MMKT vs. PULS

Last updated Jul 21, 2026

MMKT (Texas Capital Government Money Market ETF) and PULS (PGIM Ultra Short Bond ETF) are both exchange-traded funds - MMKT is a Money Market fund actively managed by Texas Capital, while PULS is a Ultrashort Bond fund actively managed by PGIM. Both are actively managed. Over the past year, MMKT returned 3.74% vs 4.47% for PULS. At a 0.13 correlation, their price movements are largely independent. MMKT charges 0.20%/yr vs 0.15%/yr for PULS.

Performance

MMKT vs. PULS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Government Money Market ETF (MMKT) 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, MMKT achieves a 1.89% return, which is significantly lower than PULS's 2.20% return.

MMKT

• 1D: 0.01%
• 1M: 0.27%
• 6M: 1.73%
• YTD: 1.89%
• 1Y: 3.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

PULS

• 1D: -0.02%
• 1M: 0.29%
• 6M: 1.93%
• YTD: 2.20%
• 1Y: 4.47%
• 3Y*: 5.45%
• 5Y*: 4.21%
• 10Y*: —
• ALL TIME*: 3.33%

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

MMKT vs. PULS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMKT Texas Capital Government Money Market ETF	1.89%	4.13%	1.22%
PULS PGIM Ultra Short Bond ETF	2.20%	4.97%	1.38%

Correlation

The correlation between MMKT and PULS is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.13

Return for Risk

MMKT vs. PULS — Risk / Return Rank

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

MMKT

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

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.

MMKT vs. PULS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Government Money Market ETF (MMKT) 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.

	MMKT	PULS	Difference
Sharpe ratio: Return per unit of total volatility	16.79	10.45	+6.35
Sortino ratio: Return per unit of downside risk	62.64	26.56	+36.08
Omega ratio: Gain probability vs. loss probability	16.03	6.22	+9.81
Calmar ratio: Return relative to maximum drawdown	150.42	49.94	+100.48
Martin ratio: Return relative to average drawdown	907.31	282.15	+625.16

MMKT vs. PULS - Sharpe Ratio Comparison

The current MMKT Sharpe Ratio is 16.79, which is higher than the PULS Sharpe Ratio of 10.45. The chart below compares the historical Sharpe Ratios of MMKT 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

MMKT vs. PULS - Drawdown Comparison

The maximum MMKT drawdown since its inception was -0.04%, smaller than the maximum PULS drawdown of -5.85%. Use the drawdown chart below to compare losses from any high point for MMKT and PULS.

Drawdown Indicators

	MMKT	PULS	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-5.85%	+5.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.09%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.79%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.09%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.02%	-0.02%

Volatility

MMKT vs. PULS - Volatility Comparison

The current volatility for Texas Capital Government Money Market ETF (MMKT) is 0.05%, while PGIM Ultra Short Bond ETF (PULS) has a volatility of 0.12%. This indicates that MMKT experiences smaller price fluctuations and is considered to be less risky than PULS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMKT	PULS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.12%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	0.32%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	0.43%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.23%	0.70%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	1.32%	-1.09%

MMKT vs. PULS - Expense Ratio Comparison

MMKT has a 0.20% expense ratio, which is higher than PULS's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MMKT vs. PULS - Dividend Comparison

MMKT's dividend yield for the trailing twelve months is around 3.67%, less than PULS's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MMKT Texas Capital Government Money Market ETF	3.67%	3.98%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PULS PGIM Ultra Short Bond ETF	4.52%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%

Frequently Asked Questions

Can I hold both MMKT and PULS in my portfolio?

MMKT and PULS have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMKT or PULS?

PULS has higher volatility (0.12%) compared to MMKT (0.05%). In terms of maximum drawdown, MMKT dropped -0.04% vs PULS's -5.85%.

Which ETF is better, MMKT or PULS?

On 1-year performance, PULS leads with 4.47% vs 3.74% for MMKT. On fees, PULS is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMKT or PULS?

Over the 1-year period, PULS has performed better with a 4.47% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMKT or PULS?

PULS is cheaper with a 0.15% expense ratio, compared with 0.20% for MMKT.

Which ETF pays a higher dividend yield, MMKT or PULS?

PULS has the higher dividend yield at 4.52%, compared with 3.67% for MMKT.

What is the main difference between MMKT and PULS?

MMKT is categorized as Money Market, while PULS is Ultrashort Bond. They also come from different issuers: Texas Capital and PGIM. Their fees differ too: 0.20% for MMKT and 0.15% for PULS.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.79 vs 10.45), 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.