DFAU vs PBDC
Dimensional US Core Equity Market ETF vs Putnam BDC Income ETF
Which is better, DFAU or PBDC?
DFAU has been ahead.
DFAU has a lower expense ratio. DFAU led over 1Y, 3Y and the full window. DFAU is less concentrated, with 34.0% of the fund in its ten largest positions against 69.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DFAU | PBDC |
|---|---|---|
| Expense Ratio | 0.12%Best | 11.77% |
| AUM | $13.1B | $269M |
| Dividend Yield | 0.90% | 11.33% |
| Holdings | 2,124 | 28 |
| YTD Return | +13.34%Best | -13.78% |
| 1Y Return | +17.35%Best | -10.37% |
| 3Y Return (annualized) | +21.60%Best | +2.54% |
| 5Y Return (annualized) | +12.53% | - |
| Volatility (annualized) | 13.4%Best | 15.2% |
| Max Drawdown | -19.4%Best | -20.5% |
| $10,000 over 4 years | $21,864Best | $14,662 |
| Top 10 Weight | 34.0%Best | 69.8% |
| Fund Family | Dimensional | Putnam Investments |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 17, 2020 | Sep 29, 2022 |
Volatility and max drawdown, and the $10,000 over 4 years row, are measured over the window both funds cover: Sep 30, 2022 to Oct 14, 2026 (4 years).
DFAU vs PBDC growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4 years both funds cover.
DFAU vs PBDC Performance
Dimensional US Core Equity Market ETF (DFAU) is an ETF from Dimensional and Putnam BDC Income ETF (PBDC) is an ETF from Putnam Investments. Over the past year DFAU returned +17.35% while PBDC returned -10.37%. Year to date, DFAU is up 13.34% versus a loss of 13.78% for PBDC.
Over three years, DFAU compounded at +21.60% per year against +2.54% for PBDC. Across the full 4-year window we track, DFAU has the edge at +21.60% annualized vs +10.04%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PBDC has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 13.4% for DFAU. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -19.4% for DFAU and -20.5% for PBDC. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.51. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DFAU charges 0.12% per year while PBDC charges 11.77%. On a $10,000 position that is $12 vs $1177 annually, a gap of $1165 per year that compounds over a long holding period. On income, DFAU currently yields 0.90% against 11.33% for PBDC.
Holdings Overlap
We hold position weights for 2,205 holdings in DFAU and 27 in PBDC, totalling 98.3% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 2,205 positions we hold weights for in DFAU and 27 in PBDC, against full books of 2,124 and 28.
What only one of them owns
Measured across the 2,205 and 27 positions we hold weights for.
DFAU holds 1,159 positions PBDC does not, 97.3% of the fund.
Largest: NVDA 6.99%, AAPL 6.81%, MSFT 5.31%, AMZN 3.34%, GOOGL 2.56%
You are not choosing between two funds in isolation.
Whichever of DFAU and PBDC you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DFAU or PBDC?
DFAU has an expense ratio of 0.12% while PBDC charges 11.77%. DFAU is the cheaper option, by $1165 a year on a $10,000 investment.
Which performed better, DFAU or PBDC?
Over the past year DFAU returned +17.35% vs -10.37% for PBDC, so DFAU leads on 1-year performance. Over the longest common window we track (4 years), DFAU annualized +21.60% vs +10.04% for PBDC. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFAU or PBDC?
PBDC has been the more volatile fund at 15.2% annualized versus 13.4% for DFAU. Worst drawdown: DFAU -19.4% vs PBDC -20.5%.
Should I hold both DFAU and PBDC?
DFAU and PBDC have a monthly-return correlation of 0.51, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DFAU or PBDC?
DFAU yields 0.90% while PBDC yields 11.33%, so PBDC currently pays the higher dividend yield.
Is PBDC better than DFAU?
DFAU has a lower expense ratio. DFAU led over 1Y, 3Y and the full window. DFAU is less concentrated, with 34.0% of the fund in its ten largest positions against 69.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.