AMZA vs. ULST
AMZA (InfraCap MLP ETF) and ULST (State Street Ultra Short Term Bond ETF) are both exchange-traded funds - AMZA is a MLPs fund actively managed by Virtus, while ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index. AMZA is actively managed, while ULST is passively managed. Over the past 10 years, AMZA returned 5.46%/yr vs 2.68%/yr for ULST. Their -0.03 correlation means they have often moved in opposite directions in the past. AMZA charges 2.01%/yr vs 0.20%/yr for ULST.
Performance
AMZA vs. ULST - Performance Comparison
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Returns By Period
In the year-to-date period, AMZA achieves a 30.46% return, which is significantly higher than ULST's 1.75% return. Over the past 10 years, AMZA has outperformed ULST with an annualized return of 5.46%, while ULST has yielded a comparatively lower 2.68% annualized return.
AMZA
- 1D
- 0.65%
- 1M
- 5.94%
- 6M
- 21.61%
- YTD
- 30.46%
- 1Y
- 23.26%
- 3Y*
- 22.79%
- 5Y*
- 22.88%
- 10Y*
- 5.46%
- ALL TIME*
- -0.35%
ULST
- 1D
- -0.01%
- 1M
- 0.22%
- 6M
- 1.36%
- YTD
- 1.75%
- 1Y
- 3.45%
- 3Y*
- 4.80%
- 5Y*
- 3.61%
- 10Y*
- 2.68%
- ALL TIME*
- 2.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
AMZA InfraCap MLP ETF | $1.66M | $1.65M | $1.75M |
| $2.38M | $2.82M | $3.86M |
AMZA vs. ULST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AMZA InfraCap MLP ETF | 30.46% | 0.17% | 30.90% | 23.35% | 33.20% | 51.22% | -49.25% | 6.27% | -26.78% | -6.90% |
ULST State Street Ultra Short Term Bond ETF | 1.75% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
Correlation
The correlation between AMZA and ULST is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014 | -0.03 |
The correlation between AMZA and ULST shifts across timeframes, from -0.22 (1 year) to -0.02 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
AMZA vs. ULST — Risk / Return Rank
AMZA
ULST
AMZA vs. ULST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and State Street Ultra Short Term Bond ETF (ULST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AMZA | ULST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.61 | ||
| Sortino ratioReturn per unit of downside risk | -9.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 2.65 | -1.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 15.97 | -14.12 |
| Martin ratioReturn relative to average drawdown | 4.51 | 82.38 | -77.86 |
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Drawdowns
AMZA vs. ULST - Drawdown Comparison
The maximum AMZA drawdown since its inception was -91.46%, which is greater than ULST's maximum drawdown of -6.20%. Use the drawdown chart below to compare losses from any high point for AMZA and ULST.
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Drawdown Indicators
| AMZA | ULST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.46% | -6.20% | -85.26% |
Max Drawdown (1Y)Largest decline over 1 year | -11.84% | -0.24% | -11.60% |
Max Drawdown (3Y)Largest decline over 3 years | -18.56% | -0.54% | -18.02% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -1.22% | -23.93% |
Max Drawdown (10Y)Largest decline over 10 years | -86.84% | -6.20% | -80.64% |
Current DrawdownCurrent decline from peak | -4.13% | -0.01% | -4.12% |
Average DrawdownAverage peak-to-trough decline | -44.51% | -0.16% | -44.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.02% | 0.05% | +4.97% |
Volatility
AMZA vs. ULST - Volatility Comparison
InfraCap MLP ETF (AMZA) has a higher volatility of 5.43% compared to State Street Ultra Short Term Bond ETF (ULST) at 0.11%. This indicates that AMZA's price experiences larger fluctuations and is considered to be riskier than ULST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMZA | ULST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.43% | 0.11% | +5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 14.17% | 0.43% | +13.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.20% | 0.65% | +17.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.27% | 0.97% | +24.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.14% | 1.43% | +35.71% |
AMZA vs. ULST - Expense Ratio Comparison
AMZA has a 2.01% expense ratio, which is higher than ULST's 0.20% expense ratio.
Dividends
AMZA vs. ULST - Dividend Comparison
AMZA's dividend yield for the trailing twelve months is around 7.83%, more than ULST's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMZA InfraCap MLP ETF | 7.83% | 8.81% | 7.29% | 9.40% | 7.65% | 10.24% | 22.13% | 19.47% | 34.46% | 24.16% | 18.36% | 18.21% |
ULST State Street Ultra Short Term Bond ETF | 3.84% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
Frequently Asked Questions
AMZA and ULST have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMZA has higher volatility (5.43%) compared to ULST (0.11%). In terms of maximum drawdown, AMZA dropped -91.46% vs ULST's -6.20%.
On 10-year performance, AMZA leads with 5.46% vs 2.68% for ULST. On fees, ULST is cheaper at 0.20% per year. On volatility, ULST has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AMZA has performed better with a 5.46% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULST is cheaper with a 0.20% expense ratio, compared with 2.01% for AMZA.
AMZA has the higher dividend yield at 7.83%, compared with 3.84% for ULST.
AMZA is categorized as MLPs, while ULST is Ultrashort Bond. They also come from different issuers: Virtus and State Street. Their fees differ too: 2.01% for AMZA and 0.20% for ULST.
ULST currently has the higher Sharpe Ratio (5.81 vs 1.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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