GSY vs. RAVI
GSY (Invesco Ultra Short Duration ETF) and RAVI (FlexShares Ultra-Short Income ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 10 years, GSY returned 2.86%/yr vs 2.68%/yr for RAVI. At a 0.29 correlation, their price movements are largely independent. GSY charges 0.22%/yr vs 0.25%/yr for RAVI.
Performance
GSY vs. RAVI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with GSY having a 1.72% return and RAVI slightly lower at 1.66%. Over the past 10 years, GSY has outperformed RAVI with an annualized return of 2.86%, while RAVI has yielded a comparatively lower 2.68% annualized return.
GSY
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.72%
- 6M
- 1.96%
- 1Y
- 4.49%
- 3Y*
- 5.48%
- 5Y*
- 3.68%
- 10Y*
- 2.86%
RAVI
- 1D
- 0.07%
- 1M
- 0.40%
- YTD
- 1.66%
- 6M
- 1.94%
- 1Y
- 4.50%
- 3Y*
- 5.20%
- 5Y*
- 3.52%
- 10Y*
- 2.68%
GSY vs. RAVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 1.72% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
RAVI FlexShares Ultra-Short Income ETF | 1.66% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 2.06% | 3.49% | 1.65% | 1.22% |
Correlation
The correlation between GSY and RAVI is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.29 |
The correlation between GSY and RAVI shifts across timeframes, from 0.29 (all time) to 0.49 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GSY vs. RAVI — Risk / Return Rank
GSY
RAVI
GSY vs. RAVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) and FlexShares Ultra-Short Income ETF (RAVI). 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.
| GSY | RAVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +2.03 | ||
| Omega ratioGain probability vs. loss probability | 6.54 | 5.64 | +0.89 |
| Calmar ratioReturn relative to maximum drawdown | 75.72 | 38.65 | +37.06 |
| Martin ratioReturn relative to average drawdown | 373.96 | 231.44 | +142.52 |
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Drawdowns
GSY vs. RAVI - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for GSY and RAVI.
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Drawdown Indicators
| GSY | RAVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -3.72% | -8.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -0.12% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -0.36% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | -3.28% | +1.80% |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | -3.72% | -1.53% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -0.17% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.02% | -0.01% |
Volatility
GSY vs. RAVI - Volatility Comparison
Invesco Ultra Short Duration ETF (GSY) has a higher volatility of 0.15% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.10%. This indicates that GSY's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSY | RAVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.10% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 0.31% | 0.30% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.40% | 0.40% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 1.41% | -0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 1.28% | -0.06% |
GSY vs. RAVI - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is lower than RAVI's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GSY vs. RAVI - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.34%, which matches RAVI's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.34% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
RAVI FlexShares Ultra-Short Income ETF | 4.38% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% | 0.00% |
Frequently Asked Questions
GSY and RAVI have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSY has higher volatility (0.15%) compared to RAVI (0.10%). In terms of maximum drawdown, GSY dropped -12.14% vs RAVI's -3.72%.
On 10-year performance, GSY leads with 2.86% vs 2.68% for RAVI. On fees, GSY is cheaper at 0.22% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSY has performed better with a 2.86% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSY is cheaper with a 0.22% expense ratio, compared with 0.25% for RAVI.
RAVI has the higher dividend yield at 4.38%, compared with 4.34% for GSY.
They also come from different issuers: Invesco and FlexShares. Their fees differ too: 0.22% for GSY and 0.25% for RAVI.
GSY currently has the higher Sharpe Ratio (11.20 vs 11.19), 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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