PBDC vs TCAF
Putnam BDC Income ETF vs T. Rowe Price Capital Appreciation Equity ETF
Which is better, PBDC or TCAF?
TCAF has been ahead.
TCAF has a lower expense ratio. TCAF led over 1Y, 3Y and the full window. TCAF is less concentrated, with 39.4% 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 | TCAF |
|---|---|---|
| Expense Ratio | 11.77% | 0.31%Best |
| AUM | $269M | $9.1B |
| Dividend Yield | 11.33% | 0.45% |
| Holdings | 28 | 101 |
| YTD Return | -13.78% | +13.46%Best |
| 1Y Return | -10.37% | +14.72%Best |
| 3Y Return (annualized) | +2.54% | +19.72%Best |
| Volatility (annualized) | 14.4% | 12.0%Best |
| Max Drawdown | -20.5% | -16.6%Best |
| $10,000 over 3.3 years | $11,773 | $16,964Best |
| Top 10 Weight | 69.8% | 39.4%Best |
| Fund Family | Putnam Investments | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 29, 2022 | Jun 14, 2023 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 3.3 years row, are measured over the window both funds cover: Jun 15, 2023 to Oct 14, 2026 (3.3 years).
PBDC vs TCAF 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 3.3 years both funds cover.
PBDC vs TCAF Performance
Putnam BDC Income ETF (PBDC) is an ETF from Putnam Investments and T. Rowe Price Capital Appreciation Equity ETF (TCAF) is an ETF from T.Rowe Price. Over the past year PBDC returned -10.37% while TCAF returned +14.72%. Year to date, PBDC is down 13.78% versus a gain of 13.46% for TCAF.
Over three years, PBDC compounded at +2.54% per year against +19.72% for TCAF.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PBDC has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 12.0% for TCAF. 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 -16.6% for TCAF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.39. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PBDC charges 11.77% per year while TCAF charges 0.31%. On a $10,000 position that is $1177 vs $31 annually, a gap of $1146 per year that compounds over a long holding period. On income, PBDC currently yields 11.33% against 0.45% for TCAF.
Holdings Overlap
We hold position weights for 27 holdings in PBDC and 98 in TCAF, totalling 100.0% and 98.1% 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 98 in TCAF, against full books of 28 and 101.
What only one of them owns
Measured across the 27 and 98 positions we hold weights for.
TCAF holds 90 positions PBDC does not, 89.8% of the fund.
Largest: MSFT 6.01%, NVDA 5.52%, AMZN 5.02%, AAPL 4.90%, META 3.52%
You are not choosing between two funds in isolation.
Whichever of PBDC and TCAF 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 TCAF?
PBDC has an expense ratio of 11.77% while TCAF charges 0.31%. TCAF is the cheaper option, by $1146 a year on a $10,000 investment.
Which performed better, PBDC or TCAF?
Over the past year PBDC returned -10.37% vs +14.72% for TCAF, so TCAF leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PBDC or TCAF?
PBDC has been the more volatile fund at 14.4% annualized versus 12.0% for TCAF. Worst drawdown: PBDC -20.5% vs TCAF -16.6%.
Should I hold both PBDC and TCAF?
PBDC and TCAF have a monthly-return correlation of 0.39, 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 TCAF?
PBDC yields 11.33% while TCAF yields 0.45%, so PBDC currently pays the higher dividend yield.
Is TCAF better than PBDC?
TCAF has a lower expense ratio. TCAF led over 1Y, 3Y and the full window. TCAF is less concentrated, with 39.4% 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.