CLIP vs. PUSH

Last updated Apr 1, 2026

Compare and contrast key facts about Global X 1-3 Month T-Bill ETF (CLIP) and PGIM Ultra Short Municipal Bond ETF (PUSH).

CLIP and PUSH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CLIP is a passively managed fund by Global X that tracks the performance of the Solactive 1-3 month US T-Bill Index - USD. It was launched on Jun 20, 2023. PUSH is an actively managed fund by PGIM. It was launched on Jun 24, 2024.

Performance

CLIP vs. PUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X 1-3 Month T-Bill ETF (CLIP) and PGIM Ultra Short Municipal Bond ETF (PUSH). The values are adjusted to include any dividend payments, if applicable.

CLIP vs. PUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLIP Global X 1-3 Month T-Bill ETF	0.86%	4.23%	2.55%
PUSH PGIM Ultra Short Municipal Bond ETF	0.64%	4.16%	1.74%

Returns By Period

In the year-to-date period, CLIP achieves a 0.86% return, which is significantly higher than PUSH's 0.64% return.

CLIP

• 1D: 0.01%
• 1M: 0.29%
• YTD: 0.86%
• 6M: 1.89%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PUSH

• 1D: 0.01%
• 1M: -0.37%
• YTD: 0.64%
• 6M: 1.46%
• 1Y: 3.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLIP vs. PUSH - Expense Ratio Comparison

CLIP has a 0.07% expense ratio, which is lower than PUSH's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

PUSH

PGIM Ultra Short Municipal Bond ETF

CLIP

Global X 1-3 Month T-Bill ETF

Return for Risk

CLIP vs. PUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

PUSH

PUSH Risk / Return Rank: 95
PUSH Sharpe Ratio Rank: 94
PUSH Sortino Ratio Rank: 96
PUSH Omega Ratio Rank: 97
PUSH Calmar Ratio Rank: 96
PUSH Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CLIP vs. PUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X 1-3 Month T-Bill ETF (CLIP) and PGIM Ultra Short Municipal Bond ETF (PUSH). 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.

	CLIP	PUSH	Difference
Sharpe ratio Return per unit of total volatility	13.56	2.27	+11.29
Sortino ratio Return per unit of downside risk	40.64	3.31	+37.34
Omega ratio Gain probability vs. loss probability	11.02	1.61	+9.41
Calmar ratio Return relative to maximum drawdown	74.34	4.34	+70.00
Martin ratio Return relative to average drawdown	595.00	15.34	+579.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLIP vs. PUSH - Sharpe Ratio Comparison

The current CLIP Sharpe Ratio is 13.56, which is higher than the PUSH Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of CLIP and PUSH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CLIP	PUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.56	2.27	+11.29
Sharpe Ratio (All Time) Calculated using the full available price history	10.60	2.84	+7.76

Correlation

The correlation between CLIP and PUSH is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CLIP vs. PUSH - Dividend Comparison

CLIP's dividend yield for the trailing twelve months is around 4.03%, more than PUSH's 3.60% yield.

	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	4.03%	4.14%	5.11%	2.75%
PUSH PGIM Ultra Short Municipal Bond ETF	3.60%	3.45%	1.86%	0.00%

Drawdowns

CLIP vs. PUSH - Drawdown Comparison

The maximum CLIP drawdown since its inception was -0.08%, smaller than the maximum PUSH drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for CLIP and PUSH.

Drawdown Indicators

	CLIP	PUSH	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-0.85%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.05%	-0.85%	+0.80%
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	0.00%	-0.11%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.24%	-0.23%

Volatility

CLIP vs. PUSH - Volatility Comparison

The current volatility for Global X 1-3 Month T-Bill ETF (CLIP) is 0.05%, while PGIM Ultra Short Municipal Bond ETF (PUSH) has a volatility of 0.23%. This indicates that CLIP experiences smaller price fluctuations and is considered to be less risky than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLIP	PUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.23%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	1.08%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	0.30%	1.64%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	1.33%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.45%	1.33%	-0.88%