PVAL vs. PULS

Last updated Jun 14, 2026

PVAL (Putnam Focused Large Cap Value ETF) and PULS (PGIM Ultra Short Bond ETF) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while PULS is a Ultrashort Bond fund actively managed by PGIM. Both are actively managed. Over the past 5 years, PVAL returned 16.29%/yr vs 4.14%/yr for PULS. At a 0.10 correlation, their price movements are largely independent. PVAL charges 0.55%/yr vs 0.15%/yr for PULS.

Performance

PVAL vs. PULS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Value ETF (PVAL) and PGIM Ultra Short Bond ETF (PULS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVAL achieves a 13.07% return, which is significantly higher than PULS's 1.88% return.

PVAL

• 1D: 1.06%
• 1M: 3.05%
• YTD: 13.07%
• 6M: 13.55%
• 1Y: 32.98%
• 3Y*: 23.14%
• 5Y*: 16.29%
• 10Y*: —

PULS

• 1D: 0.04%
• 1M: 0.38%
• YTD: 1.88%
• 6M: 2.10%
• 1Y: 4.67%
• 3Y*: 5.59%
• 5Y*: 4.14%
• 10Y*: —

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

PVAL vs. PULS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PVAL Putnam Focused Large Cap Value ETF	13.07%	24.13%	19.30%	18.41%	-2.61%	11.77%
PULS PGIM Ultra Short Bond ETF	1.88%	4.97%	6.12%	6.26%	1.52%	0.11%

Correlation

The correlation between PVAL and PULS is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.10

The correlation between PVAL and PULS shifts across timeframes, from 0.10 (5 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PVAL vs. PULS — Risk / Return Rank

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

PVAL

PVAL Risk / Return Rank: 90
PVAL Sharpe Ratio Rank: 93
PVAL Sortino Ratio Rank: 92
PVAL Omega Ratio Rank: 91
PVAL Calmar Ratio Rank: 88
PVAL Martin Ratio Rank: 88

PULS

PULS Risk / Return Rank: 99
PULS Sharpe Ratio Rank: 100
PULS Sortino Ratio Rank: 99
PULS Omega Ratio Rank: 99
PULS Calmar Ratio Rank: 99
PULS 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.

PVAL vs. PULS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) and PGIM Ultra Short Bond ETF (PULS). 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.

	PVAL	PULS	Difference
Sharpe ratio: Return per unit of total volatility	2.89	11.41	-8.52
Sortino ratio: Return per unit of downside risk	4.03	32.91	-28.88
Omega ratio: Gain probability vs. loss probability	1.52	7.59	-6.07
Calmar ratio: Return relative to maximum drawdown	4.45	52.47	-48.02
Martin ratio: Return relative to average drawdown	16.87	317.38	-300.51

PVAL vs. PULS - Sharpe Ratio Comparison

The current PVAL Sharpe Ratio is 2.89, which is lower than the PULS Sharpe Ratio of 11.41. The chart below compares the historical Sharpe Ratios of PVAL and PULS, 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

PVAL vs. PULS - Drawdown Comparison

The maximum PVAL drawdown since its inception was -16.64%, which is greater than PULS's maximum drawdown of -5.85%. Use the drawdown chart below to compare losses from any high point for PVAL and PULS.

Drawdown Indicators

	PVAL	PULS	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-5.85%	-10.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-0.09%	-7.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-0.34%	-15.08%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-0.79%	-15.85%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.01%	-0.09%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	0.01%	+1.89%

Volatility

PVAL vs. PULS - Volatility Comparison

Putnam Focused Large Cap Value ETF (PVAL) has a higher volatility of 3.68% compared to PGIM Ultra Short Bond ETF (PULS) at 0.11%. This indicates that PVAL's price experiences larger fluctuations and is considered to be riskier than PULS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVAL	PULS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	0.11%	+3.57%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	0.30%	+8.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.12%	0.41%	+10.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	0.70%	+14.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.25%	1.33%	+13.92%

PVAL vs. PULS - Expense Ratio Comparison

PVAL has a 0.55% expense ratio, which is higher than PULS's 0.15% expense ratio.

Dividends

PVAL vs. PULS - Dividend Comparison

PVAL's dividend yield for the trailing twelve months is around 0.97%, less than PULS's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PULS PGIM Ultra Short Bond ETF	4.57%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%
PVAL Putnam Focused Large Cap Value ETF	0.97%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PVAL and PULS in my portfolio?

PVAL and PULS have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PVAL or PULS?

PVAL has higher volatility (3.68%) compared to PULS (0.11%). In terms of maximum drawdown, PVAL dropped -16.64% vs PULS's -5.85%.

Which ETF is better, PVAL or PULS?

On 5-year performance, PVAL leads with 16.29% vs 4.14% 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, PVAL or PULS?

Over the 5-year period, PVAL has performed better with a 16.29% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVAL or PULS?

PULS is cheaper with a 0.15% expense ratio, compared with 0.55% for PVAL.

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

PULS has the higher dividend yield at 4.57%, compared with 0.97% for PVAL.

What is the main difference between PVAL and PULS?

PVAL is categorized as Large Cap Value Equities, while PULS is Ultrashort Bond. They also come from different issuers: Putnam and PGIM. Their fees differ too: 0.55% for PVAL and 0.15% for PULS.

Which has better risk-adjusted returns?

PULS currently has the higher Sharpe Ratio (11.41 vs 2.89), 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.