ULST vs. CSHP

Last updated Apr 2, 2026

Compare and contrast key facts about State Street Ultra Short Term Bond ETF (ULST) and iShares Enhanced Short-Term Bond Active ETF (CSHP).

ULST and CSHP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ULST is a passively managed fund by State Street that tracks the performance of the Bloomberg US Treasury Bellwether 3 Month Index. It was launched on Oct 9, 2013. CSHP is an actively managed fund by iShares. It was launched on Jul 17, 2024.

Performance

ULST vs. CSHP - Performance Comparison

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

ULST vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULST State Street Ultra Short Term Bond ETF	0.67%	4.80%	2.22%
CSHP iShares Enhanced Short-Term Bond Active ETF	0.99%	4.10%	2.24%

Returns By Period

In the year-to-date period, ULST achieves a 0.67% return, which is significantly lower than CSHP's 0.99% return.

ULST

• 1D: 0.03%
• 1M: 0.02%
• YTD: 0.67%
• 6M: 1.60%
• 1Y: 4.09%
• 3Y*: 4.99%
• 5Y*: 3.43%
• 10Y*: 2.64%

CSHP

• 1D: 0.01%
• 1M: 0.43%
• YTD: 0.99%
• 6M: 1.99%
• 1Y: 4.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ULST vs. CSHP - Expense Ratio Comparison

Both ULST and CSHP have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

ULST

State Street Ultra Short Term Bond ETF

CSHP

iShares Enhanced Short-Term Bond Active ETF

Return for Risk

ULST vs. CSHP — Risk / Return Rank

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

ULST

ULST Risk / Return Rank: 99
ULST Sharpe Ratio Rank: 99
ULST Sortino Ratio Rank: 99
ULST Omega Ratio Rank: 99
ULST Calmar Ratio Rank: 99
ULST Martin Ratio Rank: 99

CSHP

CSHP Risk / Return Rank: 100
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 100
CSHP Omega Ratio Rank: 100
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

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. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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	CSHP	Difference
Sharpe ratio Return per unit of total volatility	5.07	10.93	-5.86
Sortino ratio Return per unit of downside risk	9.64	27.43	-17.79
Omega ratio Gain probability vs. loss probability	2.43	6.43	-4.00
Calmar ratio Return relative to maximum drawdown	11.12	58.81	-47.69
Martin ratio Return relative to average drawdown	68.42	349.74	-281.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULST vs. CSHP - Sharpe Ratio Comparison

The current ULST Sharpe Ratio is 5.07, which is lower than the CSHP Sharpe Ratio of 10.93. The chart below compares the historical Sharpe Ratios of ULST and CSHP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ULST	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.07	10.93	-5.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.58	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	10.60	-9.12

Correlation

The correlation between ULST and CSHP is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ULST vs. CSHP - Dividend Comparison

ULST's dividend yield for the trailing twelve months is around 4.34%, less than CSHP's 5.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ULST State Street Ultra Short Term Bond ETF	4.34%	4.46%	5.03%	4.45%	1.70%	0.54%	1.34%	2.56%	2.13%	1.21%	0.93%	0.37%
CSHP iShares Enhanced Short-Term Bond Active ETF	5.11%	5.39%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ULST vs. CSHP - Drawdown Comparison

The maximum ULST drawdown since its inception was -6.20%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for ULST and CSHP.

Drawdown Indicators

	ULST	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-6.20%	-0.08%	-6.12%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-0.07%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-1.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-6.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	0.00%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.01%	+0.05%

Volatility

ULST vs. CSHP - Volatility Comparison

State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.25% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULST	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.15%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.42%	0.26%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	0.81%	0.38%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.96%	0.41%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.47%	0.41%	+1.06%