PUSH vs. CLIP

Last updated Aug 2, 2026

PUSH (PGIM Ultra Short Municipal Bond ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - PUSH is a Municipal Bonds fund actively managed by PGIM, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. PUSH is actively managed, while CLIP is passively managed. Over the past year, PUSH returned 3.05% vs 3.87% for CLIP. Their 0.05 correlation means their historical movements had little consistent relationship. PUSH charges 0.15%/yr vs 0.07%/yr for CLIP.

Performance

PUSH vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Ultra Short Municipal Bond ETF (PUSH) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PUSH achieves a 1.56% return, which is significantly lower than CLIP's 2.13% return.

PUSH

• 1D: 0.01%
• 1M: 0.02%
• 6M: 1.03%
• YTD: 1.56%
• 1Y: 3.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.58%

CLIP

• 1D: 0.03%
• 1M: 0.29%
• 6M: 1.83%
• YTD: 2.13%
• 1Y: 3.87%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLIP Global X 1-3 Month T-Bill ETF	$16.58M	$21.00M	$33.74M
PUSH PGIM Ultra Short Municipal Bond ETF	$1.06M	$1.02M	$945.33K

PUSH vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PUSH PGIM Ultra Short Municipal Bond ETF	1.56%	4.16%	1.74%
CLIP Global X 1-3 Month T-Bill ETF	2.13%	4.23%	2.61%

Correlation

The correlation between PUSH and CLIP is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	0.05

Return for Risk

PUSH vs. CLIP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PUSH

PUSH Risk / Return Rank: 93
PUSH Sharpe Ratio Rank: 89
PUSH Sortino Ratio Rank: 91
PUSH Omega Ratio Rank: 96
PUSH Calmar Ratio Rank: 96
PUSH Martin Ratio Rank: 92

CLIP

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PUSH vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Municipal Bond ETF (PUSH) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

	PUSH	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	2.17	18.23	-16.06
Sortino ratio: Return per unit of downside risk	3.26	106.96	-103.69
Omega ratio: Gain probability vs. loss probability	1.59	35.98	-34.40
Calmar ratio: Return relative to maximum drawdown	6.59	197.11	-190.52
Martin ratio: Return relative to average drawdown	16.23	1,667.91	-1,651.67

PUSH vs. CLIP - Sharpe Ratio Comparison

The current PUSH Sharpe Ratio is 2.17, which is lower than the CLIP Sharpe Ratio of 18.23. The chart below compares the historical Sharpe Ratios of PUSH and CLIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PUSH vs. CLIP - Drawdown Comparison

The maximum PUSH drawdown since its inception was -0.85%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PUSH and CLIP.

Drawdown Indicators

	PUSH	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-0.85%	-0.08%	-0.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-0.02%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.08%	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.10%	0.00%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.00%	+0.20%

Volatility

PUSH vs. CLIP - Volatility Comparison

PGIM Ultra Short Municipal Bond ETF (PUSH) has a higher volatility of 0.25% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.07%. This indicates that PUSH's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PUSH	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.07%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	0.62%	0.15%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	0.22%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.27%	0.43%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.27%	0.43%	+0.84%

PUSH vs. CLIP - Expense Ratio Comparison

PUSH has a 0.15% expense ratio, which is higher than CLIP's 0.07% 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

PUSH vs. CLIP - Dividend Comparison

PUSH's dividend yield for the trailing twelve months is around 3.49%, less than CLIP's 3.85% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.49%	4.14%	5.11%	2.75%
PUSH PGIM Ultra Short Municipal Bond ETF	3.17%	3.45%	1.86%	0.00%

Frequently Asked Questions

Can I hold both PUSH and CLIP in my portfolio?

PUSH and CLIP have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PUSH or CLIP?

PUSH has higher volatility (0.25%) compared to CLIP (0.07%). In terms of maximum drawdown, PUSH dropped -0.85% vs CLIP's -0.08%.

Which ETF is better, PUSH or CLIP?

On 1-year performance, CLIP leads with 3.87% vs 3.05% for PUSH. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PUSH or CLIP?

Over the 1-year period, CLIP has performed better with a 3.87% return vs 3.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PUSH or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.15% for PUSH.

Which ETF pays a higher dividend yield, PUSH or CLIP?

CLIP has the higher dividend yield at 3.49%, compared with 3.17% for PUSH.

What is the main difference between PUSH and CLIP?

PUSH is categorized as Municipal Bonds, while CLIP is Ultrashort Bond. They also come from different issuers: PGIM and Global X. Their fees differ too: 0.15% for PUSH and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (18.23 vs 2.17), 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.