PULT vs. ICSH

Last updated Jun 4, 2026

PULT (Putnam ESG Ultra Short ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds. PULT is actively managed, while ICSH is passively managed. Over the past 3 years, PULT returned 5.35%/yr vs 5.20%/yr for ICSH. At a 0.24 correlation, their price movements are largely independent. PULT charges 0.25%/yr vs 0.08%/yr for ICSH.

Performance

PULT vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG Ultra Short ETF (PULT) and iShares Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PULT achieves a 1.23% return, which is significantly lower than ICSH's 1.45% return.

PULT

• 1D: -0.29%
• 1M: 0.35%
• YTD: 1.23%
• 6M: 1.65%
• 1Y: 4.26%
• 3Y*: 5.35%
• 5Y*: —
• 10Y*: —

ICSH

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.45%
• 6M: 1.79%
• 1Y: 4.36%
• 3Y*: 5.20%
• 5Y*: 3.67%
• 10Y*: 2.76%

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

PULT vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PULT Putnam ESG Ultra Short ETF	1.23%	5.08%	5.93%	5.46%
ICSH iShares Ultra Short Duration Bond Active ETF	1.45%	4.96%	5.52%	5.19%

Correlation

The correlation between PULT and ICSH is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.24

PULT vs. ICSH - Sectors Allocation Comparison

Sectors	PULT	ICSH
Financial Services	2.8%	-
Real Estate	1.5%	-
Industrials	0.9%	-
Consumer Cyclical	0.7%	-
Communication Services	0.6%	-
Technology	0.6%	-
Healthcare	0.3%	-
Utilities	0.2%	100.0%
Energy	0.1%	-
Basic Materials	0.1%	-
Consumer Defensive	-	-

Return for Risk

PULT vs. ICSH — Risk / Return Rank

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

PULT

PULT Risk / Return Rank: 98
PULT Sharpe Ratio Rank: 98
PULT Sortino Ratio Rank: 99
PULT Omega Ratio Rank: 99
PULT Calmar Ratio Rank: 98
PULT Martin Ratio Rank: 99

ICSH

ICSH Risk / Return Rank: 99
ICSH Sharpe Ratio Rank: 99
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 100
ICSH Calmar Ratio Rank: 99
ICSH Martin Ratio Rank: 99

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. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Ultra Short ETF (PULT) and iShares Ultra Short Duration Bond Active ETF (ICSH). 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.

	PULT	ICSH	Difference
Sharpe ratio: Return per unit of total volatility	5.71	11.22	-5.51
Sortino ratio: Return per unit of downside risk	10.25	28.46	-18.21
Omega ratio: Gain probability vs. loss probability	3.12	6.79	-3.67
Calmar ratio: Return relative to maximum drawdown	14.92	44.30	-29.38
Martin ratio: Return relative to average drawdown	102.05	297.17	-195.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PULT vs. ICSH - Sharpe Ratio Comparison

The current PULT Sharpe Ratio is 5.71, which is lower than the ICSH Sharpe Ratio of 11.22. The chart below compares the historical Sharpe Ratios of PULT and ICSH, 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

	PULT	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.71	11.22	-5.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	7.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	8.37	1.93	+6.43

Drawdowns

PULT vs. ICSH - Drawdown Comparison

The maximum PULT drawdown since its inception was -0.34%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for PULT and ICSH.

Drawdown Indicators

	PULT	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-0.34%	-3.94%	+3.60%
Max Drawdown (1Y) Largest decline over 1 year	-0.29%	-0.10%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-0.29%	-0.10%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-3.94%	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.08%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.01%	+0.03%

Volatility

PULT vs. ICSH - Volatility Comparison

Putnam ESG Ultra Short ETF (PULT) has a higher volatility of 0.52% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that PULT's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PULT	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.15%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	0.62%	0.30%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	0.75%	0.39%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.63%	0.48%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.63%	1.06%	-0.43%

PULT vs. ICSH - Expense Ratio Comparison

PULT has a 0.25% expense ratio, which is higher than ICSH's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PULT vs. ICSH - Dividend Comparison

PULT's dividend yield for the trailing twelve months is around 4.65%, more than ICSH's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICSH iShares Ultra Short Duration Bond Active ETF	4.34%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%
PULT Putnam ESG Ultra Short ETF	4.65%	4.59%	5.38%	4.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PULT and ICSH in my portfolio?

PULT and ICSH have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PULT or ICSH?

PULT has higher volatility (0.52%) compared to ICSH (0.15%). In terms of maximum drawdown, PULT dropped -0.34% vs ICSH's -3.94%.

Which ETF is better, PULT or ICSH?

On 3-year performance, PULT leads with 5.35% vs 5.20% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PULT or ICSH?

Over the 3-year period, PULT has performed better with a 5.35% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PULT or ICSH?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.25% for PULT.

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

PULT has the higher dividend yield at 4.65%, compared with 4.34% for ICSH.

What is the main difference between PULT and ICSH?

They also come from different issuers: Putnam and iShares. Their fees differ too: 0.25% for PULT and 0.08% for ICSH.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.22 vs 5.71), 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.