RAVI vs. GSY
RAVI (FlexShares Ultra-Short Income ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 10 years, RAVI returned 2.68%/yr vs 2.86%/yr for GSY. At a 0.29 correlation, their price movements are largely independent. RAVI charges 0.25%/yr vs 0.22%/yr for GSY.
Performance
RAVI vs. GSY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with RAVI having a 1.66% return and GSY slightly higher at 1.72%. Over the past 10 years, RAVI has underperformed GSY with an annualized return of 2.68%, while GSY has yielded a comparatively higher 2.86% annualized return.
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
- 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 vs. GSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between RAVI and GSY 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 RAVI and GSY 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
RAVI vs. GSY — Risk / Return Rank
RAVI
GSY
RAVI vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Ultra-Short Income ETF (RAVI) and Invesco Ultra Short Duration ETF (GSY). 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.
| RAVI | GSY | 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 | 5.64 | 6.54 | -0.89 |
| Calmar ratioReturn relative to maximum drawdown | 38.65 | 75.72 | -37.06 |
| Martin ratioReturn relative to average drawdown | 231.44 | 373.96 | -142.52 |
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Drawdowns
RAVI vs. GSY - Drawdown Comparison
The maximum RAVI drawdown since its inception was -3.72%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for RAVI and GSY.
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Drawdown Indicators
| RAVI | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.72% | -12.14% | +8.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -0.06% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -0.18% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -3.28% | -1.48% | -1.80% |
Max Drawdown (10Y)Largest decline over 10 years | -3.72% | -5.25% | +1.53% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -2.38% | +2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.01% | +0.01% |
Volatility
RAVI vs. GSY - Volatility Comparison
The current volatility for FlexShares Ultra-Short Income ETF (RAVI) is 0.10%, while Invesco Ultra Short Duration ETF (GSY) has a volatility of 0.15%. This indicates that RAVI experiences smaller price fluctuations and is considered to be less risky than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RAVI | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 0.15% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 0.30% | 0.31% | -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 | 1.41% | 0.58% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 1.22% | +0.06% |
RAVI vs. GSY - Expense Ratio Comparison
RAVI has a 0.25% expense ratio, which is higher than GSY's 0.22% 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
RAVI vs. GSY - Dividend Comparison
RAVI's dividend yield for the trailing twelve months is around 4.38%, which matches GSY's 4.34% 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
RAVI and GSY 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, RAVI dropped -3.72% vs GSY's -12.14%.
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: FlexShares and Invesco. Their fees differ too: 0.25% for RAVI and 0.22% for GSY.
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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