PULS vs. TBIL

Last updated Jun 24, 2026

PULS (PGIM Ultra Short Bond ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both Ultrashort Bond funds. PULS is actively managed, while TBIL is passively managed. Over the past 3 years, PULS returned 5.53%/yr vs 4.60%/yr for TBIL. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

PULS vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Ultra Short Bond ETF (PULS) and F/m US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PULS achieves a 1.96% return, which is significantly higher than TBIL's 1.69% return.

PULS

• 1D: 0.06%
• 1M: 0.32%
• YTD: 1.96%
• 6M: 2.10%
• 1Y: 4.59%
• 3Y*: 5.53%
• 5Y*: 4.18%
• 10Y*: —

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.69%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

PULS vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PULS PGIM Ultra Short Bond ETF	1.96%	4.97%	6.12%	6.26%	1.67%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	5.12%	1.29%

Correlation

The correlation between PULS and TBIL 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	0.22
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.20

Over the past year, PULS and TBIL have become more correlated (0.40) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

PULS vs. TBIL — Risk / Return Rank

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

PULS

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

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL 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. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and F/m US Treasury 3 Month Bill ETF (TBIL). 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	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	10.75	13.76	-3.01
Sortino ratio: Return per unit of downside risk	27.89	58.09	-30.20
Omega ratio: Gain probability vs. loss probability	6.78	17.08	-10.30
Calmar ratio: Return relative to maximum drawdown	51.29	195.79	-144.50
Martin ratio: Return relative to average drawdown	293.54	929.44	-635.90

PULS vs. TBIL - Sharpe Ratio Comparison

The current PULS Sharpe Ratio is 10.75, which is comparable to the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of PULS and TBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PULS vs. TBIL - Drawdown Comparison

The maximum PULS drawdown since its inception was -5.85%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for PULS and TBIL.

Drawdown Indicators

	PULS	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-5.85%	-0.10%	-5.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-0.02%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-0.34%	-0.02%	-0.32%
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	0.02%	0.00%	+0.02%

Volatility

PULS vs. TBIL - Volatility Comparison

PGIM Ultra Short Bond ETF (PULS) has a higher volatility of 0.16% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that PULS's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PULS	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.06%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.32%	0.19%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	0.43%	0.29%	+0.14%
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. TBIL - Expense Ratio Comparison

Both PULS and TBIL have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

PULS vs. TBIL - Dividend Comparison

PULS's dividend yield for the trailing twelve months is around 4.57%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PULS PGIM Ultra Short Bond ETF	4.57%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PULS and TBIL in my portfolio?

PULS and TBIL 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.

Which is riskier, PULS or TBIL?

PULS has higher volatility (0.16%) compared to TBIL (0.06%). In terms of maximum drawdown, PULS dropped -5.85% vs TBIL's -0.10%.

Which ETF is better, PULS or TBIL?

On 3-year performance, PULS leads with 5.53% vs 4.60% for TBIL. Both ETFs have the same 0.15% expense ratio. On volatility, TBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PULS or TBIL?

Over the 3-year period, PULS has performed better with a 5.53% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PULS or TBIL?

PULS and TBIL have the same expense ratio: 0.15% per year.

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

PULS has the higher dividend yield at 4.57%, compared with 3.81% for TBIL.

What is the main difference between PULS and TBIL?

They also come from different issuers: PGIM and F/m Investments.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 10.75), 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.