PULS vs. TFLO
PULS (PGIM Ultra Short Bond ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both exchange-traded funds - PULS is a Ultrashort Bond fund actively managed by PGIM, while TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. PULS is actively managed, while TFLO is passively managed. Over the past 5 years, PULS returned 4.16%/yr vs 3.68%/yr for TFLO. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
PULS vs. TFLO - Performance Comparison
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Returns By Period
In the year-to-date period, PULS achieves a 1.90% return, which is significantly higher than TFLO's 1.79% return.
PULS
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.90%
- 6M
- 2.03%
- 1Y
- 4.59%
- 3Y*
- 5.51%
- 5Y*
- 4.16%
- 10Y*
- —
TFLO
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.79%
- 6M
- 1.91%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
PULS vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PULS PGIM Ultra Short Bond ETF | 1.90% | 4.97% | 6.12% | 6.26% | 1.52% | 0.48% | 1.47% | 2.97% | 1.71% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.79% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.38% |
Correlation
The correlation between PULS and TFLO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.14 |
The correlation between PULS and TFLO shifts across timeframes, from 0.14 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PULS vs. TFLO — Risk / Return Rank
PULS
TFLO
PULS vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.11 | ||
| Sortino ratioReturn per unit of downside risk | -21.12 | ||
| Omega ratioGain probability vs. loss probability | 6.78 | 13.08 | -6.31 |
| Calmar ratioReturn relative to maximum drawdown | 51.29 | 200.18 | -148.89 |
| Martin ratioReturn relative to average drawdown | 293.54 | 818.95 | -525.42 |
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Drawdowns
PULS vs. TFLO - Drawdown Comparison
The maximum PULS drawdown since its inception was -5.85%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for PULS and TFLO.
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Drawdown Indicators
| PULS | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.85% | -5.01% | -0.84% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -0.02% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.34% | -0.04% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -0.13% | -0.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -0.10% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.00% | +0.02% |
Volatility
PULS vs. TFLO - Volatility Comparison
PGIM Ultra Short Bond ETF (PULS) has a higher volatility of 0.15% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.08%. This indicates that PULS's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PULS | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.08% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 0.20% | +0.12% |
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% | 0.35% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 0.46% | +0.87% |
PULS vs. TFLO - Expense Ratio Comparison
Both PULS and TFLO 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. TFLO - Dividend Comparison
PULS's dividend yield for the trailing twelve months is around 4.57%, more than TFLO's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
PULS and TFLO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PULS has higher volatility (0.15%) compared to TFLO (0.08%). In terms of maximum drawdown, PULS dropped -5.85% vs TFLO's -5.01%.
On 5-year performance, PULS leads with 4.16% vs 3.68% for TFLO. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. 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 4.16% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PULS and TFLO have the same expense ratio: 0.15% per year.
PULS has the higher dividend yield at 4.57%, compared with 3.89% for TFLO.
PULS is categorized as Ultrashort Bond, while TFLO is Government Bonds. They also come from different issuers: PGIM and iShares.
TFLO currently has the higher Sharpe Ratio (13.86 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.
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