Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
FBDC tops the group over the trailing twelve months with a -3.39% total return, against MAIN at -6.19% and PBDC at -6.00%. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2025” measures every fund from June 30, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks current income by investing primarily in exchange-traded business development companies (BDCs) whose principal business is to invest in, lend capital to, or provide services to privately held or thinly traded U.S. companies.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
First Trust is known for offering a diverse lineup of actively and passively managed ETFs across multiple investment styles and asset classes. Their fund families span income-focused strategies including dividend and covered call approaches, as well as thematic, factor-based, alternatives, and sector-specific offerings that appeal to different investor objectives. The issuer provides breadth across allocation, bond, buffer, commodities, and municipal fund categories, making them a comprehensive provider serving various portfolio construction and income-generation needs.
See our curated list of related YouTube videos on FBDC.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Putnam is known for offering specialized income-focused ETF solutions in the dividend and fixed income space. The issuer currently operates a single ETF, PBDC, which targets investors seeking regular distributions and income generation. This focused, income-oriented approach reflects Putnam's emphasis on delivering consistent yield strategies to dividend-focused investors.
See our curated list of related YouTube videos on PBDC.
FBDC (FT Confluence BDC & Specialty Finance Income ETF), MAIN (Main Street Capital Corporation), PBDC (Putnam BDC Income ETF) span ETFs and business development companies (BDCs), so they take different approaches.
FBDC offers the highest reported yield at 10.64%, followed by PBDC at 10.34%, MAIN at 5.78%.
PBDC is the cheapest with an expense ratio of 11.77%, compared to 12.44% for FBDC.
Still deciding? Track FBDC, MAIN & PBDC for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment: FBDC generates ~$88.67 cash per distribution, MAIN generates ~$48.17 cash per distribution, PBDC generates ~$258.50 cash per distribution at current distribution rates.
FBDC yield10.64%
MAIN yield5.78%
PBDC yield10.34%
Cost & efficiency
Over 10 years on $10,000: FBDC costs ~$12,440, PBDC costs ~$11,770 in fees (simplified, not compounded). MAIN is not a fund and charges no expense ratio.
FBDC ER12.44%
PBDC ER11.77%
Strategy & risk
FBDC is an ETF; MAIN is a business development company built around BDC exposure; PBDC tracks Business Development Companies.
FBDC beta0.49
MAIN beta0.731
PBDC beta0.68
Security details
FBDC is managed by First Trust (launched 05/25/2007) with $35.9M in assets. MAIN (Main Street Capital Corporation) is a business development company. PBDC is managed by Putnam (launched 02/16/2023) with $294M in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend investments.
Frequently asked questions
How do FBDC, MAIN, and PBDC differ as BDC exposure?
FBDC (FT Confluence BDC & Specialty Finance Income ETF) distributes 10.64% monthly with an expense ratio of 12.44%; MAIN (Main Street Capital Corporation) distributes 5.78% monthly; PBDC (Putnam BDC Income ETF) distributes 10.34% quarterly with an expense ratio of 11.77%. MAIN is the operating BDC. FBDC and PBDC are ETFs that hold BDCs. Figures are as of September 2026.
Which of FBDC, MAIN, PBDC is best for dividend income?
It depends on your goals. FBDC currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.
What is the difference between FBDC, MAIN, PBDC?
FBDC (FT Confluence BDC & Specialty Finance Income ETF) is an ETF, issued by First Trust. MAIN (Main Street Capital Corporation) is a business development company built around BDC exposure, issued by Main Street Capital. PBDC (Putnam BDC Income ETF) tracks Business Development Companies, issued by Putnam.
Can I hold FBDC, MAIN, PBDC together?
Yes — nothing prevents holding them together. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which of FBDC, MAIN and PBDC is safest?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — MAIN scores 100, PBDC scores 90, FBDC scores 55, so MAIN's payout currently looks the more resilient of the group. FBDC has also shown lower price volatility (beta 0.49 vs 0.73 for MAIN). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
Which has the lowest fees among FBDC, MAIN, PBDC?
FBDC has an expense ratio of 12.44%, PBDC has an expense ratio of 11.77%. MAIN is not a fund and charges no expense ratio. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 generate in each?
$10,000 in FBDC yields ~$88.67 cash per distribution ($1,064.00/year). $10,000 in MAIN yields ~$48.17 cash per distribution ($578.00/year). $10,000 in PBDC yields ~$258.50 cash per distribution ($1,034.00/year).
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
Still deciding? Compare them against your own portfolio
See how each security fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
