PULS vs. USFR
PULS (PGIM Ultra Short Bond ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - PULS is a Ultrashort Bond fund actively managed by PGIM, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. PULS is actively managed, while USFR is passively managed. Over the past 5 years, PULS returned 4.16%/yr vs 3.70%/yr for USFR. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
PULS vs. USFR - 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 USFR's 1.78% return.
PULS
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.90%
- 6M
- 2.03%
- 1Y
- 4.59%
- 3Y*
- 5.51%
- 5Y*
- 4.16%
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
PULS vs. USFR - 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% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 1.30% |
Correlation
The correlation between PULS and USFR is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.11 |
The correlation between PULS and USFR shifts across timeframes, from 0.11 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PULS vs. USFR — Risk / Return Rank
PULS
USFR
PULS vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.90 | ||
| Sortino ratioReturn per unit of downside risk | -21.99 | ||
| Omega ratioGain probability vs. loss probability | 6.78 | 13.24 | -6.47 |
| Calmar ratioReturn relative to maximum drawdown | 51.29 | 200.29 | -149.00 |
| Martin ratioReturn relative to average drawdown | 293.54 | 775.73 | -482.20 |
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Drawdowns
PULS vs. USFR - Drawdown Comparison
The maximum PULS drawdown since its inception was -5.85%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for PULS and USFR.
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Drawdown Indicators
| PULS | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.85% | -1.36% | -4.49% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -0.02% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.34% | -0.06% | -0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -0.18% | -0.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -0.15% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.01% | +0.01% |
Volatility
PULS vs. USFR - Volatility Comparison
PGIM Ultra Short Bond ETF (PULS) has a higher volatility of 0.15% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that PULS's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PULS | USFR | 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% | 0.19% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.43% | 0.27% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.70% | 0.40% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 0.78% | +0.55% |
PULS vs. USFR - Expense Ratio Comparison
Both PULS and USFR 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. USFR - Dividend Comparison
PULS's dividend yield for the trailing twelve months is around 4.57%, more than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
PULS and USFR 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.
PULS has higher volatility (0.15%) compared to USFR (0.08%). In terms of maximum drawdown, PULS dropped -5.85% vs USFR's -1.36%.
On 5-year performance, PULS leads with 4.16% vs 3.70% for USFR. 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 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PULS and USFR have the same expense ratio: 0.15% per year.
PULS has the higher dividend yield at 4.57%, compared with 3.91% for USFR.
PULS is categorized as Ultrashort Bond, while USFR is Government Bonds. They also come from different issuers: PGIM and WisdomTree.
USFR currently has the higher Sharpe Ratio (14.65 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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