TBUX vs. GSY

Last updated Jun 14, 2026

TBUX (T. Rowe Price Ultra Short-Term Bond ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 3 years, TBUX returned 5.89%/yr vs 5.48%/yr for GSY. At a 0.45 correlation, their price movements are largely independent. TBUX charges 0.17%/yr vs 0.22%/yr for GSY.

Performance

TBUX vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Ultra Short-Term Bond ETF (TBUX) 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, TBUX achieves a 1.83% return, which is significantly higher than GSY's 1.72% return.

TBUX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.83%
• 6M: 2.14%
• 1Y: 4.79%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

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%

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

TBUX vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.83%	5.37%	6.38%	6.39%	-0.13%	-0.25%
GSY Invesco Ultra Short Duration ETF	1.72%	4.96%	5.95%	5.99%	0.01%	-0.18%

Correlation

The correlation between TBUX and GSY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.45

Return for Risk

TBUX vs. GSY — Risk / Return Rank

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

TBUX

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

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 100
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.

TBUX vs. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) 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.

	TBUX	GSY	Difference
Sharpe ratio: Return per unit of total volatility	7.19	11.20	-4.02
Sortino ratio: Return per unit of downside risk	14.51	27.35	-12.84
Omega ratio: Gain probability vs. loss probability	3.12	6.54	-3.41
Calmar ratio: Return relative to maximum drawdown	48.17	75.72	-27.55
Martin ratio: Return relative to average drawdown	182.82	373.96	-191.13

TBUX vs. GSY - Sharpe Ratio Comparison

The current TBUX Sharpe Ratio is 7.19, which is lower than the GSY Sharpe Ratio of 11.20. The chart below compares the historical Sharpe Ratios of TBUX and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBUX vs. GSY - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.82%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for TBUX and GSY.

Drawdown Indicators

	TBUX	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-1.82%	-12.14%	+10.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.06%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.33%	-0.18%	-0.15%
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	-0.28%	-2.38%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.01%	+0.02%

Volatility

TBUX vs. GSY - Volatility Comparison

T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a higher volatility of 0.22% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that TBUX's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBUX	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.15%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.46%	0.31%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.67%	0.40%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	0.58%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	1.22%	-0.15%

TBUX vs. GSY - Expense Ratio Comparison

TBUX has a 0.17% 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

TBUX vs. GSY - Dividend Comparison

TBUX's dividend yield for the trailing twelve months is around 4.48%, more than 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%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBUX and GSY in my portfolio?

TBUX and GSY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBUX or GSY?

TBUX has higher volatility (0.22%) compared to GSY (0.15%). In terms of maximum drawdown, TBUX dropped -1.82% vs GSY's -12.14%.

Which ETF is better, TBUX or GSY?

On 3-year performance, TBUX leads with 5.89% vs 5.48% for GSY. On fees, TBUX is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBUX or GSY?

Over the 3-year period, TBUX has performed better with a 5.89% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBUX or GSY?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.22% for GSY.

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

TBUX has the higher dividend yield at 4.48%, compared with 4.34% for GSY.

What is the main difference between TBUX and GSY?

They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.17% for TBUX and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.20 vs 7.19), 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.