ULST vs. DIA
ULST (State Street Ultra Short Term Bond ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. Both are passively managed. Over the past 10 years, ULST returned 2.69%/yr vs 13.26%/yr for DIA. Their 0.00 correlation means their historical movements had little consistent relationship. ULST charges 0.20%/yr vs 0.16%/yr for DIA.
Performance
ULST vs. DIA - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.77% return, which is significantly lower than DIA's 11.40% return. Over the past 10 years, ULST has underperformed DIA with an annualized return of 2.69%, while DIA has yielded a comparatively higher 13.26% annualized return.
ULST
- 1D
- 0.02%
- 1M
- 0.24%
- 6M
- 1.42%
- YTD
- 1.77%
- 1Y
- 3.47%
- 3Y*
- 4.75%
- 5Y*
- 3.62%
- 10Y*
- 2.69%
- ALL TIME*
- 2.21%
DIA
- 1D
- 1.32%
- 1M
- 0.66%
- 6M
- 8.32%
- YTD
- 11.40%
- 1Y
- 23.76%
- 3Y*
- 16.74%
- 5Y*
- 10.75%
- 10Y*
- 13.26%
- ALL TIME*
- 9.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.15B | $1.97B | $2.40B | |
| $2.55M | $2.52M | $3.89M |
ULST vs. DIA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.77% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 11.40% | 14.71% | 14.82% | 16.02% | -7.02% | 20.83% | 9.59% | 24.70% | -3.74% | 28.08% |
Correlation
The correlation between ULST and DIA is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | 0.00 |
The correlation between ULST and DIA shifts across timeframes, from 0.00 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. DIA — Risk / Return Rank
ULST
DIA
ULST vs. DIA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). 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.
| ULST | DIA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.04 | ||
| Sortino ratioReturn per unit of downside risk | +7.57 | ||
| Omega ratioGain probability vs. loss probability | 2.52 | 1.34 | +1.18 |
| Calmar ratioReturn relative to maximum drawdown | 14.74 | 2.45 | +12.29 |
| Martin ratioReturn relative to average drawdown | 77.67 | 9.47 | +68.20 |
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Drawdowns
ULST vs. DIA - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum DIA drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for ULST and DIA.
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Drawdown Indicators
| ULST | DIA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -51.87% | +45.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -9.76% | +9.52% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -15.95% | +15.41% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -20.76% | +19.54% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -36.70% | +30.50% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -7.11% | +6.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 2.52% | -2.47% |
Volatility
ULST vs. DIA - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.11%, while State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) has a volatility of 3.83%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | DIA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 3.83% | -3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 9.90% | -9.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 12.51% | -11.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.97% | 14.84% | -13.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.43% | 17.54% | -16.11% |
ULST vs. DIA - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than DIA's 0.16% 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. DIA - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.19%, more than DIA's 1.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 1.35% | 1.43% | 1.61% | 1.81% | 1.91% | 1.58% | 1.87% | 1.85% | 2.24% | 1.97% | 2.26% | 2.33% |
ULST State Street Ultra Short Term Bond ETF | 4.19% | 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 DIA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIA has higher volatility (3.83%) compared to ULST (0.11%). In terms of maximum drawdown, ULST dropped -6.20% vs DIA's -51.87%.
On 10-year performance, DIA leads with 13.26% vs 2.69% for ULST. On fees, DIA is cheaper at 0.16% per year. On volatility, ULST has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIA has performed better with a 13.26% return vs 2.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIA is cheaper with a 0.16% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.19%, compared with 1.35% for DIA.
ULST is categorized as Ultrashort Bond, while DIA is Large Cap Blend Equities. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while DIA tracks Dow Jones Industrial Average. Their fees differ too: 0.20% for ULST and 0.16% for DIA.
ULST currently has the higher Sharpe Ratio (5.96 vs 1.91), 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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