PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DFND vs. ULST
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFND vs. ULST

Last updated Jun 4, 2026

DFND (Siren DIVCON Dividend Defender ETF) and ULST (State Street Ultra Short Term Bond ETF) are both exchange-traded funds - DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index, while ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index. Both are passively managed. Over the past 10 years, DFND returned 7.16%/yr vs 2.67%/yr for ULST. At a correlation of -0.01, they often move in opposite directions. DFND charges 1.50%/yr vs 0.20%/yr for ULST.

Performance

DFND vs. ULST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and State Street Ultra Short Term Bond ETF (ULST). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

Over the past 10 years, DFND has outperformed ULST with an annualized return of 7.16%, while ULST has yielded a comparatively lower 2.67% annualized return.

DFND

1D
0.00%
1M
0.00%
YTD
0.00%
6M
-1.09%
1Y
0.20%
3Y*
7.91%
5Y*
4.54%
10Y*
7.16%

ULST

1D
-0.02%
1M
0.33%
YTD
1.24%
6M
1.57%
1Y
3.99%
3Y*
4.92%
5Y*
3.51%
10Y*
2.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFND vs. ULST - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DFND
Siren DIVCON Dividend Defender ETF		0.00%10.37%8.48%12.13%-19.59%14.80%16.12%19.53%-1.83%16.33%
ULST
State Street Ultra Short Term Bond ETF		1.24%4.80%5.23%5.60%0.87%0.25%1.45%3.23%2.04%1.19%

Correlation

The correlation between DFND and ULST is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.11

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since Jan 15, 2016

-0.01

The correlation between DFND and ULST shifts across timeframes, from -0.11 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Siren DIVCON Dividend Defender ETF

State Street Ultra Short Term Bond ETF

Often compared with DFND:
DFND vs. DFNG.LDFND vs. ITADFND vs. CLSEDFND vs. QAIDFND vs. 2B7C.DEDFND vs. HTUSDFND vs. VOO
Often compared with ULST:
ULST vs. SGOVULST vs. GSYULST vs. ICSHULST vs. FLRNULST vs. VTIPULST vs. BSVULST vs. FALN

Return for Risk

DFND vs. ULST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFND
DFND Risk / Return Rank: 99
Overall Rank
DFND Sharpe Ratio Rank: 99
Sharpe Ratio Rank
DFND Sortino Ratio Rank: 88
Sortino Ratio Rank
DFND Omega Ratio Rank: 88
Omega Ratio Rank
DFND Calmar Ratio Rank: 99
Calmar Ratio Rank
DFND Martin Ratio Rank: 99
Martin Ratio Rank
ULST
ULST Risk / Return Rank: 9999
Overall Rank
ULST Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ULST Sortino Ratio Rank: 9999
Sortino Ratio Rank
ULST Omega Ratio Rank: 9999
Omega Ratio Rank
ULST Calmar Ratio Rank: 9898
Calmar Ratio Rank
ULST Martin Ratio Rank: 9999
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFND vs. ULST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) 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.

DFNDULSTDifference
Sharpe ratioReturn per unit of total volatility
0.02
6.14

-6.12

Sortino ratioReturn per unit of downside risk
0.11
12.30

-12.19

Omega ratioGain probability vs. loss probability

1.02

2.77

-1.76

Calmar ratioReturn relative to maximum drawdown

0.07

16.92

-16.85

Martin ratioReturn relative to average drawdown

0.13

87.49

-87.37

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFND vs. ULST - Sharpe Ratio Comparison

The current DFND Sharpe Ratio is 0.02, which is lower than the ULST Sharpe Ratio of 6.14. The chart below compares the historical Sharpe Ratios of DFND and ULST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

DFNDULSTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.02

6.14

-6.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

3.67

-3.46

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.38

1.86

-1.47

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

1.50

-1.14

Drawdowns

DFND vs. ULST - Drawdown Comparison

The maximum DFND drawdown since its inception was -22.65%, which is greater than ULST's maximum drawdown of -6.20%. Use the drawdown chart below to compare losses from any high point for DFND and ULST.

Loading charts...

Drawdown Indicators

DFNDULSTDifference

Max Drawdown

Largest peak-to-trough decline

-22.65%

-6.20%

-16.45%

Max Drawdown (1Y)

Largest decline over 1 year

-3.44%

-0.24%

-3.20%

Max Drawdown (3Y)

Largest decline over 3 years

-12.56%

-0.54%

-12.02%

Max Drawdown (5Y)

Largest decline over 5 years

-22.65%

-1.22%

-21.43%

Max Drawdown (10Y)

Largest decline over 10 years

-22.65%

-6.20%

-16.45%

Current Drawdown

Current decline from peak

-3.69%

-0.05%

-3.64%

Average Drawdown

Average peak-to-trough decline

-5.70%

-0.16%

-5.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.70%

0.05%

+3.65%

Volatility

DFND vs. ULST - Volatility Comparison

The current volatility for Siren DIVCON Dividend Defender ETF (DFND) is 0.00%, while State Street Ultra Short Term Bond ETF (ULST) has a volatility of 0.18%. This indicates that DFND experiences smaller price fluctuations and is considered to be less risky than ULST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DFNDULSTDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

0.18%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

6.16%

0.43%

+5.73%

Volatility (1Y)

Calculated over the trailing 1-year period

10.92%

0.65%

+10.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.46%

0.96%

+21.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.09%

1.45%

+17.64%

DFND vs. ULST - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than ULST's 0.20% expense ratio.

Dividends

DFND vs. ULST - Dividend Comparison

DFND's dividend yield for the trailing twelve months is around 0.62%, less than ULST's 4.29% yield.

PositionTTM20252024202320222021202020192018201720162015
DFND
Siren DIVCON Dividend Defender ETF		0.62%1.10%1.64%1.84%0.29%0.00%0.00%0.77%0.53%0.02%0.00%0.00%
ULST
State Street Ultra Short Term Bond ETF		4.29%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

DFND and ULST have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ULST has higher volatility (0.18%) compared to DFND (0.00%). In terms of maximum drawdown, DFND dropped -22.65% vs ULST's -6.20%.

On 10-year performance, DFND leads with 7.16% vs 2.67% for ULST. On fees, ULST is cheaper at 0.20% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DFND has performed better with a 7.16% return vs 2.67%. 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 1.50% for DFND.

ULST has the higher dividend yield at 4.29%, compared with 0.62% for DFND.

DFND is categorized as Large Cap Blend Equities, while ULST is Ultrashort Bond. DFND tracks Siren DIVCON Dividend Defender Index, while ULST tracks Bloomberg US Treasury Bellwether 3 Month Index. They also come from different issuers: SRN Advisors and State Street. Their fees differ too: 1.50% for DFND and 0.20% for ULST.

ULST currently has the higher Sharpe Ratio (6.14 vs 0.02), 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.

Portfolio Optimizer

Find the right allocation for DFND and ULST

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer