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UGSDX vs. ^GSPC
Performance
Return for Risk
Drawdowns
Volatility

UGSDX vs. ^GSPC

Last updated Jun 3, 2026

UGSDX (U.S. Global Investors U.S. Government Ultra-Short Bond Fund) is Ultrashort Bond fund managed by US Global, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, UGSDX returned 1.57%/yr vs 13.75%/yr for ^GSPC. At a correlation of -0.01, they often move in opposite directions.

Performance

UGSDX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UGSDX achieves a 1.32% return, which is significantly lower than ^GSPC's 11.16% return. Over the past 10 years, UGSDX has underperformed ^GSPC with an annualized return of 1.57%, while ^GSPC has yielded a comparatively higher 13.75% annualized return.

UGSDX

1D
0.00%
1M
0.25%
YTD
1.32%
6M
1.63%
1Y
3.51%
3Y*
4.12%
5Y*
2.30%
10Y*
1.57%

^GSPC

1D
0.13%
1M
5.25%
YTD
11.16%
6M
11.43%
1Y
28.20%
3Y*
21.12%
5Y*
12.66%
10Y*
13.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UGSDX vs. ^GSPC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UGSDX
U.S. Global Investors U.S. Government Ultra-Short Bond Fund		1.32%3.93%4.31%4.15%-1.66%-0.44%0.32%1.49%1.18%1.49%
^GSPC
S&P 500 Index		11.16%16.39%23.31%24.23%-19.44%26.89%16.26%28.88%-6.24%19.42%

Correlation

The correlation between UGSDX and ^GSPC is -0.00, 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 (1Y)
Calculated over the trailing 1-year period

-0.00

Correlation (3Y)
Calculated over the trailing 3-year period

0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Jan 7, 2014

-0.02

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

U.S. Global Investors U.S. Government Ultra-Short Bond Fund

S&P 500 Index

Often compared with UGSDX:
UGSDX vs. PIASXUGSDX vs. FAPDXUGSDX vs. USLUXUGSDX vs. BINCUGSDX vs. NEARXUGSDX vs. UNWPXUGSDX vs. FAPGX
Often compared with ^GSPC:
^GSPC vs. ^IBEX^GSPC vs. AVGO^GSPC vs. SCHD^GSPC vs. TSMU^GSPC vs. GC=F^GSPC vs. QQQ^GSPC vs. ACWI

Return for Risk

UGSDX vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UGSDX
^GSPC
^GSPC Risk / Return Rank: 7979
Overall Rank
^GSPC Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
^GSPC Sortino Ratio Rank: 7676
Sortino Ratio Rank
^GSPC Omega Ratio Rank: 7777
Omega Ratio Rank
^GSPC Calmar Ratio Rank: 7979
Calmar Ratio Rank
^GSPC Martin Ratio Rank: 8888
Martin Ratio Rank
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.

UGSDX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and S&P 500 Index (^GSPC). 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.

UGSDX^GSPCDifference

Sharpe ratio

Return per unit of total volatility

3.60

2.39

+1.21

Sortino ratio

Return per unit of downside risk

—

3.25

—

Omega ratio

Gain probability vs. loss probability

—

1.43

—

Calmar ratio

Return relative to maximum drawdown

—

3.16

—

Martin ratio

Return relative to average drawdown

—

14.61

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGSDX vs. ^GSPC - Sharpe Ratio Comparison

The current UGSDX Sharpe Ratio is 3.60, which is higher than the ^GSPC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of UGSDX and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UGSDX^GSPCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.60

2.39

+1.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.29

0.75

+0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.03

0.76

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.47

+0.29

Drawdowns

UGSDX vs. ^GSPC - Drawdown Comparison

The maximum UGSDX drawdown since its inception was -2.83%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for UGSDX and ^GSPC.

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Drawdown Indicators

UGSDX^GSPCDifference

Max Drawdown

Largest peak-to-trough decline

-2.83%

-56.78%

+53.95%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-9.10%

+9.10%

Max Drawdown (3Y)

Largest decline over 3 years

-0.51%

-18.90%

+18.39%

Max Drawdown (5Y)

Largest decline over 5 years

-2.83%

-25.43%

+22.60%

Max Drawdown (10Y)

Largest decline over 10 years

-2.83%

-33.92%

+31.09%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.30%

-10.72%

+10.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

1.97%

-1.97%

Volatility

UGSDX vs. ^GSPC - Volatility Comparison

The current volatility for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) is 0.25%, while S&P 500 Index (^GSPC) has a volatility of 2.84%. This indicates that UGSDX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UGSDX^GSPCDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.25%

2.84%

-2.59%

Volatility (6M)

Calculated over the trailing 6-month period

0.70%

8.98%

-8.28%

Volatility (1Y)

Calculated over the trailing 1-year period

0.98%

11.87%

-10.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.79%

16.90%

-15.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.53%

18.07%

-16.54%

Frequently Asked Questions

UGSDX and ^GSPC have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^GSPC has higher volatility (2.84%) compared to UGSDX (0.25%). In terms of maximum drawdown, UGSDX dropped -2.83% vs ^GSPC's -56.78%.

UGSDX currently has the higher Sharpe Ratio (3.60 vs 2.39), 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.

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