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TBUX vs. SPY
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between TBUX and SPY is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.1

Performance

TBUX vs. SPY - 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 SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

10.00%20.00%30.00%40.00%50.00%December2025FebruaryMarchAprilMay
14.61%
37.20%
TBUX
SPY

Key characteristics

Sharpe Ratio

TBUX:

4.24

SPY:

0.72

Sortino Ratio

TBUX:

7.29

SPY:

1.13

Omega Ratio

TBUX:

2.01

SPY:

1.17

Calmar Ratio

TBUX:

18.00

SPY:

0.76

Martin Ratio

TBUX:

73.41

SPY:

3.04

Ulcer Index

TBUX:

0.08%

SPY:

4.72%

Daily Std Dev

TBUX:

1.41%

SPY:

20.06%

Max Drawdown

TBUX:

-1.79%

SPY:

-55.19%

Current Drawdown

TBUX:

-0.08%

SPY:

-7.25%

Returns By Period

In the year-to-date period, TBUX achieves a 1.62% return, which is significantly higher than SPY's -3.01% return.


TBUX

YTD

1.62%

1M

0.30%

6M

2.47%

1Y

5.78%

5Y*

N/A

10Y*

N/A

SPY

YTD

-3.01%

1M

0.40%

6M

-0.12%

1Y

13.65%

5Y*

16.65%

10Y*

12.45%

*Annualized

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TBUX vs. SPY - Expense Ratio Comparison

TBUX has a 0.17% expense ratio, which is higher than SPY's 0.09% 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%.


Expense ratio chart for TBUX: current value is 0.17%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
TBUX: 0.17%
Expense ratio chart for SPY: current value is 0.09%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SPY: 0.09%

Risk-Adjusted Performance

TBUX vs. SPY — Risk-Adjusted Performance Rank

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

TBUX
The Risk-Adjusted Performance Rank of TBUX is 9999
Overall Rank
The Sharpe Ratio Rank of TBUX is 9999
Sharpe Ratio Rank
The Sortino Ratio Rank of TBUX is 9999
Sortino Ratio Rank
The Omega Ratio Rank of TBUX is 9999
Omega Ratio Rank
The Calmar Ratio Rank of TBUX is 9999
Calmar Ratio Rank
The Martin Ratio Rank of TBUX is 9999
Martin Ratio Rank

SPY
The Risk-Adjusted Performance Rank of SPY is 7272
Overall Rank
The Sharpe Ratio Rank of SPY is 6969
Sharpe Ratio Rank
The Sortino Ratio Rank of SPY is 7171
Sortino Ratio Rank
The Omega Ratio Rank of SPY is 7373
Omega Ratio Rank
The Calmar Ratio Rank of SPY is 7676
Calmar Ratio Rank
The Martin Ratio Rank of SPY is 7373
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

TBUX vs. SPY - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and SPDR S&P 500 ETF (SPY). 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.


The chart of Sharpe ratio for TBUX, currently valued at 4.24, compared to the broader market-1.000.001.002.003.004.00
TBUX: 4.24
SPY: 0.72
The chart of Sortino ratio for TBUX, currently valued at 7.29, compared to the broader market-2.000.002.004.006.008.00
TBUX: 7.29
SPY: 1.13
The chart of Omega ratio for TBUX, currently valued at 2.01, compared to the broader market0.501.001.502.002.50
TBUX: 2.01
SPY: 1.17
The chart of Calmar ratio for TBUX, currently valued at 18.00, compared to the broader market0.002.004.006.008.0010.0012.00
TBUX: 18.00
SPY: 0.76
The chart of Martin ratio for TBUX, currently valued at 73.41, compared to the broader market0.0020.0040.0060.00
TBUX: 73.41
SPY: 3.04

The current TBUX Sharpe Ratio is 4.24, which is higher than the SPY Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of TBUX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.001.002.003.004.005.00December2025FebruaryMarchAprilMay
4.24
0.72
TBUX
SPY

Dividends

TBUX vs. SPY - Dividend Comparison

TBUX's dividend yield for the trailing twelve months is around 5.20%, more than SPY's 1.26% yield.


TTM20242023202220212020201920182017201620152014
TBUX
T. Rowe Price Ultra Short-Term Bond ETF
5.20%5.39%4.67%2.58%0.27%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
SPDR S&P 500 ETF
1.26%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%1.87%

Drawdowns

TBUX vs. SPY - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.79%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TBUX and SPY. For additional features, visit the drawdowns tool.


-20.00%-15.00%-10.00%-5.00%0.00%December2025FebruaryMarchAprilMay
-0.08%
-7.25%
TBUX
SPY

Volatility

TBUX vs. SPY - Volatility Comparison

The current volatility for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) is 0.39%, while SPDR S&P 500 ETF (SPY) has a volatility of 15.07%. This indicates that TBUX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%5.00%10.00%15.00%December2025FebruaryMarchAprilMay
0.39%
15.07%
TBUX
SPY