ULST vs. GLD
Compare and contrast key facts about State Street Ultra Short Term Bond ETF (ULST) and SPDR Gold Shares (GLD).
ULST and GLD 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. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004. Both ULST and GLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ULST vs. GLD - Performance Comparison
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ULST vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 0.64% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
GLD SPDR Gold Shares | 8.57% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Returns By Period
In the year-to-date period, ULST achieves a 0.64% return, which is significantly lower than GLD's 8.57% return. Over the past 10 years, ULST has underperformed GLD with an annualized return of 2.64%, while GLD has yielded a comparatively higher 13.92% annualized return.
ULST
- 1D
- 0.10%
- 1M
- -0.01%
- YTD
- 0.64%
- 6M
- 1.68%
- 1Y
- 4.08%
- 3Y*
- 4.98%
- 5Y*
- 3.42%
- 10Y*
- 2.64%
GLD
- 1D
- 3.79%
- 1M
- -11.05%
- YTD
- 8.57%
- 6M
- 21.05%
- 1Y
- 49.33%
- 3Y*
- 32.92%
- 5Y*
- 21.58%
- 10Y*
- 13.92%
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ULST vs. GLD - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is lower than GLD's 0.40% expense ratio.
Return for Risk
ULST vs. GLD — Risk / Return Rank
ULST
GLD
ULST vs. GLD - 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 Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 5.05 | 1.79 | +3.27 |
Sortino ratioReturn per unit of downside risk | 9.61 | 2.21 | +7.40 |
Omega ratioGain probability vs. loss probability | 2.43 | 1.33 | +1.10 |
Calmar ratioReturn relative to maximum drawdown | 11.10 | 2.68 | +8.42 |
Martin ratioReturn relative to average drawdown | 68.31 | 9.90 | +58.40 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.05 | 1.79 | +3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.57 | 1.22 | +2.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.81 | 0.88 | +0.93 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.48 | 0.62 | +0.86 |
Correlation
The correlation between ULST and GLD is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ULST vs. GLD - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.38%, while GLD has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 4.38% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
ULST vs. GLD - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for ULST and GLD.
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Drawdown Indicators
| ULST | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -45.56% | +39.36% |
Max Drawdown (1Y)Largest decline over 1 year | -0.37% | -19.21% | +18.84% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -21.03% | +19.81% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -22.00% | +15.80% |
Current DrawdownCurrent decline from peak | -0.01% | -13.23% | +13.22% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -16.17% | +16.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 5.20% | -5.14% |
Volatility
ULST vs. GLD - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.25%, while SPDR Gold Shares (GLD) has a volatility of 11.06%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.25% | 11.06% | -10.81% |
Volatility (6M)Calculated over the trailing 6-month period | 0.42% | 24.30% | -23.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.81% | 27.80% | -26.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 17.74% | -16.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.47% | 15.87% | -14.40% |