UYLD vs. PULS

Last updated Jun 23, 2026

UYLD (Angel Oak Ultrashort Income ETF) and PULS (PGIM Ultra Short Bond ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 3 years, UYLD returned 5.85%/yr vs 5.51%/yr for PULS. At a 0.32 correlation, their price movements are largely independent. UYLD charges 0.29%/yr vs 0.15%/yr for PULS.

Performance

UYLD vs. PULS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Ultrashort Income ETF (UYLD) 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, UYLD achieves a 2.07% return, which is significantly higher than PULS's 1.90% return.

UYLD

• 1D: 0.01%
• 1M: 0.61%
• YTD: 2.07%
• 6M: 2.27%
• 1Y: 5.06%
• 3Y*: 5.85%
• 5Y*: —
• 10Y*: —

PULS

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.90%
• 6M: 2.03%
• 1Y: 4.59%
• 3Y*: 5.51%
• 5Y*: 4.16%
• 10Y*: —

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

UYLD vs. PULS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UYLD Angel Oak Ultrashort Income ETF	2.07%	5.36%	6.10%	6.90%	1.09%
PULS PGIM Ultra Short Bond ETF	1.90%	4.97%	6.12%	6.26%	1.10%

Correlation

The correlation between UYLD and PULS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022	0.32

The correlation between UYLD and PULS shifts across timeframes, from 0.32 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UYLD vs. PULS — Risk / Return Rank

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

UYLD

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

UYLD vs. PULS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Ultrashort Income ETF (UYLD) 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.

	UYLD	PULS	Difference
Sharpe ratio: Return per unit of total volatility	7.94	10.75	-2.81
Sortino ratio: Return per unit of downside risk	21.72	27.89	-6.17
Omega ratio: Gain probability vs. loss probability	4.39	6.78	-2.38
Calmar ratio: Return relative to maximum drawdown	37.15	51.29	-14.14
Martin ratio: Return relative to average drawdown	223.31	293.54	-70.23

UYLD vs. PULS - Sharpe Ratio Comparison

The current UYLD Sharpe Ratio is 7.94, which is comparable to the PULS Sharpe Ratio of 10.75. The chart below compares the historical Sharpe Ratios of UYLD 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

UYLD vs. PULS - Drawdown Comparison

The maximum UYLD drawdown since its inception was -0.54%, smaller than the maximum PULS drawdown of -5.85%. Use the drawdown chart below to compare losses from any high point for UYLD and PULS.

Drawdown Indicators

	UYLD	PULS	Difference
Max Drawdown Largest peak-to-trough decline	-0.54%	-5.85%	+5.31%
Max Drawdown (1Y) Largest decline over 1 year	-0.14%	-0.09%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.54%	-0.34%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.79%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.09%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.02%	0.00%

Volatility

UYLD vs. PULS - Volatility Comparison

Angel Oak Ultrashort Income ETF (UYLD) has a higher volatility of 0.37% compared to PGIM Ultra Short Bond ETF (PULS) at 0.15%. This indicates that UYLD'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

	UYLD	PULS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.15%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	0.50%	0.32%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	0.64%	0.43%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.00%	0.70%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.00%	1.33%	-0.33%

UYLD vs. PULS - Expense Ratio Comparison

UYLD has a 0.29% expense ratio, which is higher than PULS's 0.15% expense ratio.

Dividends

UYLD vs. PULS - Dividend Comparison

UYLD's dividend yield for the trailing twelve months is around 5.03%, more 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%
UYLD Angel Oak Ultrashort Income ETF	5.03%	5.07%	4.97%	5.92%	0.75%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UYLD and PULS in my portfolio?

UYLD and PULS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYLD or PULS?

UYLD has higher volatility (0.37%) compared to PULS (0.15%). In terms of maximum drawdown, UYLD dropped -0.54% vs PULS's -5.85%.

Which ETF is better, UYLD or PULS?

On 3-year performance, UYLD leads with 5.85% vs 5.51% for PULS. On fees, PULS is cheaper at 0.15% per year. On volatility, PULS 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, UYLD or PULS?

Over the 3-year period, UYLD has performed better with a 5.85% return vs 5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYLD or PULS?

PULS is cheaper with a 0.15% expense ratio, compared with 0.29% for UYLD.

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

UYLD has the higher dividend yield at 5.03%, compared with 4.57% for PULS.

What is the main difference between UYLD and PULS?

They also come from different issuers: Angel Oak and PGIM. Their fees differ too: 0.29% for UYLD and 0.15% for PULS.

Which has better risk-adjusted returns?

PULS currently has the higher Sharpe Ratio (10.75 vs 7.94), 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.