FISR vs. ULST
FISR (SPDR SSGA Fixed Income Sector Rotation ETF) and ULST (State Street Ultra Short Term Bond ETF) are both exchange-traded funds - FISR is a Intermediate Core-Plus Bond fund actively managed by State Street, while ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index. FISR is actively managed, while ULST is passively managed. Over the past 5 years, FISR returned -0.82%/yr vs 3.53%/yr for ULST. At a 0.27 correlation, their price movements are largely independent. FISR charges 0.50%/yr vs 0.20%/yr for ULST.
Performance
FISR vs. ULST - Performance Comparison
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Returns By Period
In the year-to-date period, FISR achieves a 0.28% return, which is significantly lower than ULST's 1.36% return.
FISR
- 1D
- 0.02%
- 1M
- 0.70%
- YTD
- 0.28%
- 6M
- 0.51%
- 1Y
- 4.01%
- 3Y*
- 3.43%
- 5Y*
- -0.82%
- 10Y*
- —
ULST
- 1D
- 0.02%
- 1M
- 0.23%
- YTD
- 1.36%
- 6M
- 1.50%
- 1Y
- 3.76%
- 3Y*
- 4.89%
- 5Y*
- 3.53%
- 10Y*
- 2.69%
FISR vs. ULST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FISR SPDR SSGA Fixed Income Sector Rotation ETF | 0.28% | 6.32% | 1.01% | 5.28% | -15.73% | -1.70% | 5.86% | 6.74% |
ULST State Street Ultra Short Term Bond ETF | 1.36% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 2.26% |
Correlation
The correlation between FISR and ULST is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.27 |
Over the past year, FISR and ULST have become more correlated (0.48) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
FISR vs. ULST — Risk / Return Rank
FISR
ULST
FISR vs. ULST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Fixed Income Sector Rotation ETF (FISR) 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.
| FISR | ULST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.80 | ||
| Sortino ratioReturn per unit of downside risk | -9.72 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 2.60 | -1.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 15.94 | -14.63 |
| Martin ratioReturn relative to average drawdown | 3.59 | 82.17 | -78.58 |
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Drawdowns
FISR vs. ULST - Drawdown Comparison
The maximum FISR drawdown since its inception was -20.27%, which is greater than ULST's maximum drawdown of -6.20%. Use the drawdown chart below to compare losses from any high point for FISR and ULST.
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Drawdown Indicators
| FISR | ULST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.27% | -6.20% | -14.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -0.24% | -2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -6.60% | -0.54% | -6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -20.10% | -1.22% | -18.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.20% | — |
Current DrawdownCurrent decline from peak | -6.10% | 0.00% | -6.10% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -0.16% | -7.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 0.05% | +1.07% |
Volatility
FISR vs. ULST - Volatility Comparison
SPDR SSGA Fixed Income Sector Rotation ETF (FISR) has a higher volatility of 1.45% compared to State Street Ultra Short Term Bond ETF (ULST) at 0.19%. This indicates that FISR'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
| FISR | ULST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 0.19% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.38% | 0.45% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 0.66% | +3.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 0.97% | +5.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 1.44% | +4.91% |
FISR vs. ULST - Expense Ratio Comparison
FISR has a 0.50% expense ratio, which is higher than ULST's 0.20% expense ratio.
Dividends
FISR vs. ULST - Dividend Comparison
FISR's dividend yield for the trailing twelve months is around 4.18%, less than ULST's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FISR SPDR SSGA Fixed Income Sector Rotation ETF | 4.18% | 3.97% | 3.59% | 3.50% | 2.19% | 1.87% | 2.47% | 2.99% | 0.00% | 0.00% | 0.00% | 0.00% |
ULST State Street Ultra Short Term Bond ETF | 4.28% | 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
FISR and ULST have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FISR has higher volatility (1.45%) compared to ULST (0.19%). In terms of maximum drawdown, FISR dropped -20.27% vs ULST's -6.20%.
On 5-year performance, ULST leads with 3.53% vs -0.82% for FISR. On fees, ULST is cheaper at 0.20% per year. On volatility, ULST has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ULST has performed better with a 3.53% return vs -0.82%. 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 0.50% for FISR.
ULST has the higher dividend yield at 4.28%, compared with 4.18% for FISR.
FISR is categorized as Intermediate Core-Plus Bond, while ULST is Ultrashort Bond. Their fees differ too: 0.50% for FISR and 0.20% for ULST.
ULST currently has the higher Sharpe Ratio (5.72 vs 0.92), 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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