PBDC vs SPY
Putnam BDC Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PBDC or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.2% 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 | PBDC | SPY |
|---|---|---|
| Expense Ratio | 11.77% | 0.09%Best |
| AUM | $269M | $823.2B |
| Dividend Yield | 11.33% | 0.99% |
| Holdings | 28 | 1,515 |
| YTD Return | -13.78% | +13.53%Best |
| 1Y Return | -10.37% | +17.47%Best |
| 3Y Return (annualized) | +2.54% | +22.36%Best |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 15.2% | 13.1%Best |
| Max Drawdown | -20.5% | -18.8%Best |
| $10,000 over 4 years | $14,662 | $22,519Best |
| Top 10 Weight | 69.8% | 38.2%Best |
| Fund Family | Putnam Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 29, 2022 | Jan 22, 1993 |
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).
PBDC vs SPY 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.
PBDC vs SPY Performance
Putnam BDC Income ETF (PBDC) is an ETF from Putnam Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PBDC returned -10.37% while SPY returned +17.47%. Year to date, PBDC is down 13.78% versus a gain of 13.53% for SPY.
Over three years, PBDC compounded at +2.54% per year against +22.36% for SPY. Across the full 4-year window we track, SPY has the edge at +22.50% 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 13.1% for SPY. 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 -20.5% for PBDC and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.49. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PBDC charges 11.77% per year while SPY charges 0.09%. On a $10,000 position that is $1177 vs $9 annually, a gap of $1168 per year that compounds over a long holding period. On income, PBDC currently yields 11.33% against 0.99% for SPY.
Holdings Overlap
We hold position weights for 27 holdings in PBDC and 504 in SPY, totalling 100.0% and 99.8% 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 27 positions we hold weights for in PBDC and 504 in SPY, against full books of 28 and 1,515.
What only one of them owns
Measured across the 27 and 504 positions we hold weights for.
SPY holds 496 positions PBDC does not, 99.1% of the fund.
Largest: NVDA 7.78%, AAPL 7.45%, MSFT 5.71%, AMZN 3.78%, GOOGL 3.12%
You are not choosing between two funds in isolation.
Whichever of PBDC and SPY 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, PBDC or SPY?
PBDC has an expense ratio of 11.77% while SPY charges 0.09%. SPY is the cheaper option, by $1168 a year on a $10,000 investment.
Which performed better, PBDC or SPY?
Over the past year PBDC returned -10.37% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), PBDC annualized +10.04% vs +22.50% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PBDC or SPY?
PBDC has been the more volatile fund at 15.2% annualized versus 13.1% for SPY. Worst drawdown: PBDC -20.5% vs SPY -18.8%.
Should I hold both PBDC and SPY?
PBDC and SPY have a monthly-return correlation of 0.49, 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, PBDC or SPY?
PBDC yields 11.33% while SPY yields 0.99%, so PBDC currently pays the higher dividend yield.
Is SPY better than PBDC?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.2% 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.