PULS vs SPY
PULS vs SPY
PGIM Ultra Short Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PULS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $18.2B | $789.1B | |
| Dividend Yield | 5.28% | 1.01% | |
| Holdings | 683 | 505 | |
| YTD Return | +2.30% | +9.93% | |
| 1Y Return | +4.49% | +19.50% | |
| 3Y Return (annualized) | +5.44% | +19.33% | |
| 5Y Return (annualized) | +4.24% | +12.82% | |
| Volatility (annualized) | 1.5% | 15.3% | |
| Max Drawdown | -6.1% | -56.5% | |
| Fund Family | PGIM Investments | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Apr 5, 2018 | Jan 22, 1993 |
PULS vs SPY Performance
PGIM Ultra Short Bond ETF (PULS) is a ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PULS returned +4.49% while SPY returned +19.50%. Year to date, PULS is up 2.30% versus a gain of 9.93% for SPY.
Over three years, PULS compounded at +5.44% per year against +19.33% for SPY; over five years the annualized figures are +4.24% and +12.82% respectively. Across the full 8-year window we track, SPY has the edge at +8.74% annualized vs +2.53%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.5% for PULS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -6.1% for PULS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.42. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PULS charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, PULS currently yields 5.28% against 1.01% for SPY.
Holdings Overlap
Frequently Asked Questions
Which is cheaper, PULS or SPY?
PULS has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, PULS or SPY?
Over the past year PULS returned +4.49% vs +19.50% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), PULS annualized +2.53% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, PULS or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.5% for PULS. Worst drawdown: PULS -6.1% vs SPY -56.5%.
Should I hold both PULS and SPY?
PULS and SPY have a monthly-return correlation of 0.42, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PULS and SPY?
PULS and SPY share 2 common holdings with a 0.4% weight overlap. Combined, they hold 913 unique securities.
Which pays a higher dividend, PULS or SPY?
PULS yields 5.28% while SPY yields 1.01%, so PULS currently pays the higher dividend yield.
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