Time-invariant spatially coupled low-density paritycheck (TI-SC-LDPC) codes can be obtained by unwrapping quasi-cyclic (QC) LDPC codes. This results in a free distance that is lower bounded by the minimum distance of the underlying QC-LDPC codes. By introducing some variability in the syndrome former matrix, time-varying (TV) SC-LDPC codes are obtained, which trade an improved error correction performance for an increased decoding memory requirement and decoding complexity. A family of codes able to combine the advantages of TI-SC-LDPC codes with those of TV-SC-LDPC codes is that of periodically time-varying (PTV) SC-LDPC codes, based on a finite and periodic variation of the syndrome former matrix. In this paper we focus on such codes, and derive new upper bounds on the free distance of PTV-SC-LDPC code ensembles as well as on specific codes. By using these bounds, we show that PTV-SC-LDPC codes can achieve important improvements in the free distance over TI-SC-LDPC codes even using a very small period of variability, which corresponds to a minimal increase in memory and complexity. We also validate the new upper bounds through numerical experiments and assess the error correction performance of the corresponding codes through Monte Carlo simulations.