PULS vs. IVOL
PULS (PGIM Ultra Short Bond ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - PULS is a Ultrashort Bond fund actively managed by PGIM, while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. Both are actively managed. Over the past 5 years, PULS returned 4.25%/yr vs -5.65%/yr for IVOL. Their 0.24 correlation means their historical movements had little consistent relationship. PULS charges 0.15%/yr vs 0.99%/yr for IVOL.
Performance
PULS vs. IVOL - Performance Comparison
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Returns By Period
In the year-to-date period, PULS achieves a 2.43% return, which is significantly higher than IVOL's -7.01% return.
PULS
- 1D
- 0.00%
- 1M
- 0.33%
- 6M
- 1.96%
- YTD
- 2.43%
- 1Y
- 4.43%
- 3Y*
- 5.40%
- 5Y*
- 4.25%
- 10Y*
- —
- ALL TIME*
- 3.34%
IVOL
- 1D
- -0.17%
- 1M
- 0.50%
- 6M
- -5.87%
- YTD
- -7.01%
- 1Y
- -7.06%
- 3Y*
- -2.79%
- 5Y*
- -5.65%
- 10Y*
- —
- ALL TIME*
- -1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.58M | $1.25M | $2.06M | |
| $150.87M | $124.45M | $127.30M |
PULS vs. IVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PULS PGIM Ultra Short Bond ETF | 2.43% | 4.97% | 6.12% | 6.26% | 1.52% | 0.48% | 1.47% | 1.66% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.01% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
Correlation
The correlation between PULS and IVOL is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.32 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.24 |
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Return for Risk
PULS vs. IVOL — Risk / Return Rank
PULS
IVOL
PULS vs. IVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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 | IVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.77 | ||
| Sortino ratioReturn per unit of downside risk | +28.01 | ||
| Omega ratioGain probability vs. loss probability | 6.31 | 0.83 | +5.47 |
| Calmar ratioReturn relative to maximum drawdown | 49.54 | -0.58 | +50.12 |
| Martin ratioReturn relative to average drawdown | 280.75 | -1.12 | +281.87 |
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Drawdowns
PULS vs. IVOL - Drawdown Comparison
The maximum PULS drawdown since its inception was -5.85%, smaller than the maximum IVOL drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for PULS and IVOL.
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Drawdown Indicators
| PULS | IVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.85% | -31.16% | +25.31% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -12.17% | +12.08% |
Max Drawdown (3Y)Largest decline over 3 years | -0.34% | -14.48% | +14.14% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -30.07% | +29.28% |
Current DrawdownCurrent decline from peak | 0.00% | -26.87% | +26.87% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -13.62% | +13.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 6.32% | -6.30% |
Volatility
PULS vs. IVOL - Volatility Comparison
The current volatility for PGIM Ultra Short Bond ETF (PULS) is 0.10%, while Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a volatility of 1.71%. This indicates that PULS experiences smaller price fluctuations and is considered to be less risky than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PULS | IVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 1.71% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 4.92% | -4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.42% | 6.51% | -6.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 12.85% | -12.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.32% | 11.90% | -10.58% |
PULS vs. IVOL - Expense Ratio Comparison
PULS has a 0.15% expense ratio, which is lower than IVOL's 0.99% expense ratio.
Dividends
PULS vs. IVOL - Dividend Comparison
PULS's dividend yield for the trailing twelve months is around 4.47%, more than IVOL's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.87% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% |
PULS PGIM Ultra Short Bond ETF | 4.47% | 4.78% | 5.62% | 5.48% | 2.30% | 1.19% | 1.85% | 2.69% | 1.87% |
Frequently Asked Questions
PULS and IVOL have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVOL has higher volatility (1.71%) compared to PULS (0.10%). In terms of maximum drawdown, PULS dropped -5.85% vs IVOL's -31.16%.
On 5-year performance, PULS leads with 4.25% vs -5.65% for IVOL. On fees, PULS is cheaper at 0.15% per year. On volatility, PULS has been the lower-risk option at 0.10%. 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 4.25% return vs -5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PULS is cheaper with a 0.15% expense ratio, compared with 0.99% for IVOL.
PULS has the higher dividend yield at 4.47%, compared with 3.87% for IVOL.
PULS is categorized as Ultrashort Bond, while IVOL is Inflation-Protected Bonds. They also come from different issuers: PGIM and CICC. Their fees differ too: 0.15% for PULS and 0.99% for IVOL.
PULS currently has the higher Sharpe Ratio (10.68 vs -1.09), 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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