SPTU vs. FTSL

Last updated Jul 17, 2026

SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) and FTSL (First Trust Senior Loan Fund) are both exchange-traded funds - SPTU is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill Index, while FTSL is a High Yield Bonds fund actively managed by First Trust. SPTU is passively managed, while FTSL is actively managed. At a correlation of -0.04, they often move in opposite directions. SPTU charges 0.05%/yr vs 0.86%/yr for FTSL.

Performance

SPTU vs. FTSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) and First Trust Senior Loan Fund (FTSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTU achieves a 1.90% return, which is significantly higher than FTSL's 1.05% return.

SPTU

• 1D: 0.00%
• 1M: 0.30%
• 6M: 1.78%
• YTD: 1.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTSL

• 1D: 0.01%
• 1M: 0.43%
• 6M: 0.63%
• YTD: 1.05%
• 1Y: 3.81%
• 3Y*: 6.88%
• 5Y*: 5.03%
• 10Y*: 4.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPTU vs. FTSL - Yearly Performance Comparison

	2026 (YTD)	2025
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.90%	0.87%
FTSL First Trust Senior Loan Fund	1.05%	1.68%

Correlation

The correlation between SPTU and FTSL is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	-0.04

Return for Risk

SPTU vs. FTSL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPTU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FTSL

FTSL Risk / Return Rank: 64
FTSL Sharpe Ratio Rank: 70
FTSL Sortino Ratio Rank: 79
FTSL Omega Ratio Rank: 85
FTSL Calmar Ratio Rank: 39
FTSL Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPTU vs. FTSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) and First Trust Senior Loan Fund (FTSL). 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.

	SPTU	FTSL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.80	—
Sortino ratio: Return per unit of downside risk	—	2.81	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	1.64	—
Martin ratio: Return relative to average drawdown	—	6.09	—

Drawdowns

SPTU vs. FTSL - Drawdown Comparison

The maximum SPTU drawdown since its inception was -0.04%, smaller than the maximum FTSL drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for SPTU and FTSL.

Drawdown Indicators

	SPTU	FTSL	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-22.67%	+22.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.33%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.67%	—
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.76%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.63%	—

Volatility

Volatility by Period

	SPTU	FTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	2.12%	-1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	3.35%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	5.18%	-4.86%

SPTU vs. FTSL - Expense Ratio Comparison

SPTU has a 0.05% expense ratio, which is lower than FTSL's 0.86% expense ratio.

Dividends

SPTU vs. FTSL - Dividend Comparison

SPTU's dividend yield for the trailing twelve months is around 2.66%, less than FTSL's 6.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSL First Trust Senior Loan Fund	6.42%	6.59%	7.56%	7.59%	4.77%	3.17%	3.48%	4.44%	4.29%	3.64%	3.70%	3.95%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.66%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPTU and FTSL in my portfolio?

SPTU and FTSL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPTU or FTSL?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPTU or FTSL?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.86% for FTSL.

Which ETF pays a higher dividend yield, SPTU or FTSL?

FTSL has the higher dividend yield at 6.42%, compared with 2.66% for SPTU.

What is the main difference between SPTU and FTSL?

SPTU is categorized as Ultrashort Bond, while FTSL is High Yield Bonds. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.05% for SPTU and 0.86% for FTSL.