ULST vs. GSY
Compare and contrast key facts about State Street Ultra Short Term Bond ETF (ULST) and Invesco Ultra Short Duration ETF (GSY).
ULST and GSY 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. GSY is an actively managed fund by Invesco. It was launched on Feb 12, 2008.
Performance
ULST vs. GSY - Performance Comparison
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ULST vs. GSY - 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% |
GSY Invesco Ultra Short Duration ETF | 0.80% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
Returns By Period
In the year-to-date period, ULST achieves a 0.64% return, which is significantly lower than GSY's 0.80% return. Over the past 10 years, ULST has underperformed GSY with an annualized return of 2.64%, while GSY has yielded a comparatively higher 2.84% 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%
GSY
- 1D
- 0.04%
- 1M
- 0.08%
- YTD
- 0.80%
- 6M
- 1.92%
- 1Y
- 4.52%
- 3Y*
- 5.49%
- 5Y*
- 3.51%
- 10Y*
- 2.84%
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ULST vs. GSY - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is lower than GSY's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
ULST vs. GSY — Risk / Return Rank
ULST
GSY
ULST vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and Invesco Ultra Short Duration ETF (GSY). 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 | GSY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 5.05 | 10.64 | -5.59 |
Sortino ratioReturn per unit of downside risk | 9.61 | 24.03 | -14.42 |
Omega ratioGain probability vs. loss probability | 2.43 | 6.27 | -3.85 |
Calmar ratioReturn relative to maximum drawdown | 11.10 | 25.29 | -14.19 |
Martin ratioReturn relative to average drawdown | 68.31 | 176.75 | -108.44 |
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 | GSY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.05 | 10.64 | -5.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.57 | 6.07 | -2.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.81 | 2.33 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.48 | 0.45 | +1.03 |
Correlation
The correlation between ULST and GSY is 0.23, 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. GSY - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.38%, less than GSY's 4.43% yield.
| 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% |
GSY Invesco Ultra Short Duration ETF | 4.43% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
Drawdowns
ULST vs. GSY - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for ULST and GSY.
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Drawdown Indicators
| ULST | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -12.14% | +5.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.37% | -0.18% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -1.48% | +0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -5.25% | -0.95% |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -2.41% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 0.03% | +0.03% |
Volatility
ULST vs. GSY - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.25% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.25% | 0.15% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.42% | 0.28% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.81% | 0.43% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 0.58% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.47% | 1.22% | +0.25% |