PULS vs. LMBS
PULS (PGIM Ultra Short Bond ETF) and LMBS (First Trust Low Duration Mortgage Opportunities ETF) are both exchange-traded funds - PULS is a Ultrashort Bond fund actively managed by PGIM, while LMBS is a Mortgage Backed Securities fund actively managed by First Trust. Both are actively managed. Over the past 5 years, PULS returned 4.12%/yr vs 3.03%/yr for LMBS. At a 0.23 correlation, their price movements are largely independent. PULS charges 0.15%/yr vs 0.68%/yr for LMBS.
Performance
PULS vs. LMBS - Performance Comparison
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Returns By Period
In the year-to-date period, PULS achieves a 1.73% return, which is significantly higher than LMBS's 1.24% return.
PULS
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.73%
- 6M
- 2.09%
- 1Y
- 4.70%
- 3Y*
- 5.61%
- 5Y*
- 4.12%
- 10Y*
- —
LMBS
- 1D
- -0.10%
- 1M
- 0.11%
- YTD
- 1.24%
- 6M
- 1.47%
- 1Y
- 6.09%
- 3Y*
- 5.73%
- 5Y*
- 3.03%
- 10Y*
- 2.67%
PULS vs. LMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PULS PGIM Ultra Short Bond ETF | 1.73% | 4.97% | 6.12% | 6.26% | 1.52% | 0.48% | 1.47% | 2.97% | 1.71% |
LMBS First Trust Low Duration Mortgage Opportunities ETF | 1.24% | 7.05% | 5.15% | 6.10% | -3.07% | -0.91% | 1.64% | 4.10% | 1.42% |
Correlation
The correlation between PULS and LMBS 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 | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2018 | 0.23 |
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Return for Risk
PULS vs. LMBS — Risk / Return Rank
PULS
LMBS
PULS vs. LMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and First Trust Low Duration Mortgage Opportunities ETF (LMBS). 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.
| PULS | LMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.31 | ||
| Sortino ratioReturn per unit of downside risk | +28.12 | ||
| Omega ratioGain probability vs. loss probability | 7.59 | 1.62 | +5.97 |
| Calmar ratioReturn relative to maximum drawdown | 52.47 | 4.28 | +48.19 |
| Martin ratioReturn relative to average drawdown | 318.56 | 18.25 | +300.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PULS | LMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 11.41 | 3.10 | +8.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 5.92 | 1.19 | +4.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.14 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.51 | 1.13 | +1.38 |
Drawdowns
PULS vs. LMBS - Drawdown Comparison
The maximum PULS drawdown since its inception was -5.85%, smaller than the maximum LMBS drawdown of -6.49%. Use the drawdown chart below to compare losses from any high point for PULS and LMBS.
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Drawdown Indicators
| PULS | LMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.85% | -6.49% | +0.64% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -1.43% | +1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -0.34% | -1.72% | +1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -6.12% | +5.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.49% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.34% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -0.80% | +0.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.33% | -0.32% |
Volatility
PULS vs. LMBS - Volatility Comparison
The current volatility for PGIM Ultra Short Bond ETF (PULS) is 0.11%, while First Trust Low Duration Mortgage Opportunities ETF (LMBS) has a volatility of 0.68%. This indicates that PULS experiences smaller price fluctuations and is considered to be less risky than LMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PULS | LMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 0.68% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 0.30% | 1.45% | -1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 1.97% | -1.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 2.56% | -1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 2.36% | -1.03% |
PULS vs. LMBS - Expense Ratio Comparison
PULS has a 0.15% expense ratio, which is lower than LMBS's 0.68% expense ratio.
Dividends
PULS vs. LMBS - Dividend Comparison
PULS's dividend yield for the trailing twelve months is around 4.58%, more than LMBS's 4.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LMBS First Trust Low Duration Mortgage Opportunities ETF | 4.10% | 4.08% | 4.28% | 3.96% | 2.22% | 2.04% | 2.27% | 2.55% | 2.76% | 2.73% | 2.84% | 3.03% |
PULS PGIM Ultra Short Bond ETF | 4.58% | 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 LMBS 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.
LMBS has higher volatility (0.68%) compared to PULS (0.11%). In terms of maximum drawdown, PULS dropped -5.85% vs LMBS's -6.49%.
On 5-year performance, PULS leads with 4.12% vs 3.03% for LMBS. On fees, PULS is cheaper at 0.15% 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, PULS has performed better with a 4.12% return vs 3.03%. 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 0.68% for LMBS.
PULS has the higher dividend yield at 4.58%, compared with 4.10% for LMBS.
PULS is categorized as Ultrashort Bond, while LMBS is Mortgage Backed Securities. They also come from different issuers: PGIM and First Trust. Their fees differ too: 0.15% for PULS and 0.68% for LMBS.
PULS currently has the higher Sharpe Ratio (11.41 vs 3.10), 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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