Arterial spin labeling (ASL) fMRI is beneficial, but suffers from low temporal signal-to-noise ratio (tSNR). We compared GRAPPA- and CAIPI-accelerated optimized short-TR single-shot 3D GRASE PASL and PCASL approaches at 3T. The CAIPI acceleration approach results in equally good or better results than the GRAPPA technique. Despite having higher perfusion tSNR, PCASL did not lead to significantly higher activation z-scores than PASL, reflecting the influence of larger number of samples for the latter. In conclusion, the higher (perfusion) tSNR efficiency of PCASL does not always guarantee outperformance and the best ASL fMRI approach will depend on the specific experimental parameters.