PBDC vs TCAL
Putnam BDC Income ETF vs T. Rowe Price Capital Appreciation Premium Income ETF
Which is better, PBDC or TCAL?
TCAL has been ahead.
TCAL has a lower expense ratio. TCAL led over 1Y and the full window. TCAL is less concentrated, with 17.0% 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 | PBDC | TCAL |
|---|---|---|
| Expense Ratio | 11.77% | 0.34%Best |
| AUM | $269M | $311M |
| Dividend Yield | 11.33% | 11.81% |
| Holdings | 28 | 488 |
| YTD Return | -13.78% | +2.64%Best |
| 1Y Return | -10.37% | +1.67%Best |
| 3Y Return (annualized) | +2.54% | - |
| Volatility (annualized) | 17.7% | 7.9%Best |
| Max Drawdown | -20.2% | -7.2%Best |
| $10,000 over 1.5 years | $8,388 | $10,443Best |
| Top 10 Weight | 69.8% | 17.0%Best |
| Fund Family | Putnam Investments | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 29, 2022 | Mar 26, 2025 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Mar 27, 2025 to Oct 14, 2026 (1.5 years).
PBDC vs TCAL 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 1.5 years both funds cover.
PBDC vs TCAL Performance
Putnam BDC Income ETF (PBDC) is an ETF from Putnam Investments and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is an ETF from T.Rowe Price. Over the past year PBDC returned -10.37% while TCAL returned +1.67%. Year to date, PBDC is down 13.78% versus a gain of 2.64% for TCAL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PBDC has been the more volatile fund, with annualized monthly volatility of 17.7% compared with 7.9% for TCAL. 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 -20.2% for PBDC and -7.2% for TCAL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.06. They move largely independently of each other.
Fees and Cost Over Time
PBDC charges 11.77% per year while TCAL charges 0.34%. On a $10,000 position that is $1177 vs $34 annually, a gap of $1143 per year that compounds over a long holding period. On income, PBDC currently yields 11.33% against 11.81% for TCAL.
Holdings Overlap
We hold position weights for 27 holdings in PBDC and 103 in TCAL, totalling 100.0% 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 27 positions we hold weights for in PBDC and 103 in TCAL, against full books of 28 and 488.
What only one of them owns
Measured across the 27 and 103 positions we hold weights for.
TCAL holds 98 positions PBDC does not, 95.1% of the fund.
Largest: MSFT 1.94%, VLTO 1.83%, MA 1.79%, DHR 1.77%, WAT 1.70%
You are not choosing between two funds in isolation.
Whichever of PBDC and TCAL 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 TCAL?
PBDC has an expense ratio of 11.77% while TCAL charges 0.34%. TCAL is the cheaper option, by $1143 a year on a $10,000 investment.
Which performed better, PBDC or TCAL?
Over the past year PBDC returned -10.37% vs +1.67% for TCAL, so TCAL leads on 1-year performance. Over the longest common window we track (2 years), PBDC annualized -11.06% vs +2.93% for TCAL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PBDC or TCAL?
PBDC has been the more volatile fund at 17.7% annualized versus 7.9% for TCAL. Worst drawdown: PBDC -20.2% vs TCAL -7.2%.
Should I hold both PBDC and TCAL?
PBDC and TCAL have a monthly-return correlation of 0.06, 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 TCAL?
PBDC yields 11.33% while TCAL yields 11.81%, so TCAL currently pays the higher dividend yield.
Is TCAL better than PBDC?
TCAL has a lower expense ratio. TCAL led over 1Y and the full window. TCAL is less concentrated, with 17.0% 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.