PGIM Ultra Short Bond (PULS) Performance
PULS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +3.2% since Dec 31, 2025
- 1 year
- +4.1% total return
- 5 years
- +4.4% a year
- Since first price
- +3.4% a year since 2018
PULS trailing returns vs AGG, TLT, SPY
| Period | PULS total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +0.3% | −0.1% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.9% | −0.1% | −0.4% | −1.0% | +3.2% |
| 6 months | +1.9% | −0.2% | −1.5% | −3.8% | +7.8% |
| YTD | +3.2% | −0.0% | −1.0% | −3.4% | +12.3% |
| 1 year | +4.1% | −0.4% | −1.1% | −6.9% | +14.4% |
| 3 years | +16.6%+5.3%/yr | +0.3% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +24.0%+4.4%/yr | −0.1% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionApr 10, 2018 | +32.7%+3.4%/yr | −0.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PULS vs AGG
From Apr 10, 2018: PULS grew to $13,270, AGG to $11,506.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PULS returns by calendar year
7 of 7 full years positive. Best 2023 (+6.3%), worst 2021 (+0.5%). 2026 is year to date.
PULS annual returns table
| Year | PULS | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +3.2% | −0.1% | −1.0% | −3.4% | +12.3% |
| 2025 | +5.0% | −0.3% | +7.2% | +4.3% | +17.7% |
| 2024 | +6.1% | −0.1% | +1.3% | −8.1% | +24.9% |
| 2023 | +6.3% | −0.8% | +5.7% | +2.8% | +26.2% |
| 2022 | +1.5% | −0.5% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.5% | −0.1% | −1.8% | −4.6% | +28.7% |
| 2020 | +1.5% | −5.9% | +7.5% | +18.2% | +18.3% |
| 2019 | +3.2% | −0.1% | +8.5% | +14.1% | +31.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PULS largest drawdowns
At an all-time high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 28, 2020 | −5.9% | Mar 20, 2020 | Jun 18, 2020 | 21 days | 4 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PULS risk statistics
| Statistic | 3 years | 5 years | Since 2018 |
|---|---|---|---|
| Annualized return | +5.3% | +4.3% | +3.4% |
| Volatility (annualized) | 0.4% | 0.8% | 1.4% |
| Sharpe ratio | 2.45 | 1.50 | 0.60 |
| Sortino ratio | 5.33 | 2.73 | 0.73 |
| Best month | +0.7% | +0.7% | +1.5% |
| Worst month | +0.1% | −0.2% | −2.8% |
| Best 12 months | +6.5% | +6.7% | +6.7% |
| Worst 12 months | +4.1% | +0.3% | −0.3% |
| Positive months | 100% | 90% | 92% |
| Beta vs S&P 500 | 0.02 | 0.02 | — |
| Correlation with S&P 500 | 0.56 | 0.31 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PULS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 91 | −0.3% | +3.2% | +6.7% | 93% |
| 3-year (a year) | 67 | +1.0% | +2.9% | +5.9% | 100% |
| 5-year (a year) | 43 | +2.0% | +3.2% | +4.4% | 100% |
Every holding period starting at a month-end since 2018. Returns for 3 years and longer are annualized.
PULS performance overview
PGIM Ultra Short Bond (PULS) returned +4.1% over the past year and +4.4% a year over five years, with distributions reinvested. Since its first recorded price in 2018 it has returned +3.4% a year, turning $10,000 into about $13,270. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −5.9%, from Feb 28, 2020 to Mar 20, 2020, and it took 3 months to get back to the old high. PULS finished 7 of its 7 full calendar years with a gain; the best year was 2023 (+6.3%) and the worst 2021 (+0.5%). Volatility has been 1.4% a year.
Related: PULS chart, PULS dividends, PULS bond profile. See the PULS overview for the latest quote and fund facts.
PULS performance FAQ
What is the PULS return over the past year?
PULS returned +4.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 0.4%.
What is the average annual return of PULS?
PULS has returned +4.4% a year over 5 years, +3.4% a year since April 10, 2018 (total return, distributions reinvested).
How much would $10,000 invested in PULS be worth?
$10,000 invested in PULS at its first recorded close on April 10, 2018 would be worth about $13,270 on October 23, 2026 with distributions reinvested.
What was the worst year for PULS?
The worst calendar year was 2021, with a total return of +0.5%. The best was 2023 at +6.3%.
What is the biggest drawdown of PULS?
The largest peak-to-trough decline was −5.9% between February 28, 2020 and March 20, 2020. It recovered to the old high on June 18, 2020, 3 months after the bottom.
How volatile is PULS?
Over the past 3 years PULS had an annualized volatility of 0.4% and a Sharpe ratio of 2.45 (excess return over 1–3 month T-bills per unit of risk).