TBUX vs. SPTU
TBUX (T. Rowe Price Ultra Short-Term Bond ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds. TBUX is actively managed, while SPTU is passively managed. At a 0.18 correlation, their price movements are largely independent. TBUX charges 0.17%/yr vs 0.05%/yr for SPTU.
Performance
TBUX vs. SPTU - Performance Comparison
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Returns By Period
In the year-to-date period, TBUX achieves a 1.65% return, which is significantly higher than SPTU's 1.48% return.
TBUX
- 1D
- -0.04%
- 1M
- 0.41%
- YTD
- 1.65%
- 6M
- 2.09%
- 1Y
- 4.77%
- 3Y*
- 5.85%
- 5Y*
- —
- 10Y*
- —
SPTU
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 1.48%
- 6M
- 1.81%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TBUX vs. SPTU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TBUX T. Rowe Price Ultra Short-Term Bond ETF | 1.65% | 1.12% |
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF | 1.48% | 0.92% |
Correlation
The correlation between TBUX and SPTU is 0.18, 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 9, 2025 | 0.18 |
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Return for Risk
TBUX vs. SPTU — Risk / Return Rank
TBUX
SPTU
TBUX vs. SPTU - 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 State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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.
| TBUX | SPTU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 3.08 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 39.71 | — | — |
| Martin ratioReturn relative to average drawdown | 170.19 | — | — |
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
| TBUX | SPTU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.13 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.89 | 11.82 | -7.93 |
Drawdowns
TBUX vs. SPTU - Drawdown Comparison
The maximum TBUX drawdown since its inception was -1.79%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for TBUX and SPTU.
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Drawdown Indicators
| TBUX | SPTU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.79% | -0.04% | -1.75% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | 0.00% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -0.00% | -0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | — | — |
Volatility
TBUX vs. SPTU - Volatility Comparison
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Volatility by Period
| TBUX | SPTU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.67% | 0.32% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.07% | 0.32% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.07% | 0.32% | +0.75% |
TBUX vs. SPTU - Expense Ratio Comparison
TBUX has a 0.17% expense ratio, which is higher than SPTU's 0.05% 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
TBUX vs. SPTU - Dividend Comparison
TBUX's dividend yield for the trailing twelve months is around 4.48%, more than SPTU's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF | 2.36% | 0.89% | 0.00% | 0.00% | 0.00% | 0.00% |
TBUX T. Rowe Price Ultra Short-Term Bond ETF | 4.48% | 4.67% | 5.39% | 4.66% | 2.58% | 0.27% |
Frequently Asked Questions
TBUX and SPTU have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPTU is cheaper with a 0.05% expense ratio, compared with 0.17% for TBUX.
TBUX has the higher dividend yield at 4.48%, compared with 2.36% for SPTU.
They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.17% for TBUX and 0.05% for SPTU.
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