XSH.TO vs. PULS
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and PULS (PGIM Ultra Short Bond ETF) are both exchange-traded funds - XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while PULS is a Ultrashort Bond fund actively managed by PGIM. XSH.TO is passively managed, while PULS is actively managed. Over the past 5 years, XSH.TO returned 2.86%/yr vs 7.09%/yr for PULS. At a correlation of -0.00, they often move in opposite directions. XSH.TO charges 0.10%/yr vs 0.15%/yr for PULS.
Performance
XSH.TO vs. PULS - Performance Comparison
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Different Trading Currencies
XSH.TO is traded in CAD, while PULS is traded in USD. To make them comparable, the PULS values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XSH.TO achieves a 1.33% return, which is significantly lower than PULS's 3.03% return.
XSH.TO
- 1D
- 0.00%
- 1M
- 1.13%
- YTD
- 1.33%
- 6M
- 1.34%
- 1Y
- 3.85%
- 3Y*
- 6.05%
- 5Y*
- 2.86%
- 10Y*
- 2.82%
PULS
- 1D
- 0.41%
- 1M
- 2.36%
- YTD
- 3.03%
- 6M
- 1.70%
- 1Y
- 6.05%
- 3Y*
- 6.84%
- 5Y*
- 7.09%
- 10Y*
- —
XSH.TO vs. PULS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.33% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.19% |
PULS PGIM Ultra Short Bond ETF | 3.03% | 0.16% | 15.24% | 3.92% | 8.76% | -0.43% | -0.25% | -2.09% | 10.15% |
Correlation
The correlation between XSH.TO and PULS is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2018 | -0.00 |
The correlation between XSH.TO and PULS shifts across timeframes, from -0.12 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XSH.TO vs. PULS — Risk / Return Rank
XSH.TO
PULS
XSH.TO vs. PULS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) 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.
| XSH.TO | PULS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.24 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.71 | +0.86 |
| Martin ratioReturn relative to average drawdown | 10.05 | 4.82 | +5.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XSH.TO | PULS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 1.33 | +0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 1.12 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.69 | +0.05 |
Drawdowns
XSH.TO vs. PULS - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, roughly equal to the maximum PULS drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for XSH.TO and PULS.
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Drawdown Indicators
| XSH.TO | PULS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -13.59% | -0.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -3.56% | +2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -5.08% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -5.08% | -2.72% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -3.40% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.26% | -0.88% |
Volatility
XSH.TO vs. PULS - Volatility Comparison
iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and PGIM Ultra Short Bond ETF (PULS) have volatilities of 0.80% and 0.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSH.TO | PULS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.78% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 3.43% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.16% | 4.56% | -2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.83% | 6.34% | -3.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 6.64% | -2.22% |
XSH.TO vs. PULS - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is lower than PULS's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XSH.TO vs. PULS - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.89%, less than PULS's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PULS PGIM Ultra Short Bond ETF | 4.58% | 4.78% | 5.62% | 5.48% | 2.30% | 1.19% | 1.85% | 2.69% | 1.87% | 0.00% | 0.00% | 0.00% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.89% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
XSH.TO and PULS have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.15% for PULS.
XSH.TO is categorized as Canadian Government Bonds, while PULS is Ultrashort Bond. They also come from different issuers: iShares and PGIM. Their fees differ too: 0.10% for XSH.TO and 0.15% for PULS.
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