PULS vs. USOI

Last updated Jun 4, 2026

PULS (PGIM Ultra Short Bond ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - PULS is a Ultrashort Bond fund actively managed by PGIM, while USOI is a Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. PULS is actively managed, while USOI is passively managed. Over the past year, PULS returned 4.70% vs 49.69% for USOI. At a correlation of -0.15, they often move in opposite directions. PULS charges 0.15%/yr vs 0.85%/yr for USOI.

Performance

PULS vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Ultra Short Bond ETF (PULS) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 lower than USOI's 50.53% return.

PULS

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

USOI

• 1D: 1.94%
• 1M: 2.54%
• YTD: 50.53%
• 6M: 48.65%
• 1Y: 49.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PULS vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PULS PGIM Ultra Short Bond ETF	1.73%	4.97%	3.32%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%

Correlation

The correlation between PULS and USOI is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.29
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.15

The correlation between PULS and USOI shifts across timeframes, from -0.29 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PULS vs. USOI — 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

USOI

USOI Risk / Return Rank: 64
USOI Sharpe Ratio Rank: 66
USOI Sortino Ratio Rank: 60
USOI Omega Ratio Rank: 60
USOI Calmar Ratio Rank: 80
USOI Martin Ratio Rank: 55

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. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Bond ETF (PULS) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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	USOI	Difference
Sharpe ratio: Return per unit of total volatility	11.41	2.23	+9.17
Sortino ratio: Return per unit of downside risk	32.91	2.86	+30.05
Omega ratio: Gain probability vs. loss probability	7.59	1.37	+6.22
Calmar ratio: Return relative to maximum drawdown	52.47	4.20	+48.27
Martin ratio: Return relative to average drawdown	318.56	9.74	+308.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PULS vs. USOI - Sharpe Ratio Comparison

The current PULS Sharpe Ratio is 11.41, which is higher than the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PULS and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PULS	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.41	2.23	+9.17
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	0.94	+1.56

Drawdowns

PULS vs. USOI - Drawdown Comparison

The maximum PULS drawdown since its inception was -5.85%, smaller than the maximum USOI drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for PULS and USOI.

Drawdown Indicators

	PULS	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-5.85%	-19.49%	+13.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-11.90%	+11.81%
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%	-3.08%	+3.08%
Average Drawdown Average peak-to-trough decline	-0.09%	-7.21%	+7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	5.12%	-5.11%

Volatility

PULS vs. USOI - Volatility Comparison

The current volatility for PGIM Ultra Short Bond ETF (PULS) is 0.11%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that PULS experiences smaller price fluctuations and is considered to be less risky than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PULS	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	10.14%	-10.03%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	18.25%	-17.95%
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	22.35%	-21.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.70%	22.59%	-21.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	22.59%	-21.26%

PULS vs. USOI - Expense Ratio Comparison

PULS has a 0.15% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

PULS vs. USOI - Dividend Comparison

PULS's dividend yield for the trailing twelve months is around 4.58%, less than USOI's 36.88% 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%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PULS and USOI in my portfolio?

PULS and USOI have a correlation of -0.29, 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 USOI?

USOI has higher volatility (10.14%) compared to PULS (0.11%). In terms of maximum drawdown, PULS dropped -5.85% vs USOI's -19.49%.

Which ETF is better, PULS or USOI?

On 1-year performance, USOI leads with 49.69% vs 4.70% for PULS. 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.

Which ETF has performed better, PULS or USOI?

Over the 1-year period, USOI has performed better with a 49.69% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PULS or USOI?

PULS is cheaper with a 0.15% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 36.88%, compared with 4.58% for PULS.

What is the main difference between PULS and USOI?

PULS is categorized as Ultrashort Bond, while USOI is Commodities. They also come from different issuers: PGIM and Credit Suisse. Their fees differ too: 0.15% for PULS and 0.85% for USOI.

Which has better risk-adjusted returns?

PULS currently has the higher Sharpe Ratio (11.41 vs 2.23), 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.