ULST vs. BIL
ULST (State Street Ultra Short Term Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, ULST returned 2.67%/yr vs 2.18%/yr for BIL. At a 0.08 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.14%/yr for BIL.
Performance
ULST vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.24% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, ULST has outperformed BIL with an annualized return of 2.67%, while BIL has yielded a comparatively lower 2.18% annualized return.
ULST
- 1D
- -0.02%
- 1M
- 0.33%
- YTD
- 1.24%
- 6M
- 1.57%
- 1Y
- 3.99%
- 3Y*
- 4.92%
- 5Y*
- 3.51%
- 10Y*
- 2.67%
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
ULST vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between ULST and BIL is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013 | 0.08 |
The correlation between ULST and BIL shifts across timeframes, from 0.05 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. BIL — Risk / Return Rank
ULST
BIL
ULST vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| ULST | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.57 | ||
| Sortino ratioReturn per unit of downside risk | -161.86 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 87.91 | -85.13 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 355.35 | -338.44 |
| Martin ratioReturn relative to average drawdown | 87.49 | 2,817.77 | -2,730.28 |
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
| ULST | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 19.71 | -13.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.67 | 13.16 | -9.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.86 | 8.52 | -6.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 2.78 | -1.28 |
Drawdowns
ULST vs. BIL - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ULST and BIL.
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Drawdown Indicators
| ULST | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -0.78% | -5.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.01% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -0.01% | -0.53% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -0.10% | -1.12% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -0.21% | -5.99% |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.26% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.00% | +0.05% |
Volatility
ULST vs. BIL - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.18% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.05% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 0.13% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.20% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 0.26% | +0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 0.26% | +1.19% |
ULST vs. BIL - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than BIL's 0.14% 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
ULST vs. BIL - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
ULST State Street Ultra Short Term Bond ETF | 4.29% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
Frequently Asked Questions
ULST and BIL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULST has higher volatility (0.18%) compared to BIL (0.05%). In terms of maximum drawdown, ULST dropped -6.20% vs BIL's -0.78%.
On 10-year performance, ULST leads with 2.67% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULST has performed better with a 2.67% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.29%, compared with 3.86% for BIL.
ULST is categorized as Ultrashort Bond, while BIL is Government Bonds. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.20% for ULST and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 6.14), 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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