PULT vs. SPTU

Last updated Jun 4, 2026

PULT (Putnam ESG Ultra Short ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds. PULT is actively managed, while SPTU is passively managed. At a 0.18 correlation, their price movements are largely independent. PULT charges 0.25%/yr vs 0.05%/yr for SPTU.

Performance

PULT vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG Ultra Short ETF (PULT) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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 SPTU's 1.48% return.

PULT

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

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PULT vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
PULT Putnam ESG Ultra Short ETF	1.23%	1.04%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between PULT and SPTU is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.18

Return for Risk

PULT vs. SPTU — 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

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. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Ultra Short ETF (PULT) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	5.71	—	—
Sortino ratio: Return per unit of downside risk	10.25	—	—
Omega ratio: Gain probability vs. loss probability	3.12	—	—
Calmar ratio: Return relative to maximum drawdown	14.92	—	—
Martin ratio: Return relative to average drawdown	102.05	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PULT	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	8.37	11.82	-3.46

Drawdowns

PULT vs. SPTU - Drawdown Comparison

The maximum PULT drawdown since its inception was -0.34%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for PULT and SPTU.

Drawdown Indicators

	PULT	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-0.34%	-0.04%	-0.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.29%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.29%	—	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.00%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	—	—

Volatility

Volatility by Period

	PULT	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.75%	0.32%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.63%	0.32%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.63%	0.32%	+0.31%

PULT vs. SPTU - Expense Ratio Comparison

PULT has a 0.25% expense ratio, which is higher than SPTU's 0.05% 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. SPTU - Dividend Comparison

PULT's dividend yield for the trailing twelve months is around 4.65%, more than SPTU's 2.36% yield.

Position	TTM	2025	2024	2023
PULT Putnam ESG Ultra Short ETF	4.65%	4.59%	5.38%	4.88%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PULT and SPTU in my portfolio?

PULT and SPTU have a correlation of 0.18, 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 SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PULT or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.25% for PULT.

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

PULT has the higher dividend yield at 4.65%, compared with 2.36% for SPTU.

What is the main difference between PULT and SPTU?

They also come from different issuers: Putnam and State Street. Their fees differ too: 0.25% for PULT and 0.05% for SPTU.