ULST vs. FTSM
ULST (State Street Ultra Short Term Bond ETF) and FTSM (First Trust Enhanced Short Maturity ETF) are both Ultrashort Bond funds. ULST is passively managed, while FTSM is actively managed. Over the past 10 years, ULST returned 2.65%/yr vs 2.54%/yr for FTSM. At a 0.22 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.44%/yr for FTSM.
Performance
ULST vs. FTSM - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.25% return, which is significantly lower than FTSM's 1.47% return. Both investments have delivered pretty close results over the past 10 years, with ULST having a 2.65% annualized return and FTSM not far behind at 2.54%.
ULST
- 1D
- 0.00%
- 1M
- 0.15%
- YTD
- 1.25%
- 6M
- 1.58%
- 1Y
- 3.95%
- 3Y*
- 4.91%
- 5Y*
- 3.52%
- 10Y*
- 2.65%
FTSM
- 1D
- 0.01%
- 1M
- 0.25%
- YTD
- 1.47%
- 6M
- 1.81%
- 1Y
- 4.17%
- 3Y*
- 4.84%
- 5Y*
- 3.46%
- 10Y*
- 2.54%
ULST vs. FTSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.25% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
FTSM First Trust Enhanced Short Maturity ETF | 1.47% | 4.66% | 5.22% | 5.12% | 1.02% | -0.01% | 1.12% | 2.82% | 1.94% | 1.57% |
Correlation
The correlation between ULST and FTSM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2014 | 0.22 |
Over the past year, ULST and FTSM have become more correlated (0.44) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
ULST vs. FTSM — Risk / Return Rank
ULST
FTSM
ULST vs. FTSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and First Trust Enhanced Short Maturity ETF (FTSM). 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 | FTSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.74 | ||
| Sortino ratioReturn per unit of downside risk | -8.59 | ||
| Omega ratioGain probability vs. loss probability | 2.76 | 4.42 | -1.66 |
| Calmar ratioReturn relative to maximum drawdown | 16.75 | 35.88 | -19.13 |
| Martin ratioReturn relative to average drawdown | 87.10 | 178.84 | -91.74 |
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 | FTSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.08 | 8.82 | -2.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.67 | 7.03 | -3.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.85 | 2.90 | -1.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 1.96 | -0.46 |
Drawdowns
ULST vs. FTSM - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than FTSM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for ULST and FTSM.
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Drawdown Indicators
| ULST | FTSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -4.12% | -2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.12% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -0.15% | -0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -0.65% | -0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -4.12% | -2.08% |
Current DrawdownCurrent decline from peak | -0.05% | -0.02% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.22% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.02% | +0.03% |
Volatility
ULST vs. FTSM - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.17% compared to First Trust Enhanced Short Maturity ETF (FTSM) at 0.14%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than FTSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | FTSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.14% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 0.35% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.48% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 0.49% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.44% | 0.88% | +0.56% |
ULST vs. FTSM - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is lower than FTSM's 0.44% expense ratio.
Dividends
ULST vs. FTSM - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, more than FTSM's 4.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 4.16% | 4.28% | 4.91% | 4.62% | 1.62% | 0.39% | 1.20% | 2.38% | 2.14% | 1.49% | 1.03% | 0.48% |
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 FTSM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULST has higher volatility (0.17%) compared to FTSM (0.14%). In terms of maximum drawdown, ULST dropped -6.20% vs FTSM's -4.12%.
On 10-year performance, ULST leads with 2.65% vs 2.54% for FTSM. On fees, ULST is cheaper at 0.20% 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, ULST has performed better with a 2.65% return vs 2.54%. 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 0.44% for FTSM.
ULST has the higher dividend yield at 4.29%, compared with 4.16% for FTSM.
They also come from different issuers: State Street and First Trust. Their fees differ too: 0.20% for ULST and 0.44% for FTSM.
FTSM currently has the higher Sharpe Ratio (8.82 vs 6.08), 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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