PULS vs. ICSH
PULS (PGIM Ultra Short Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 5 years, PULS returned 4.16%/yr vs 3.69%/yr for ICSH. At a 0.31 correlation, their price movements are largely independent. PULS charges 0.15%/yr vs 0.08%/yr for ICSH.
Performance
PULS vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, PULS achieves a 1.90% return, which is significantly higher than ICSH's 1.51% return.
PULS
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.90%
- 6M
- 2.03%
- 1Y
- 4.59%
- 3Y*
- 5.51%
- 5Y*
- 4.16%
- 10Y*
- —
ICSH
- 1D
- -0.04%
- 1M
- 0.20%
- YTD
- 1.51%
- 6M
- 1.67%
- 1Y
- 4.20%
- 3Y*
- 5.09%
- 5Y*
- 3.69%
- 10Y*
- 2.77%
PULS vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PULS PGIM Ultra Short Bond ETF | 1.90% | 4.97% | 6.12% | 6.26% | 1.52% | 0.48% | 1.47% | 2.97% | 1.71% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.51% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 1.86% |
Correlation
The correlation between PULS and ICSH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.31 |
The correlation between PULS and ICSH shifts across timeframes, from 0.31 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PULS vs. ICSH — Risk / Return Rank
PULS
ICSH
PULS vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and iShares Ultra Short Duration Bond Active ETF (ICSH). 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 | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +5.30 | ||
| Omega ratioGain probability vs. loss probability | 6.78 | 5.64 | +1.13 |
| Calmar ratioReturn relative to maximum drawdown | 51.29 | 42.62 | +8.67 |
| Martin ratioReturn relative to average drawdown | 293.54 | 244.74 | +48.80 |
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Drawdowns
PULS vs. ICSH - Drawdown Comparison
The maximum PULS drawdown since its inception was -5.85%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for PULS and ICSH.
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Drawdown Indicators
| PULS | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.85% | -3.94% | -1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -0.10% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.34% | -0.10% | -0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -0.73% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.94% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.09% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -0.08% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.02% | 0.00% |
Volatility
PULS vs. ICSH - Volatility Comparison
PGIM Ultra Short Bond ETF (PULS) and iShares Ultra Short Duration Bond Active ETF (ICSH) have volatilities of 0.15% and 0.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PULS | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.15% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 0.32% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.43% | 0.41% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 0.49% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 1.06% | +0.27% |
PULS vs. ICSH - Expense Ratio Comparison
PULS has a 0.15% expense ratio, which is higher than ICSH's 0.08% 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
PULS vs. ICSH - Dividend Comparison
PULS's dividend yield for the trailing twelve months is around 4.57%, more than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 4.34% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
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
PULS and ICSH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICSH has higher volatility (0.15%) compared to PULS (0.15%). In terms of maximum drawdown, PULS dropped -5.85% vs ICSH's -3.94%.
On 5-year performance, PULS leads with 4.16% vs 3.69% for ICSH. On fees, ICSH is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PULS has performed better with a 4.16% return vs 3.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.15% for PULS.
PULS has the higher dividend yield at 4.57%, compared with 4.34% for ICSH.
They also come from different issuers: PGIM and iShares. Their fees differ too: 0.15% for PULS and 0.08% for ICSH.
PULS currently has the higher Sharpe Ratio (10.75 vs 10.20), 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.
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