) - 10.13% | MICROSOFT CORP (MSFT) - 4.50% |
| #4 | HERCULES CAPITAL INC (HTGC) - 7.91% | AMAZON.COM INC (AMZN) - 3.82% |
| #5 | GOLUB CAPITAL BDC INC (GBDC) - 7.47% | ALPHABET INC CLASS A (GOOGL) - 3.33% |
| #6 | MAIN STREET CAPITAL CORP (MAIN) - 6.46% | BROADCOM INC (AVGO) - 2.86% |
| #7 | TRINITY CAPITAL INC ORDINARY SHARES (TRIN) - 4.73% | ALPHABET INC CLASS C (GOOG) - 2.68% |
| #8 | BLACKSTONE SECURED LENDING FUND ORDINARY SHARES (BXSL) - 4.30% | META PLATFORMS INC CLASS A (META) - 2.29% |
| #9 | SIXTH STREET SPECIALTY LENDING INC (TSLX) - 4.21% | TESLA INC (TSLA) - 1.70% |
| #10 | BARINGS BDC INC (BBDC) - 4.15% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | KAYNE ANDERSON BDC INC (KBDC) - 3.85% | JPMORGAN CHASE & CO (JPM) - 1.42% |
| #12 | CAPITAL SOUTHWEST CORP (CSWC) - 3.22% | ELI LILLY AND CO (LLY) - 1.40% |
| #13 | MSC INCOME FUND INC ORDINARY SHARES (MSIF) - 3.21% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #14 | FS KKR CAPITAL CORP (FSK) - 2.97% | ADVANCED MICRO DEVICES INC (AMD) - 1.32% |
| #15 | BAIN CAPITAL SPECIALTY FINANCE INC (BCSF) - 2.93% | EXXONMOBIL HOLDINGS CORP (XOM) - 0.92% |
| #16 | MORGAN STANLEY DIRECT LENDING (MSDL) - 2.53% | JOHNSON & JOHNSON (JNJ) - 0.91% |
| #17 | SLR INVESTMENT CORP (SLRC) - 2.45% | VISA INC CLASS A (V) - 0.90% |
| #18 | PUTNAM GOVERNMENT MONEY MARKET P (PGLXX) - 1.84% | WALMART INC (WMT) - 0.76% |
| #19 | FIDUS INVESTMENT CORP (FDUS) - 1.62% | INTEL CORP (INTC) - 0.75% |
| #20 | MIDCAP FINANCIAL INVESTMENT CORP (MFIC) - 1.55% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #21 | PENNANTPARK FLOATING RATE CAPITAL LTD (PFLT) - 1.49% | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #22 | NEOSTELLAR CAPITAL CORP (NSLR) - 1.22% | MASTERCARD INC CLASS A (MA) - 0.66% |
| #23 | RUNWAY GROWTH FINANCE CORP ORDINARY SHARES (RWAY) - 1.09% | ABBVIE INC (ABBV) - 0.66% |
| #24 | CASH (n/a) - 0.00% | CATERPILLAR INC (CAT) - 0.65% |
| #25 | N/A | LAM RESEARCH CORP (LRCX) - 0.64% |
| Total Holdings | 24 | 505 |
PBDC vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
PBDC
+4.11%
SPY
+0.52%
3M
PBDC
-1.57%
Winner
SPY
+6.55%
6M
PBDC
-9.37%
Winner
SPY
+9.76%
1Y
PBDC
-13.65%
Winner
SPY
+20.32%
5Y(CAGR)
PBDC
N/A
SPY
+13.01%
10Y(CAGR)
PBDC
N/A
SPY
+15.06%
Max(CAGR)
Winner
PBDC
+12.47%
SPY
+8.50%
PBDC vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | PBDC | SPY |
|---|---|---|
| 2026 | -8.51% | +10.11% |
| 2025 | -2.34% | +18.00% |
| 2024 | +19.15% | +25.59% |
| 2023 | +28.69% | +26.72% |
| 2022 | +10.87% | -18.64% |
| 2021 | N/A | +30.52% |
| 2020 | N/A | +17.28% |
| 2019 | N/A | +31.09% |
| 2018 | N/A | -5.24% |
| 2017 | N/A | +20.78% |
| 2016 | N/A | +13.59% |
| 2015 | N/A | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
PBDC vs SPY 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 SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current PBDC drawdown is -15.45%. The current SPY drawdown is -1.24%.
| Rank | PBDC | SPY |
|---|---|---|
| #1 | -20.29% Feb 19, 2025 - Mar 12, 2026 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -10.57% Mar 6, 2023 - Jun 7, 2023 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -8.47% Jul 8, 2024 - Oct 18, 2024 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -6.44% Nov 25, 2022 - Jan 11, 2023 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -6.05% Sep 28, 2023 - Nov 14, 2023 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -5.38% Oct 4, 2022 - Oct 25, 2022 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -4.36% Oct 21, 2024 - Nov 19, 2024 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -3.33% Jan 30, 2024 - Mar 7, 2024 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -2.88% Aug 7, 2023 - Sep 1, 2023 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -2.73% Jan 2, 2025 - Jan 16, 2025 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -2.71% Nov 29, 2024 - Dec 24, 2024 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -2.48% Feb 7, 2023 - Feb 17, 2023 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -2.40% Sep 1, 2023 - Sep 14, 2023 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -2.40% Jun 3, 2024 - Jul 3, 2024 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -2.40% Nov 7, 2022 - Nov 11, 2022 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between PBDC and SPY is 0.78 which considered as a strong positive correlation - the stocks tend to move together.
0.78
-101
Dividend Comparison (1999 - 2026)
PBDC vs SPY dividend yield comparison.
| Year | PBDC | SPY |
|---|---|---|
| 2026 | 5.27% | 0.49% |
| 2025 | 10.53% | 1.07% |
| 2024 | 9.29% | 1.21% |
| 2023 | 9.86% | 1.40% |
| 2022 | 3.40% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 0.00% | 1.52% |
| 2019 | 0.00% | 1.75% |
| 2018 | 0.00% | 2.04% |
| 2017 | 0.00% | 1.80% |
| 2016 | 0.00% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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