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ULST vs. BSV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

ULST vs. BSV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Ultra Short Term Bond ETF (ULST) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ULST achieves a 1.36% return, which is significantly higher than BSV's 0.32% return. Over the past 10 years, ULST has outperformed BSV with an annualized return of 2.69%, while BSV has yielded a comparatively lower 1.91% annualized return.


ULST

1D
0.02%
1M
0.23%
YTD
1.36%
6M
1.50%
1Y
3.76%
3Y*
4.89%
5Y*
3.53%
10Y*
2.69%

BSV

1D
0.10%
1M
0.21%
YTD
0.32%
6M
0.51%
1Y
3.18%
3Y*
4.51%
5Y*
1.68%
10Y*
1.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ULST vs. BSV - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
ULST
State Street Ultra Short Term Bond ETF
1.36%4.80%5.23%5.60%0.87%0.25%1.45%3.23%2.04%1.19%
BSV
Vanguard Short-Term Bond Index Fund ETF Shares
0.32%6.00%3.78%4.90%-5.49%-1.09%4.70%4.98%1.34%1.20%

Correlation

The correlation between ULST and BSV is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.63

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

0.62

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

0.47

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

0.29

Correlation (All Time)
Calculated using the full available price history since Oct 10, 2013

0.25

Over the past year, ULST and BSV have become more correlated (0.63) than their long-term average of 0.25, meaning their price movements have been converging.

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Return for Risk

ULST vs. BSV — Risk / Return Rank

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

ULST
ULST Risk / Return Rank: 9999
Overall Rank
ULST Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ULST Sortino Ratio Rank: 9999
Sortino Ratio Rank
ULST Omega Ratio Rank: 9999
Omega Ratio Rank
ULST Calmar Ratio Rank: 9898
Calmar Ratio Rank
ULST Martin Ratio Rank: 9999
Martin Ratio Rank

BSV
BSV Risk / Return Rank: 5454
Overall Rank
BSV Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
BSV Sortino Ratio Rank: 6161
Sortino Ratio Rank
BSV Omega Ratio Rank: 5555
Omega Ratio Rank
BSV Calmar Ratio Rank: 5252
Calmar Ratio Rank
BSV Martin Ratio Rank: 4949
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.

ULST vs. BSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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.


ULSTBSVDifference
Sharpe ratioReturn per unit of total volatility

+3.97

Sortino ratioReturn per unit of downside risk

+8.33

Omega ratioGain probability vs. loss probability

2.60

1.33

+1.26

Calmar ratioReturn relative to maximum drawdown

15.94

2.48

+13.46

Martin ratioReturn relative to average drawdown

82.17

8.14

+74.03

ULST vs. BSV - Sharpe Ratio Comparison

The current ULST Sharpe Ratio is 5.72, which is higher than the BSV Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of ULST and BSV, 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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Drawdowns

ULST vs. BSV - Drawdown Comparison

The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum BSV drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for ULST and BSV.


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Drawdown Indicators


ULSTBSVDifference

Max Drawdown

Largest peak-to-trough decline

-6.20%

-8.54%

+2.34%

Max Drawdown (1Y)

Largest decline over 1 year

-0.24%

-1.29%

+1.05%

Max Drawdown (3Y)

Largest decline over 3 years

-0.54%

-1.53%

+0.99%

Max Drawdown (5Y)

Largest decline over 5 years

-1.22%

-8.54%

+7.32%

Max Drawdown (10Y)

Largest decline over 10 years

-6.20%

-8.54%

+2.34%

Current Drawdown

Current decline from peak

0.00%

-0.60%

+0.60%

Average Drawdown

Average peak-to-trough decline

-0.16%

-0.97%

+0.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

0.39%

-0.34%

Volatility

ULST vs. BSV - Volatility Comparison

The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.19%, while Vanguard Short-Term Bond Index Fund ETF Shares (BSV) has a volatility of 0.60%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


ULSTBSVDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.19%

0.60%

-0.41%

Volatility (6M)

Calculated over the trailing 6-month period

0.45%

1.33%

-0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

0.66%

1.82%

-1.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.97%

2.73%

-1.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.44%

2.38%

-0.94%

ULST vs. BSV - Expense Ratio Comparison

ULST has a 0.20% expense ratio, which is higher than BSV's 0.03% 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. BSV - Dividend Comparison

ULST's dividend yield for the trailing twelve months is around 4.28%, more than BSV's 3.99% yield.


PositionTTM20252024202320222021202020192018201720162015
BSV
Vanguard Short-Term Bond Index Fund ETF Shares
3.99%3.83%3.38%2.46%1.50%1.45%1.79%2.29%1.99%1.65%1.48%1.40%
ULST
State Street Ultra Short Term Bond ETF
4.28%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 BSV have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BSV has higher volatility (0.60%) compared to ULST (0.19%). In terms of maximum drawdown, ULST dropped -6.20% vs BSV's -8.54%.

On 10-year performance, ULST leads with 2.69% vs 1.91% for BSV. On fees, BSV is cheaper at 0.03% per year. On volatility, ULST has been the lower-risk option at 0.19%. 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 2.69% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BSV is cheaper with a 0.03% expense ratio, compared with 0.20% for ULST.

ULST has the higher dividend yield at 4.28%, compared with 3.99% for BSV.

ULST is categorized as Ultrashort Bond, while BSV is Short-Term Bond. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.20% for ULST and 0.03% for BSV.

ULST currently has the higher Sharpe Ratio (5.72 vs 1.76), 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.

Portfolio Optimizer

Find the right allocation for ULST and BSV

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