ULST vs. BUCK
ULST (State Street Ultra Short Term Bond ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while BUCK is a Government Bonds fund actively managed by Simplify. ULST is passively managed, while BUCK is actively managed. Over the past 3 years, ULST returned 4.92%/yr vs 5.27%/yr for BUCK. At a 0.04 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.35%/yr for BUCK.
Performance
ULST vs. BUCK - 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 BUCK's 1.90% 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%
BUCK
- 1D
- 0.02%
- 1M
- 0.38%
- YTD
- 1.90%
- 6M
- 2.09%
- 1Y
- 7.95%
- 3Y*
- 5.27%
- 5Y*
- —
- 10Y*
- —
ULST vs. BUCK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 4.80% | 5.23% | 5.60% | 0.99% |
BUCK Simplify Treasury Option Income ETF | 1.90% | 4.13% | 7.25% | 4.63% | 0.39% |
Correlation
The correlation between ULST and BUCK is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022 | 0.04 |
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Return for Risk
ULST vs. BUCK — Risk / Return Rank
ULST
BUCK
ULST vs. BUCK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and Simplify Treasury Option Income ETF (BUCK). 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 | BUCK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.60 | ||
| Sortino ratioReturn per unit of downside risk | +8.47 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 1.54 | +1.23 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 6.11 | +10.81 |
| Martin ratioReturn relative to average drawdown | 87.49 | 32.31 | +55.18 |
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 | BUCK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 2.54 | +3.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 1.47 | +0.03 |
Drawdowns
ULST vs. BUCK - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for ULST and BUCK.
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Drawdown Indicators
| ULST | BUCK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -5.43% | -0.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -1.31% | +1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -5.43% | +4.89% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.04% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.49% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.25% | -0.20% |
Volatility
ULST vs. BUCK - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.18%, while Simplify Treasury Option Income ETF (BUCK) has a volatility of 0.70%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | BUCK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.70% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 1.53% | -1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 3.14% | -2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 3.49% | -2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 3.49% | -2.04% |
ULST vs. BUCK - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is lower than BUCK's 0.35% expense ratio.
Dividends
ULST vs. BUCK - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, less than BUCK's 7.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BUCK Simplify Treasury Option Income ETF | 7.42% | 7.59% | 8.84% | 4.84% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 BUCK have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BUCK has higher volatility (0.70%) compared to ULST (0.18%). In terms of maximum drawdown, ULST dropped -6.20% vs BUCK's -5.43%.
On 3-year performance, BUCK leads with 5.27% vs 4.92% for ULST. On fees, ULST is cheaper at 0.20% per year. On volatility, ULST has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BUCK has performed better with a 5.27% return vs 4.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULST is cheaper with a 0.20% expense ratio, compared with 0.35% for BUCK.
BUCK has the higher dividend yield at 7.42%, compared with 4.29% for ULST.
ULST is categorized as Ultrashort Bond, while BUCK is Government Bonds. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.20% for ULST and 0.35% for BUCK.
ULST currently has the higher Sharpe Ratio (6.14 vs 2.54), 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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