FSST vs PBDC
Fidelity Sustainable US Equity ETF vs Putnam BDC Income ETF
Which is better, FSST or PBDC?
FSST has been ahead.
FSST has a lower expense ratio. FSST led over 1Y and the full window. FSST is less concentrated, with 43.8% 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 | FSST | PBDC |
|---|---|---|
| Expense Ratio | 0.59%Best | 11.77% |
| AUM | $13M | $269M |
| Dividend Yield | 1.55% | 11.33% |
| Holdings | 90 | 28 |
| Volatility (annualized) | 15.2% | 13.3%Best |
| Max Drawdown | -22.4% | -20.3%Best |
| $10,000 over 3.1 years | $19,147Best | $16,334 |
| Top 10 Weight | 43.8%Best | 69.8% |
| Fund Family | Fidelity Investments (US) | Putnam Investments |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 15, 2021 | Sep 29, 2022 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 335 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. FSST has data through Nov 13, 2025 and PBDC through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 3.1 years row, are measured over the window both funds cover: Sep 30, 2022 to Nov 13, 2025 (3.1 years).
Risk: Volatility and Drawdowns
FSST has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 13.3% for PBDC. 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 -22.4% for FSST and -20.3% 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 0.57. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FSST charges 0.59% per year while PBDC charges 11.77%. On a $10,000 position that is $59 vs $1177 annually, a gap of $1118 per year that compounds over a long holding period. On income, FSST currently yields 1.55% against 11.33% for PBDC.
Holdings Overlap
We hold position weights for 94 holdings in FSST and 27 in PBDC, totalling 99.5% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 427 days apart, FSST as of Jul 31, 2025 and PBDC as of Oct 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 94 positions we hold weights for in FSST and 27 in PBDC, against full books of 90 and 28.
What only one of them owns
Our book lists 27 positions for PBDC that do not appear in our book for FSST (100.0% of the fund), and 88 for FSST that do not appear in PBDC (96.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of FSST 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, FSST or PBDC?
FSST has an expense ratio of 0.59% while PBDC charges 11.77%. FSST is the cheaper option, by $1118 a year on a $10,000 investment.
Which is riskier, FSST or PBDC?
FSST has been the more volatile fund at 15.2% annualized versus 13.3% for PBDC. Worst drawdown: FSST -22.4% vs PBDC -20.3%.
Should I hold both FSST and PBDC?
FSST and PBDC have a monthly-return correlation of 0.57, 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, FSST or PBDC?
FSST yields 1.55% while PBDC yields 11.33%, so PBDC currently pays the higher dividend yield.
Is PBDC better than FSST?
FSST has a lower expense ratio. FSST led over 1Y and the full window. FSST is less concentrated, with 43.8% 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.