In order to investigate the seismic performance of a precast shear wall with a new bundled connection under a high axial compressive ratio, three full-scale precast short-limb shear walls and one full-scale cast-in-place short-limb shear wall were manufactured and loaded under cycling loading. The results show that the precast short-limb shear wall with a new bundled connection has a similar damage mode and crack evolution to the cast-in-place shear wall. Under the same axial compression ratio, the bearing capacity, ductility coefficient, stiffness, and energy dissipation capacity of the precast short-limb shear wall were better, and its seismic performance is related to the axial compression ratio, with the increase of the axial compression ratio. The embedded bellows can limit the cracking of the wall but have little effect on the bearing capacity and stiffness degradation performance. Furthermore, the bond between the vertical steel bars extending into the preformed holes and grouting materials was demonstrated to be reliable, thus ensuring the integrity of the precast specimens.