SADIX vs. PULS

Last updated Jun 24, 2026

SADIX (Allspring Ultra Short-Term Income Fund) and PULS (PGIM Ultra Short Bond ETF) are both Ultrashort Bond funds. Over the past 5 years, SADIX returned 3.70%/yr vs 4.18%/yr for PULS. At a 0.24 correlation, their price movements are largely independent. SADIX charges 0.26%/yr vs 0.15%/yr for PULS.

Performance

SADIX vs. PULS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Ultra Short-Term Income Fund (SADIX) 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, SADIX achieves a 1.38% return, which is significantly lower than PULS's 1.96% return.

SADIX

• 1D: 0.00%
• 1M: 0.24%
• YTD: 1.38%
• 6M: 1.86%
• 1Y: 4.52%
• 3Y*: 5.63%
• 5Y*: 3.70%
• 10Y*: 2.91%

PULS

• 1D: 0.06%
• 1M: 0.32%
• YTD: 1.96%
• 6M: 2.10%
• 1Y: 4.59%
• 3Y*: 5.53%
• 5Y*: 4.18%
• 10Y*: —

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

SADIX vs. PULS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SADIX Allspring Ultra Short-Term Income Fund	1.38%	5.28%	6.34%	6.27%	-0.56%	0.22%	2.73%	3.82%	1.46%
PULS PGIM Ultra Short Bond ETF	1.96%	4.97%	6.12%	6.26%	1.52%	0.48%	1.47%	2.97%	1.71%

Correlation

The correlation between SADIX and PULS is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018	0.24

Return for Risk

SADIX vs. PULS — Risk / Return Rank

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

SADIX

SADIX Risk / Return Rank: 98
SADIX Sharpe Ratio Rank: 96
SADIX Sortino Ratio Rank: 99
SADIX Omega Ratio Rank: 99
SADIX Calmar Ratio Rank: 99
SADIX Martin Ratio Rank: 99

PULS

PULS Risk / Return Rank: 99
PULS Sharpe Ratio Rank: 99
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.

SADIX vs. PULS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Ultra Short-Term Income Fund (SADIX) 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.

	SADIX	PULS	Difference
Sharpe ratio: Return per unit of total volatility	3.13	10.75	-7.62
Sortino ratio: Return per unit of downside risk	9.02	27.89	-18.87
Omega ratio: Gain probability vs. loss probability	3.07	6.78	-3.71
Calmar ratio: Return relative to maximum drawdown	13.40	51.29	-37.89
Martin ratio: Return relative to average drawdown	50.83	293.54	-242.71

SADIX vs. PULS - Sharpe Ratio Comparison

The current SADIX Sharpe Ratio is 3.13, which is lower than the PULS Sharpe Ratio of 10.75. The chart below compares the historical Sharpe Ratios of SADIX 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

SADIX vs. PULS - Drawdown Comparison

The maximum SADIX drawdown since its inception was -7.34%, which is greater than PULS's maximum drawdown of -5.85%. Use the drawdown chart below to compare losses from any high point for SADIX and PULS.

Drawdown Indicators

	SADIX	PULS	Difference
Max Drawdown Largest peak-to-trough decline	-7.34%	-5.85%	-1.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.34%	-0.09%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-0.57%	-0.34%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-2.16%	-0.79%	-1.37%
Max Drawdown (10Y) Largest decline over 10 years	-4.67%	—	—
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.09%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	0.02%	+0.07%

Volatility

SADIX vs. PULS - Volatility Comparison

Allspring Ultra Short-Term Income Fund (SADIX) has a higher volatility of 0.51% compared to PGIM Ultra Short Bond ETF (PULS) at 0.16%. This indicates that SADIX'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

	SADIX	PULS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.16%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	0.32%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	1.45%	0.43%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.41%	0.70%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.34%	1.33%	+0.01%

SADIX vs. PULS - Expense Ratio Comparison

SADIX has a 0.26% expense ratio, which is higher than PULS's 0.15% 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

SADIX vs. PULS - Dividend Comparison

SADIX's dividend yield for the trailing twelve months is around 4.30%, less than PULS's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PULS PGIM Ultra Short Bond ETF	4.57%	4.78%	5.62%	5.48%	2.30%	1.19%	1.85%	2.69%	1.87%	0.00%	0.00%	0.00%
SADIX Allspring Ultra Short-Term Income Fund	4.30%	4.45%	4.39%	2.99%	1.44%	0.80%	1.85%	2.44%	2.03%	1.49%	1.36%	1.11%

Frequently Asked Questions

Can I hold both SADIX and PULS in my portfolio?

SADIX and PULS have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SADIX or PULS?

SADIX has higher volatility (0.51%) compared to PULS (0.16%). In terms of maximum drawdown, SADIX dropped -7.34% vs PULS's -5.85%.

Which has better risk-adjusted returns?

PULS currently has the higher Sharpe Ratio (10.75 vs 3.13), 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.