IEZ vs. ULST
IEZ (iShares U.S. Oil Equipment & Services ETF) and ULST (State Street Ultra Short Term Bond ETF) are both exchange-traded funds - IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services 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, IEZ returned -0.13%/yr vs 2.67%/yr for ULST. At a correlation of -0.01, they often move in opposite directions. IEZ charges 0.42%/yr vs 0.20%/yr for ULST.
Performance
IEZ vs. ULST - Performance Comparison
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Returns By Period
In the year-to-date period, IEZ achieves a 47.84% return, which is significantly higher than ULST's 1.24% return. Over the past 10 years, IEZ has underperformed ULST with an annualized return of -0.13%, while ULST has yielded a comparatively higher 2.67% annualized return.
IEZ
- 1D
- 0.03%
- 1M
- -3.54%
- YTD
- 47.84%
- 6M
- 42.02%
- 1Y
- 85.10%
- 3Y*
- 19.17%
- 5Y*
- 13.91%
- 10Y*
- -0.13%
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%
IEZ vs. ULST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEZ iShares U.S. Oil Equipment & Services ETF | 47.84% | 7.51% | -8.15% | 4.43% | 65.73% | 15.98% | -42.98% | 1.82% | -42.47% | -18.18% |
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 IEZ and ULST is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013 | -0.01 |
The correlation between IEZ and ULST shifts across timeframes, from -0.16 (1 year) to -0.01 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
IEZ vs. ULST — Risk / Return Rank
IEZ
ULST
IEZ vs. ULST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) 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.
| IEZ | ULST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -8.58 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 2.77 | -1.31 |
| Calmar ratioReturn relative to maximum drawdown | 8.29 | 16.92 | -8.62 |
| Martin ratioReturn relative to average drawdown | 22.60 | 87.49 | -64.89 |
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
| IEZ | ULST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.00 | 6.14 | -3.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 3.67 | -3.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.00 | 1.86 | -1.86 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | 1.50 | -1.53 |
Drawdowns
IEZ vs. ULST - Drawdown Comparison
The maximum IEZ drawdown since its inception was -92.52%, which is greater than ULST's maximum drawdown of -6.20%. Use the drawdown chart below to compare losses from any high point for IEZ and ULST.
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Drawdown Indicators
| IEZ | ULST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.52% | -6.20% | -86.32% |
Max Drawdown (1Y)Largest decline over 1 year | -10.32% | -0.24% | -10.08% |
Max Drawdown (3Y)Largest decline over 3 years | -40.25% | -0.54% | -39.71% |
Max Drawdown (5Y)Largest decline over 5 years | -40.25% | -1.22% | -39.03% |
Max Drawdown (10Y)Largest decline over 10 years | -88.29% | -6.20% | -82.09% |
Current DrawdownCurrent decline from peak | -51.21% | -0.05% | -51.16% |
Average DrawdownAverage peak-to-trough decline | -48.26% | -0.16% | -48.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.78% | 0.05% | +3.73% |
Volatility
IEZ vs. ULST - Volatility Comparison
iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 7.95% compared to State Street Ultra Short Term Bond ETF (ULST) at 0.18%. This indicates that IEZ'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
| IEZ | ULST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 0.18% | +7.77% |
Volatility (6M)Calculated over the trailing 6-month period | 20.11% | 0.43% | +19.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.62% | 0.65% | +27.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.35% | 0.96% | +35.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.56% | 1.45% | +40.11% |
IEZ vs. ULST - Expense Ratio Comparison
IEZ has a 0.42% expense ratio, which is higher than ULST's 0.20% expense ratio.
Dividends
IEZ vs. ULST - Dividend Comparison
IEZ's dividend yield for the trailing twelve months is around 1.18%, less than ULST's 4.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEZ iShares U.S. Oil Equipment & Services ETF | 1.18% | 1.87% | 1.76% | 0.97% | 0.65% | 1.20% | 2.07% | 2.28% | 1.81% | 3.42% | 0.91% | 2.40% |
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
IEZ and ULST have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEZ has higher volatility (7.95%) compared to ULST (0.18%). In terms of maximum drawdown, IEZ dropped -92.52% vs ULST's -6.20%.
On 10-year performance, ULST leads with 2.67% vs -0.13% for IEZ. On fees, ULST is cheaper at 0.20% per year. On volatility, ULST has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULST has performed better with a 2.67% return vs -0.13%. 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 0.42% for IEZ.
ULST has the higher dividend yield at 4.29%, compared with 1.18% for IEZ.
IEZ is categorized as Energy Equities, while ULST is Ultrashort Bond. IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while ULST tracks Bloomberg US Treasury Bellwether 3 Month Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.42% for IEZ and 0.20% for ULST.
ULST currently has the higher Sharpe Ratio (6.14 vs 3.00), 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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