BILS vs PULS: Yield, Cost and Returns Compared
As of Nov 5, 2026, PULS yields more: 4.76% (current yield) against 3.67% for BILS. BILS is cheaper to own at 0.14% a year vs 0.15%. Over the same 6 years (Sep 2020 to Oct 2026), PULS returned 3.8% a year with distributions reinvested, and BILS 3.0%. BILS's income is generally exempt from state income tax; PULS's is mostly taxable by states.
| Compared | BILS | PULS |
|---|---|---|
| YieldCurrent yield | 3.67% | 4.76% |
| Expense ratio | 0.14% | 0.15% |
| Total return, 1 yr | +3.7% | +4.1% |
| Total return, 3 yr (a year) | +4.5% | +5.3% |
| Total return, 5 yr (a year) | +3.6% | +4.4% |
| Worst drop since Sep 2020 | -0.3% | -0.4% |
| Share price since Sep 2020 | −1% | −1% |
| Pays | Monthly | Monthly |
| Issuer | State Street Investment Management | PGIM |
| Assets | $4.0B | $19.6B |
| Started | 2020 | 2018 |
| Type | Treasury ETF | Ultra-short bond ETF |
Higher yield
PULS
4.76%
Lower cost
BILS
0.14%
Better total return
PULS
3.8%/yr
Smaller worst drop
BILS
-0.3%
Key facts: BILS vs PULS
Data as of · Source: SmarterDividends data
- As of Nov 5, 2026, BILS yields 3.67% (current yield) and PULS yields 4.76% (current yield).
- BILS's expense ratio is 0.14% and PULS's is 0.15%: $14 vs $15 a year on $10,000.
- From Sep 2020 to Oct 2026, $10,000 in BILS grew to $11,938 (3.0% a year) and $10,000 in PULS to $12,533 (3.8% a year), distributions reinvested.
- Their worst month-end drops over that time: -0.3% for BILS and -0.4% for PULS.
- BILS's income is generally exempt from state income tax, while PULS's is mostly taxable by states.
Cite this page
SmarterDividends, "BILS vs PULS: Yield, Cost and Returns Compared," updated Nov 5, 2026, https://smarterdividends.com/compare/bils-vs-puls
$10,000 in each, Sep 2020 to Oct 2026
Distributions reinvested, month-end values.
BILS became
$11,938
3.0% a year
PULS became
$12,533
3.8% a year
Year by year
| Year | BILS | PULS |
|---|---|---|
| 2025 | +4.2% | +5.0% |
| 2024 | +5.2% | +6.1% |
| 2023 | +4.9% | +6.3% |
| 2022 | +0.9% | +1.5% |
| 2021 | −0.1% | +0.5% |
Total return each calendar year, distributions reinvested.
What each holds and how it's taxed
- BILS · Treasury ETF
- Holds U.S. Treasury securities, so its income is generally exempt from state and local income tax (federal tax still applies).
- PULS · Ultra-short bond ETF
- Holds short-term bonds, which can include corporate or asset-backed debt, for a little more yield than T-bills and a little more price movement.
General information, not tax advice. Every cash fund by yield →
Top holdings
No overlap in the top ten.
BILS
- Holdings not reported.
PULS
- PAAA PGIM AAA CLO ETF2.3%
BILS vs PULS: questions
Is BILS or PULS better?
It depends on the job. PULS pays more today (4.76% vs 3.67%), BILS costs less, and PULS has the better total return over Sep 2020 to Oct 2026, with BILS holding up better in its worst stretch. For cash you may need soon, yield after tax and how easily you can get the money out matter more than past returns.
Which pays a higher dividend, BILS or PULS?
PULS, at 4.76% against 3.67% for BILS as of Nov 5, 2026. On $10,000 that's about $476 vs $367 a year at today's rates.
Which has the better total return?
PULS. From Sep 2020 to Oct 2026, it returned 3.8% a year with distributions reinvested, against 3.0% for BILS. $10,000 became $12,533 vs $11,938.
Which is cheaper, BILS or PULS?
BILS, with a 0.14% expense ratio against 0.15%.
How are BILS and PULS taxed?
BILS: Holds U.S. Treasury securities, so its income is generally exempt from state and local income tax (federal tax still applies). PULS: Holds short-term bonds, which can include corporate or asset-backed debt, for a little more yield than T-bills and a little more price movement. General information, not tax advice.
Yields, costs and holdings as each fund reports them (via Yahoo Finance), updated daily; returns from month-end prices with distributions reinvested. PULS leads on 4 of 6 measures above. For information only, not investment advice. Last fund data: Nov 5, 2026.