PULT vs. CARY

Last updated Jul 14, 2026

PULT (Putnam ESG Ultra Short ETF) and CARY (Angel Oak Income ETF) are both exchange-traded funds - PULT is a Ultrashort Bond fund actively managed by Putnam, while CARY is a Multisector Bonds fund actively managed by Angel Oak. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. PULT charges 0.25%/yr vs 0.80%/yr for CARY.

Performance

PULT vs. CARY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG Ultra Short ETF (PULT) and Angel Oak Income ETF (CARY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PULT

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARY

• 1D: -0.19%
• 1M: 0.05%
• 6M: 1.80%
• YTD: 2.06%
• 1Y: 5.88%
• 3Y*: 7.14%
• 5Y*: —
• 10Y*: —

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

PULT vs. CARY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PULT Putnam ESG Ultra Short ETF	1.23%	5.08%	5.93%	5.47%
CARY Angel Oak Income ETF	2.06%	7.54%	6.93%	7.07%

Correlation

The correlation between PULT and CARY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.23

Return for Risk

PULT vs. CARY — Risk / Return Rank

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

PULT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CARY

CARY Risk / Return Rank: 95
CARY Sharpe Ratio Rank: 96
CARY Sortino Ratio Rank: 97
CARY Omega Ratio Rank: 96
CARY Calmar Ratio Rank: 91
CARY Martin Ratio Rank: 93

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.

PULT vs. CARY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Ultra Short ETF (PULT) and Angel Oak Income ETF (CARY). 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.

	PULT	CARY	Difference
Sharpe ratio: Return per unit of total volatility	—	3.29	—
Sortino ratio: Return per unit of downside risk	—	5.01	—
Omega ratio: Gain probability vs. loss probability	—	1.70	—
Calmar ratio: Return relative to maximum drawdown	—	4.62	—
Martin ratio: Return relative to average drawdown	—	19.81	—

Drawdowns

Drawdown Indicators

	PULT	CARY	Difference
Max Drawdown Largest peak-to-trough decline	—	-1.96%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.96%	—
Current Drawdown Current decline from peak	—	-0.43%	—
Average Drawdown Average peak-to-trough decline	—	-0.32%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	PULT	CARY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.80%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	2.72%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	2.72%	—

PULT vs. CARY - Expense Ratio Comparison

PULT has a 0.25% expense ratio, which is lower than CARY's 0.80% expense ratio.

Dividends

PULT vs. CARY - Dividend Comparison

PULT has not paid dividends to shareholders, while CARY's dividend yield for the trailing twelve months is around 5.96%.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.96%	6.13%	6.10%	6.38%	0.48%
PULT Putnam ESG Ultra Short ETF	3.89%	4.59%	5.38%	4.88%	0.00%

Frequently Asked Questions

Can I hold both PULT and CARY in my portfolio?

PULT and CARY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PULT or CARY?

On fees, PULT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PULT or CARY?

PULT is cheaper with a 0.25% expense ratio, compared with 0.80% for CARY.

Which ETF pays a higher dividend yield, PULT or CARY?

CARY has the higher dividend yield at 5.96%, compared with 3.89% for PULT.

What is the main difference between PULT and CARY?

PULT is categorized as Ultrashort Bond, while CARY is Multisector Bonds. They also come from different issuers: Putnam and Angel Oak. Their fees differ too: 0.25% for PULT and 0.80% for CARY.