PMSE vs. PULS

Last updated Jun 5, 2026

PMSE (PGIM S&P 500 Max Buffer ETF - September) and PULS (PGIM Ultra Short Bond ETF) are both exchange-traded funds - PMSE is a Defined Outcome fund actively managed by PGIM, while PULS is a Ultrashort Bond fund actively managed by PGIM. Both are actively managed. At a 0.21 correlation, their price movements are largely independent. PMSE charges 0.50%/yr vs 0.15%/yr for PULS.

Performance

PMSE vs. PULS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - September (PMSE) 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, PMSE achieves a 2.86% return, which is significantly higher than PULS's 1.75% return.

PMSE

• 1D: 0.02%
• 1M: 0.82%
• YTD: 2.86%
• 6M: 3.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PULS

• 1D: 0.02%
• 1M: 0.38%
• YTD: 1.75%
• 6M: 2.12%
• 1Y: 4.67%
• 3Y*: 5.59%
• 5Y*: 4.12%
• 10Y*: —

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

PMSE vs. PULS - Yearly Performance Comparison

	2026 (YTD)	2025
PMSE PGIM S&P 500 Max Buffer ETF - September	2.86%	2.23%
PULS PGIM Ultra Short Bond ETF	1.75%	1.57%

Correlation

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

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 3, 2025	0.21

Return for Risk

PMSE vs. PULS — Risk / Return Rank

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

PULS

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

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.

PMSE vs. PULS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - September (PMSE) 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.

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

Sharpe Ratios by Period

	PMSE	PULS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	11.37	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	5.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.05	2.51	+0.54

Drawdowns

PMSE vs. PULS - Drawdown Comparison

The maximum PMSE drawdown since its inception was -1.44%, smaller than the maximum PULS drawdown of -5.85%. Use the drawdown chart below to compare losses from any high point for PMSE and PULS.

Drawdown Indicators

	PMSE	PULS	Difference
Max Drawdown Largest peak-to-trough decline	-1.44%	-5.85%	+4.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.09%	—
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%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.09%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	PMSE	PULS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	0.41%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.27%	0.70%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.27%	1.33%	+0.94%

PMSE vs. PULS - Expense Ratio Comparison

PMSE has a 0.50% expense ratio, which is higher than PULS's 0.15% expense ratio.

Dividends

PMSE vs. PULS - Dividend Comparison

PMSE has not paid dividends to shareholders, while PULS's dividend yield for the trailing twelve months is around 4.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PMSE PGIM S&P 500 Max Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PULS PGIM Ultra Short Bond ETF	4.58%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%

Frequently Asked Questions

Can I hold both PMSE and PULS in my portfolio?

PMSE 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 ETF is better, PMSE or PULS?

On fees, PULS is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMSE or PULS?

PULS is cheaper with a 0.15% expense ratio, compared with 0.50% for PMSE.

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

PULS has the higher dividend yield at 4.58%, compared with 0.00% for PMSE.

What is the main difference between PMSE and PULS?

PMSE is categorized as Defined Outcome, while PULS is Ultrashort Bond. Their fees differ too: 0.50% for PMSE and 0.15% for PULS.