PULS vs. ILCV
PULS (PGIM Ultra Short Bond ETF) and ILCV (iShares Morningstar Value ETF) are both exchange-traded funds - PULS is a Ultrashort Bond fund actively managed by PGIM, while ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index. PULS is actively managed, while ILCV is passively managed. Over the past 5 years, PULS returned 4.14%/yr vs 11.66%/yr for ILCV. At a 0.09 correlation, their price movements are largely independent. PULS charges 0.15%/yr vs 0.04%/yr for ILCV.
Performance
PULS vs. ILCV - Performance Comparison
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Returns By Period
In the year-to-date period, PULS achieves a 1.88% return, which is significantly lower than ILCV's 8.42% return.
PULS
- 1D
- 0.04%
- 1M
- 0.38%
- YTD
- 1.88%
- 6M
- 2.10%
- 1Y
- 4.67%
- 3Y*
- 5.59%
- 5Y*
- 4.14%
- 10Y*
- —
ILCV
- 1D
- 0.69%
- 1M
- 2.03%
- YTD
- 8.42%
- 6M
- 7.93%
- 1Y
- 27.28%
- 3Y*
- 18.02%
- 5Y*
- 11.66%
- 10Y*
- 11.78%
PULS vs. ILCV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PULS PGIM Ultra Short Bond ETF | 1.88% | 4.97% | 6.12% | 6.26% | 1.52% | 0.48% | 1.47% | 2.97% | 1.71% |
ILCV iShares Morningstar Value ETF | 8.42% | 18.79% | 17.03% | 14.43% | -7.02% | 26.71% | -0.84% | 25.19% | -2.90% |
Correlation
The correlation between PULS and ILCV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.09 |
The correlation between PULS and ILCV shifts across timeframes, from 0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PULS vs. ILCV — Risk / Return Rank
PULS
ILCV
PULS vs. ILCV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and iShares Morningstar Value ETF (ILCV). 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 | ILCV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.79 | ||
| Sortino ratioReturn per unit of downside risk | +29.22 | ||
| Omega ratioGain probability vs. loss probability | 7.59 | 1.47 | +6.12 |
| Calmar ratioReturn relative to maximum drawdown | 52.47 | 4.00 | +48.47 |
| Martin ratioReturn relative to average drawdown | 317.38 | 16.47 | +300.91 |
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Drawdowns
PULS vs. ILCV - Drawdown Comparison
The maximum PULS drawdown since its inception was -5.85%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for PULS and ILCV.
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Drawdown Indicators
| PULS | ILCV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.85% | -58.63% | +52.78% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -6.55% | +6.46% |
Max Drawdown (3Y)Largest decline over 3 years | -0.34% | -14.95% | +14.61% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -18.58% | +17.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.53% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.34% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -9.31% | +9.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.59% | -1.58% |
Volatility
PULS vs. ILCV - Volatility Comparison
The current volatility for PGIM Ultra Short Bond ETF (PULS) is 0.11%, while iShares Morningstar Value ETF (ILCV) has a volatility of 2.83%. This indicates that PULS experiences smaller price fluctuations and is considered to be less risky than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PULS | ILCV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 2.83% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 0.30% | 7.15% | -6.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 10.00% | -9.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 14.24% | -13.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 16.67% | -15.34% |
PULS vs. ILCV - Expense Ratio Comparison
PULS has a 0.15% expense ratio, which is higher than ILCV's 0.04% 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. ILCV - Dividend Comparison
PULS's dividend yield for the trailing twelve months is around 4.57%, more than ILCV's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ILCV iShares Morningstar Value ETF | 1.62% | 1.77% | 1.99% | 2.27% | 2.32% | 2.01% | 2.96% | 2.70% | 2.93% | 2.32% | 2.76% | 3.01% |
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 ILCV have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ILCV has higher volatility (2.83%) compared to PULS (0.11%). In terms of maximum drawdown, PULS dropped -5.85% vs ILCV's -58.63%.
On 5-year performance, ILCV leads with 11.66% vs 4.14% for PULS. On fees, ILCV is cheaper at 0.04% per year. On volatility, PULS has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ILCV has performed better with a 11.66% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ILCV is cheaper with a 0.04% expense ratio, compared with 0.15% for PULS.
PULS has the higher dividend yield at 4.57%, compared with 1.62% for ILCV.
PULS is categorized as Ultrashort Bond, while ILCV is Large Cap Value Equities. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.15% for PULS and 0.04% for ILCV.
PULS currently has the higher Sharpe Ratio (11.41 vs 2.62), 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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