GSY vs. ULST
Compare and contrast key facts about Invesco Ultra Short Duration ETF (GSY) and State Street Ultra Short Term Bond ETF (ULST).
GSY and ULST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GSY is an actively managed fund by Invesco. It was launched on Feb 12, 2008. ULST is a passively managed fund by State Street that tracks the performance of the Bloomberg US Treasury Bellwether 3 Month Index. It was launched on Oct 9, 2013.
Performance
GSY vs. ULST - Performance Comparison
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GSY vs. ULST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 0.80% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
ULST State Street Ultra Short Term Bond ETF | 0.64% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
Returns By Period
In the year-to-date period, GSY achieves a 0.80% return, which is significantly higher than ULST's 0.64% return. Over the past 10 years, GSY has outperformed ULST with an annualized return of 2.84%, while ULST has yielded a comparatively lower 2.64% annualized return.
GSY
- 1D
- 0.04%
- 1M
- 0.08%
- YTD
- 0.80%
- 6M
- 1.92%
- 1Y
- 4.52%
- 3Y*
- 5.49%
- 5Y*
- 3.51%
- 10Y*
- 2.84%
ULST
- 1D
- 0.10%
- 1M
- -0.01%
- YTD
- 0.64%
- 6M
- 1.68%
- 1Y
- 4.08%
- 3Y*
- 4.98%
- 5Y*
- 3.42%
- 10Y*
- 2.64%
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GSY vs. ULST - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is higher than ULST's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
GSY vs. ULST — Risk / Return Rank
GSY
ULST
GSY vs. ULST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) 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.
| GSY | ULST | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 10.64 | 5.05 | +5.59 |
Sortino ratioReturn per unit of downside risk | 24.03 | 9.61 | +14.42 |
Omega ratioGain probability vs. loss probability | 6.27 | 2.43 | +3.85 |
Calmar ratioReturn relative to maximum drawdown | 25.29 | 11.10 | +14.19 |
Martin ratioReturn relative to average drawdown | 176.75 | 68.31 | +108.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSY | ULST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.64 | 5.05 | +5.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 6.07 | 3.57 | +2.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.33 | 1.81 | +0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.48 | -1.03 |
Correlation
The correlation between GSY and ULST is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
GSY vs. ULST - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.43%, more than ULST's 4.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.43% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
ULST State Street Ultra Short Term Bond ETF | 4.38% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
Drawdowns
GSY vs. ULST - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, which is greater than ULST's maximum drawdown of -6.20%. Use the drawdown chart below to compare losses from any high point for GSY and ULST.
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Drawdown Indicators
| GSY | ULST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -6.20% | -5.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -0.37% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | -1.22% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | -6.20% | +0.95% |
Current DrawdownCurrent decline from peak | 0.00% | -0.01% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -0.16% | -2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.06% | -0.03% |
Volatility
GSY vs. ULST - Volatility Comparison
The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.15%, while State Street Ultra Short Term Bond ETF (ULST) has a volatility of 0.25%. This indicates that GSY 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.
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Volatility by Period
| GSY | ULST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.25% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.28% | 0.42% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.43% | 0.81% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 0.96% | -0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 1.47% | -0.25% |