CARY vs. PULT

Last updated Aug 2, 2026

CARY (Angel Oak Income ETF) and PULT (Putnam ESG Ultra Short ETF) are both exchange-traded funds - CARY is a Multisector Bonds fund actively managed by Angel Oak, while PULT is a Ultrashort Bond fund actively managed by Putnam. Both are actively managed. Their 0.23 correlation means their historical movements had little consistent relationship. CARY charges 0.80%/yr vs 0.25%/yr for PULT.

Performance

CARY vs. PULT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Income ETF (CARY) and Putnam ESG Ultra Short ETF (PULT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CARY

• 1D: -0.11%
• 1M: -0.26%
• 6M: 1.41%
• YTD: 2.09%
• 1Y: 5.10%
• 3Y*: 6.97%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.93%

PULT

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CARY Angel Oak Income ETF	$6.55M	$9.29M	$7.97M

CARY vs. PULT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARY Angel Oak Income ETF	2.09%	7.54%	6.93%	7.07%
PULT Putnam ESG Ultra Short ETF	1.23%	5.08%	5.93%	5.47%

Correlation

The correlation between CARY and PULT is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.23

Return for Risk

CARY vs. PULT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CARY

CARY Risk / Return Rank: 95
CARY Sharpe Ratio Rank: 96
CARY Sortino Ratio Rank: 96
CARY Omega Ratio Rank: 96
CARY Calmar Ratio Rank: 92
CARY Martin Ratio Rank: 94

PULT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CARY vs. PULT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) and Putnam ESG Ultra Short ETF (PULT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CARY	PULT	Difference
Sharpe ratio: Return per unit of total volatility	3.02	—	—
Sortino ratio: Return per unit of downside risk	4.58	—	—
Omega ratio: Gain probability vs. loss probability	1.64	—	—
Calmar ratio: Return relative to maximum drawdown	4.28	—	—
Martin ratio: Return relative to average drawdown	17.77	—	—

Drawdowns

Drawdown Indicators

	CARY	PULT	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.96%	—	—
Current Drawdown Current decline from peak	-0.41%	—	—
Average Drawdown Average peak-to-trough decline	-0.32%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	—	—

Volatility

Volatility by Period

	CARY	PULT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.81%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	—	—

CARY vs. PULT - Expense Ratio Comparison

CARY has a 0.80% expense ratio, which is higher than PULT's 0.25% expense ratio.

Dividends

CARY vs. PULT - Dividend Comparison

CARY's dividend yield for the trailing twelve months is around 5.94%, while PULT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.94%	6.13%	6.10%	6.38%	0.48%
PULT Putnam ESG Ultra Short ETF	3.89%	4.59%	5.38%	4.88%	0.00%

Frequently Asked Questions

Can I hold both CARY and PULT in my portfolio?

CARY and PULT have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CARY or PULT?

On fees, PULT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CARY or PULT?

PULT is cheaper with a 0.25% expense ratio, compared with 0.80% for CARY.

Which ETF pays a higher dividend yield, CARY or PULT?

CARY has the higher dividend yield at 5.94%, compared with 3.89% for PULT.

What is the main difference between CARY and PULT?

CARY is categorized as Multisector Bonds, while PULT is Ultrashort Bond. They also come from different issuers: Angel Oak and Putnam. Their fees differ too: 0.80% for CARY and 0.25% for PULT.