HWM vs. PULS

Last updated Jun 13, 2026

HWM (Howmet Aerospace Inc.) is a stock, while PULS (PGIM Ultra Short Bond ETF) is Ultrashort Bond fund actively managed by PGIM. Over the past 5 years, HWM returned 50.00%/yr vs 4.14%/yr for PULS. At a 0.07 correlation, their price movements are largely independent.

Performance

HWM vs. PULS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Howmet Aerospace Inc. (HWM) and PGIM Ultra Short Bond ETF (PULS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWM achieves a 29.23% return, which is significantly higher than PULS's 1.88% return.

HWM

• 1D: 0.03%
• 1M: -2.83%
• YTD: 29.23%
• 6M: 33.60%
• 1Y: 54.95%
• 3Y*: 79.69%
• 5Y*: 50.00%
• 10Y*: 33.28%

PULS

• 1D: 0.04%
• 1M: 0.38%
• YTD: 1.88%
• 6M: 2.10%
• 1Y: 4.67%
• 3Y*: 5.59%
• 5Y*: 4.14%
• 10Y*: —

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

HWM vs. PULS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HWM Howmet Aerospace Inc.	29.23%	87.95%	102.71%	37.84%	24.16%	11.67%	21.03%	83.54%	-25.27%
PULS PGIM Ultra Short Bond ETF	1.88%	4.97%	6.12%	6.26%	1.52%	0.48%	1.47%	2.97%	1.71%

Correlation

The correlation between HWM and PULS is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018	0.07

The correlation between HWM and PULS shifts across timeframes, from 0.07 (3 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HWM vs. PULS — Risk / Return Rank

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

HWM

HWM Risk / Return Rank: 85
HWM Sharpe Ratio Rank: 87
HWM Sortino Ratio Rank: 85
HWM Omega Ratio Rank: 81
HWM Calmar Ratio Rank: 87
HWM Martin Ratio Rank: 88

PULS

PULS Risk / Return Rank: 99
PULS Sharpe Ratio Rank: 100
PULS Sortino Ratio Rank: 99
PULS Omega Ratio Rank: 99
PULS Calmar Ratio Rank: 99
PULS Martin Ratio Rank: 99

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.

HWM vs. PULS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Howmet Aerospace Inc. (HWM) and PGIM Ultra Short Bond ETF (PULS). 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.

	HWM	PULS	Difference
Sharpe ratio: Return per unit of total volatility	1.75	11.41	-9.66
Sortino ratio: Return per unit of downside risk	2.51	32.91	-30.40
Omega ratio: Gain probability vs. loss probability	1.30	7.59	-6.29
Calmar ratio: Return relative to maximum drawdown	3.46	52.47	-49.01
Martin ratio: Return relative to average drawdown	9.77	317.38	-307.61

HWM vs. PULS - Sharpe Ratio Comparison

The current HWM Sharpe Ratio is 1.75, which is lower than the PULS Sharpe Ratio of 11.41. The chart below compares the historical Sharpe Ratios of HWM and PULS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HWM vs. PULS - Drawdown Comparison

The maximum HWM drawdown since its inception was -88.30%, which is greater than PULS's maximum drawdown of -5.85%. Use the drawdown chart below to compare losses from any high point for HWM and PULS.

Drawdown Indicators

	HWM	PULS	Difference
Max Drawdown Largest peak-to-trough decline	-88.30%	-5.85%	-82.45%
Max Drawdown (1Y) Largest decline over 1 year	-15.89%	-0.09%	-15.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.41%	-0.34%	-19.07%
Max Drawdown (5Y) Largest decline over 5 years	-21.61%	-0.79%	-20.82%
Max Drawdown (10Y) Largest decline over 10 years	-64.81%	—	—
Current Drawdown Current decline from peak	-3.26%	0.00%	-3.26%
Average Drawdown Average peak-to-trough decline	-31.00%	-0.09%	-30.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	0.01%	+5.60%

Volatility

HWM vs. PULS - Volatility Comparison

Howmet Aerospace Inc. (HWM) has a higher volatility of 11.03% compared to PGIM Ultra Short Bond ETF (PULS) at 0.11%. This indicates that HWM's price experiences larger fluctuations and is considered to be riskier than PULS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWM	PULS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	0.11%	+10.92%
Volatility (6M) Calculated over the trailing 6-month period	25.03%	0.30%	+24.73%
Volatility (1Y) Calculated over the trailing 1-year period	31.46%	0.41%	+31.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.20%	0.70%	+31.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	1.33%	+38.49%

Dividends

HWM vs. PULS - Dividend Comparison

HWM's dividend yield for the trailing twelve months is around 0.18%, less than PULS's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWM Howmet Aerospace Inc.	0.18%	0.21%	0.24%	0.31%	0.25%	0.13%	0.05%	0.39%	1.42%	0.88%	40.49%	1.22%
PULS PGIM Ultra Short Bond ETF	4.57%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HWM and PULS in my portfolio?

HWM and PULS have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWM or PULS?

HWM has higher volatility (11.03%) compared to PULS (0.11%). In terms of maximum drawdown, HWM dropped -88.30% vs PULS's -5.85%.

Which has better risk-adjusted returns?

PULS currently has the higher Sharpe Ratio (11.41 vs 1.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.