GSY vs. XHLF
GSY (Invesco Ultra Short Duration ETF) and XHLF (BondBloxx Bloomberg Six Month Target Duration US Treasury ETF) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while XHLF is a Government Bonds fund tracking the Bloomberg US Treasury 6 Month Duration Index. GSY is actively managed, while XHLF is passively managed. Over the past 3 years, GSY returned 5.42%/yr vs 4.57%/yr for XHLF. At a 0.34 correlation, their price movements are largely independent. GSY charges 0.22%/yr vs 0.03%/yr for XHLF.
Performance
GSY vs. XHLF - Performance Comparison
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Returns By Period
In the year-to-date period, GSY achieves a 1.79% return, which is significantly higher than XHLF's 1.51% return.
GSY
- 1D
- 0.03%
- 1M
- 0.35%
- YTD
- 1.79%
- 6M
- 1.87%
- 1Y
- 4.45%
- 3Y*
- 5.42%
- 5Y*
- 3.69%
- 10Y*
- 2.86%
XHLF
- 1D
- 0.00%
- 1M
- 0.20%
- YTD
- 1.51%
- 6M
- 1.61%
- 1Y
- 3.81%
- 3Y*
- 4.57%
- 5Y*
- —
- 10Y*
- —
GSY vs. XHLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 1.79% | 4.96% | 5.95% | 5.99% | 0.83% |
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 1.51% | 4.21% | 5.04% | 4.90% | 0.89% |
Correlation
The correlation between GSY and XHLF is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | 0.34 |
Over the past year, the correlation between GSY and XHLF has dropped to 0.12 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
GSY vs. XHLF — Risk / Return Rank
GSY
XHLF
GSY vs. XHLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) and BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF). 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 | XHLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -18.18 | ||
| Omega ratioGain probability vs. loss probability | 6.07 | 10.92 | -4.84 |
| Calmar ratioReturn relative to maximum drawdown | 74.56 | 96.20 | -21.64 |
| Martin ratioReturn relative to average drawdown | 349.93 | 638.15 | -288.22 |
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Drawdowns
GSY vs. XHLF - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, which is greater than XHLF's maximum drawdown of -0.11%. Use the drawdown chart below to compare losses from any high point for GSY and XHLF.
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Drawdown Indicators
| GSY | XHLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -0.11% | -12.03% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -0.04% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -0.06% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -0.01% | -2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.01% | 0.00% |
Volatility
GSY vs. XHLF - Volatility Comparison
Invesco Ultra Short Duration ETF (GSY) has a higher volatility of 0.15% compared to BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) at 0.09%. This indicates that GSY's price experiences larger fluctuations and is considered to be riskier than XHLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSY | XHLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.09% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.31% | 0.22% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 0.32% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 0.42% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 0.42% | +0.80% |
GSY vs. XHLF - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is higher than XHLF's 0.03% 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%.
Dividends
GSY vs. XHLF - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.70%, more than XHLF's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.70% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 3.84% | 3.98% | 4.96% | 4.50% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSY and XHLF have a correlation of 0.12, 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 XHLF (0.09%). In terms of maximum drawdown, GSY dropped -12.14% vs XHLF's -0.11%.
On 3-year performance, GSY leads with 5.42% vs 4.57% for XHLF. On fees, XHLF is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSY has performed better with a 5.42% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XHLF is cheaper with a 0.03% expense ratio, compared with 0.22% for GSY.
GSY has the higher dividend yield at 4.70%, compared with 3.84% for XHLF.
GSY is categorized as Ultrashort Bond, while XHLF is Government Bonds. They also come from different issuers: Invesco and BondBloxx. Their fees differ too: 0.22% for GSY and 0.03% for XHLF.
XHLF currently has the higher Sharpe Ratio (12.03 vs 10.83), 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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