PULS vs. AAA

Last updated Jun 24, 2026

PULS (PGIM Ultra Short Bond ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - PULS is a Ultrashort Bond fund actively managed by PGIM, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past 5 years, PULS returned 4.18%/yr vs 4.64%/yr for AAA. At a 0.09 correlation, their price movements are largely independent. PULS charges 0.15%/yr vs 0.25%/yr for AAA.

Performance

PULS vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Ultra Short Bond ETF (PULS) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PULS having a 1.96% return and AAA slightly higher at 1.98%.

PULS

• 1D: 0.06%
• 1M: 0.32%
• YTD: 1.96%
• 6M: 2.10%
• 1Y: 4.59%
• 3Y*: 5.53%
• 5Y*: 4.18%
• 10Y*: —

AAA

• 1D: -0.07%
• 1M: 0.55%
• YTD: 1.98%
• 6M: 2.06%
• 1Y: 4.96%
• 3Y*: 6.34%
• 5Y*: 4.64%
• 10Y*: —

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

PULS vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PULS PGIM Ultra Short Bond ETF	1.96%	4.97%	6.12%	6.26%	1.52%	0.48%	0.52%
AAA AAF First Priority CLO Bond ETF	1.98%	4.92%	6.85%	8.94%	0.15%	0.86%	0.20%

Correlation

The correlation between PULS and AAA is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020	0.09

Return for Risk

PULS vs. AAA — Risk / Return Rank

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

PULS

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

AAA

AAA Risk / Return Rank: 84
AAA Sharpe Ratio Rank: 70
AAA Sortino Ratio Rank: 86
AAA Omega Ratio Rank: 76
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 93

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.

PULS vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and AAF First Priority CLO Bond ETF (AAA). 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.

	PULS	AAA	Difference
Sharpe ratio: Return per unit of total volatility	10.75	2.15	+8.60
Sortino ratio: Return per unit of downside risk	27.89	3.63	+24.26
Omega ratio: Gain probability vs. loss probability	6.78	1.42	+5.36
Calmar ratio: Return relative to maximum drawdown	51.29	8.26	+43.03
Martin ratio: Return relative to average drawdown	293.54	24.40	+269.14

PULS vs. AAA - Sharpe Ratio Comparison

The current PULS Sharpe Ratio is 10.75, which is higher than the AAA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PULS and AAA, 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

PULS vs. AAA - Drawdown Comparison

The maximum PULS drawdown since its inception was -5.85%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for PULS and AAA.

Drawdown Indicators

	PULS	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-5.85%	-2.63%	-3.22%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-0.60%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-0.34%	-2.40%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-0.79%	-2.63%	+1.84%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.31%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.20%	-0.18%

Volatility

PULS vs. AAA - Volatility Comparison

The current volatility for PGIM Ultra Short Bond ETF (PULS) is 0.16%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.77%. This indicates that PULS experiences smaller price fluctuations and is considered to be less risky than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PULS	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.77%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	0.32%	1.78%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.43%	2.32%	-1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.70%	2.29%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	2.15%	-0.82%

PULS vs. AAA - Expense Ratio Comparison

PULS has a 0.15% expense ratio, which is lower than AAA's 0.25% 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%.

Dividends

PULS vs. AAA - Dividend Comparison

PULS's dividend yield for the trailing twelve months is around 4.57%, less than AAA's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AAA AAF First Priority CLO Bond ETF	4.90%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%	0.00%	0.00%
PULS PGIM Ultra Short Bond ETF	4.57%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%

Frequently Asked Questions

Can I hold both PULS and AAA in my portfolio?

PULS and AAA have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PULS or AAA?

AAA has higher volatility (0.77%) compared to PULS (0.16%). In terms of maximum drawdown, PULS dropped -5.85% vs AAA's -2.63%.

Which ETF is better, PULS or AAA?

On 5-year performance, AAA leads with 4.64% vs 4.18% for PULS. On fees, PULS is cheaper at 0.15% per year. On volatility, PULS has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PULS or AAA?

Over the 5-year period, AAA has performed better with a 4.64% return vs 4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PULS or AAA?

PULS is cheaper with a 0.15% expense ratio, compared with 0.25% for AAA.

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

AAA has the higher dividend yield at 4.90%, compared with 4.57% for PULS.

What is the main difference between PULS and AAA?

PULS is categorized as Ultrashort Bond, while AAA is CLO. They also come from different issuers: PGIM and Alternative Access Funds LLC. Their fees differ too: 0.15% for PULS and 0.25% for AAA.

Which has better risk-adjusted returns?

PULS currently has the higher Sharpe Ratio (10.75 vs 2.15), 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.