PULS vs. SPTU

Last updated Jun 4, 2026

PULS (PGIM Ultra Short Bond ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds. PULS is actively managed, while SPTU is passively managed. At a 0.24 correlation, their price movements are largely independent. PULS charges 0.15%/yr vs 0.05%/yr for SPTU.

Performance

PULS vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Ultra Short Bond ETF (PULS) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PULS achieves a 1.73% return, which is significantly higher than SPTU's 1.48% return.

PULS

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.73%
• 6M: 2.09%
• 1Y: 4.70%
• 3Y*: 5.61%
• 5Y*: 4.12%
• 10Y*: —

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PULS vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
PULS PGIM Ultra Short Bond ETF	1.73%	1.04%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between PULS and SPTU is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.24

Return for Risk

PULS vs. SPTU — Risk / Return Rank

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

PULS

PULS Risk / Return Rank: 100
PULS Sharpe Ratio Rank: 99
PULS Sortino Ratio Rank: 100
PULS Omega Ratio Rank: 100
PULS Calmar Ratio Rank: 99
PULS Martin Ratio Rank: 100

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. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	11.41	—	—
Sortino ratio: Return per unit of downside risk	32.91	—	—
Omega ratio: Gain probability vs. loss probability	7.59	—	—
Calmar ratio: Return relative to maximum drawdown	52.47	—	—
Martin ratio: Return relative to average drawdown	318.56	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PULS	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.41	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	5.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.51	11.82	-9.31

Drawdowns

PULS vs. SPTU - Drawdown Comparison

The maximum PULS drawdown since its inception was -5.85%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for PULS and SPTU.

Drawdown Indicators

	PULS	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-5.85%	-0.04%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.79%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.00%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	—	—

Volatility

Volatility by Period

	PULS	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	0.32%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.70%	0.32%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	0.32%	+1.01%

PULS vs. SPTU - Expense Ratio Comparison

PULS has a 0.15% expense ratio, which is higher than SPTU's 0.05% 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. SPTU - Dividend Comparison

PULS's dividend yield for the trailing twelve months is around 4.58%, more than SPTU's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PULS PGIM Ultra Short Bond ETF	4.58%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PULS and SPTU in my portfolio?

PULS and SPTU have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PULS or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PULS or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.15% for PULS.

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

PULS has the higher dividend yield at 4.58%, compared with 2.36% for SPTU.

What is the main difference between PULS and SPTU?

They also come from different issuers: PGIM and State Street. Their fees differ too: 0.15% for PULS and 0.05% for SPTU.