ULST vs. GLDM
ULST (State Street Ultra Short Term Bond ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, ULST returned 3.51%/yr vs 18.49%/yr for GLDM. At a 0.16 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.10%/yr for GLDM.
Performance
ULST vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.24% return, which is significantly lower than GLDM's 3.00% return.
ULST
- 1D
- -0.02%
- 1M
- 0.33%
- YTD
- 1.24%
- 6M
- 1.57%
- 1Y
- 3.99%
- 3Y*
- 4.92%
- 5Y*
- 3.51%
- 10Y*
- 2.67%
GLDM
- 1D
- -0.96%
- 1M
- -1.62%
- YTD
- 3.00%
- 6M
- 5.60%
- 1Y
- 32.42%
- 3Y*
- 31.49%
- 5Y*
- 18.49%
- 10Y*
- —
ULST vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 0.96% |
GLDM SPDR Gold MiniShares Trust | 3.00% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
Correlation
The correlation between ULST and GLDM is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | 0.16 |
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Return for Risk
ULST vs. GLDM — Risk / Return Rank
ULST
GLDM
ULST vs. GLDM - 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 MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.90 | ||
| Sortino ratioReturn per unit of downside risk | +10.66 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 1.25 | +1.53 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 1.70 | +15.21 |
| Martin ratioReturn relative to average drawdown | 87.49 | 4.23 | +83.26 |
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 | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 1.24 | +4.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.67 | 1.04 | +2.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 1.02 | +0.48 |
Drawdowns
ULST vs. GLDM - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum GLDM drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for ULST and GLDM.
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Drawdown Indicators
| ULST | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -21.63% | +15.43% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -19.14% | +18.90% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -19.14% | +18.60% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -20.92% | +19.70% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | -17.65% | +17.60% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -6.22% | +6.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 7.69% | -7.64% |
Volatility
ULST vs. GLDM - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.18%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 5.47%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 5.47% | -5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 22.99% | -22.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 26.39% | -25.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 17.91% | -16.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 16.85% | -15.40% |
ULST vs. GLDM - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than GLDM's 0.10% 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. GLDM - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 GLDM have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (5.47%) compared to ULST (0.18%). In terms of maximum drawdown, ULST dropped -6.20% vs GLDM's -21.63%.
On 5-year performance, GLDM leads with 18.49% vs 3.51% for ULST. On fees, GLDM is cheaper at 0.10% per year. On volatility, ULST has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 18.49% return vs 3.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.29%, compared with 0.00% for GLDM.
ULST is categorized as Ultrashort Bond, while GLDM is Gold. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.20% for ULST and 0.10% for GLDM.
ULST currently has the higher Sharpe Ratio (6.14 vs 1.24), 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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