ULST vs. FLRN
ULST (State Street Ultra Short Term Bond ETF) and FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y). Both are passively managed. Over the past 10 years, ULST returned 2.68%/yr vs 3.04%/yr for FLRN. At a 0.09 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.15%/yr for FLRN.
Performance
ULST vs. FLRN - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.34% return, which is significantly lower than FLRN's 2.03% return. Over the past 10 years, ULST has underperformed FLRN with an annualized return of 2.68%, while FLRN has yielded a comparatively higher 3.04% annualized return.
ULST
- 1D
- -0.01%
- 1M
- 0.21%
- YTD
- 1.34%
- 6M
- 1.41%
- 1Y
- 3.79%
- 3Y*
- 4.88%
- 5Y*
- 3.53%
- 10Y*
- 2.68%
FLRN
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 2.03%
- 6M
- 2.13%
- 1Y
- 4.78%
- 3Y*
- 5.58%
- 5Y*
- 4.21%
- 10Y*
- 3.04%
ULST vs. FLRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.34% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 2.03% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
Correlation
The correlation between ULST and FLRN is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | 0.09 |
The correlation between ULST and FLRN shifts across timeframes, from -0.04 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. FLRN — Risk / Return Rank
ULST
FLRN
ULST vs. FLRN - 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 Barclays Investment Grade Floating Rate ETF (FLRN). 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 | FLRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 2.61 | 3.24 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | 16.10 | 21.09 | -4.98 |
| Martin ratioReturn relative to average drawdown | 82.82 | 124.77 | -41.95 |
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Drawdowns
ULST vs. FLRN - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum FLRN drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for ULST and FLRN.
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Drawdown Indicators
| ULST | FLRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -14.64% | +8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.23% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -1.43% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -2.16% | +0.94% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -14.64% | +8.44% |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -1.82% | +1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.04% | +0.01% |
Volatility
ULST vs. FLRN - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) and SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) have volatilities of 0.20% and 0.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | FLRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.20% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.45% | 0.54% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.66% | 0.70% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.97% | 1.69% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.44% | 4.21% | -2.77% |
ULST vs. FLRN - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than FLRN's 0.15% 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. FLRN - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, less than FLRN's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 4.50% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
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 FLRN have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRN has higher volatility (0.20%) compared to ULST (0.20%). In terms of maximum drawdown, ULST dropped -6.20% vs FLRN's -14.64%.
On 10-year performance, FLRN leads with 3.04% vs 2.68% for ULST. On fees, FLRN is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLRN has performed better with a 3.04% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRN is cheaper with a 0.15% expense ratio, compared with 0.20% for ULST.
FLRN has the higher dividend yield at 4.50%, compared with 4.29% for ULST.
ULST is categorized as Ultrashort Bond, while FLRN is Corporate Bonds. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while FLRN tracks Bloomberg US Floating Rate Notes (<5 Y). Their fees differ too: 0.20% for ULST and 0.15% for FLRN.
FLRN currently has the higher Sharpe Ratio (6.89 vs 5.77), 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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