SPTU vs. GSY

Last updated Jun 24, 2026

SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. SPTU is passively managed, while GSY is actively managed. At a 0.12 correlation, their price movements are largely independent. SPTU charges 0.05%/yr vs 0.22%/yr for GSY.

Performance

SPTU vs. GSY - 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 Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTU achieves a 1.66% return, which is significantly lower than GSY's 1.81% return.

SPTU

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.66%
• 6M: 1.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSY

• 1D: 0.02%
• 1M: 0.37%
• YTD: 1.81%
• 6M: 1.91%
• 1Y: 4.45%
• 3Y*: 5.42%
• 5Y*: 3.70%
• 10Y*: 2.86%

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

SPTU vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.66%	0.87%
GSY Invesco Ultra Short Duration ETF	1.81%	1.02%

Correlation

The correlation between SPTU and GSY is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.12

Return for Risk

SPTU vs. GSY — 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.

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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. GSY - 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 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.

	SPTU	GSY	Difference
Sharpe ratio: Return per unit of total volatility	—	10.83	—
Sortino ratio: Return per unit of downside risk	—	25.27	—
Omega ratio: Gain probability vs. loss probability	—	6.07	—
Calmar ratio: Return relative to maximum drawdown	—	74.55	—
Martin ratio: Return relative to average drawdown	—	349.91	—

Drawdowns

SPTU vs. GSY - Drawdown Comparison

The maximum SPTU drawdown since its inception was -0.04%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for SPTU and GSY.

Drawdown Indicators

	SPTU	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-12.14%	+12.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.06%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.25%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-2.38%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	SPTU	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.41%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.33%	0.58%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.33%	1.22%	-0.89%

SPTU vs. GSY - Expense Ratio Comparison

SPTU has a 0.05% expense ratio, which is lower than GSY's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPTU vs. GSY - Dividend Comparison

SPTU's dividend yield for the trailing twelve months is around 2.36%, less than GSY's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.30%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	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 GSY in my portfolio?

SPTU and GSY 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.

Which ETF is better, SPTU or GSY?

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 GSY?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.22% for GSY.

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

GSY has the higher dividend yield at 4.30%, compared with 2.36% for SPTU.

What is the main difference between SPTU and GSY?

They also come from different issuers: State Street and Invesco. Their fees differ too: 0.05% for SPTU and 0.22% for GSY.