ULST vs. GSY
ULST (State Street Ultra Short Term Bond ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. ULST is passively managed, while GSY is actively managed. Over the past 10 years, ULST returned 2.69%/yr vs 2.86%/yr for GSY. At a 0.23 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.22%/yr for GSY.
Performance
ULST vs. GSY - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.36% return, which is significantly lower than GSY's 1.81% return. Over the past 10 years, ULST has underperformed GSY with an annualized return of 2.69%, while GSY has yielded a comparatively higher 2.86% annualized return.
ULST
- 1D
- 0.02%
- 1M
- 0.23%
- YTD
- 1.36%
- 6M
- 1.50%
- 1Y
- 3.76%
- 3Y*
- 4.89%
- 5Y*
- 3.53%
- 10Y*
- 2.69%
GSY
- 1D
- 0.02%
- 1M
- 0.37%
- YTD
- 1.81%
- 6M
- 1.91%
- 1Y
- 4.45%
- 3Y*
- 5.42%
- 5Y*
- 3.70%
- 10Y*
- 2.86%
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 | 1.36% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
GSY Invesco Ultra Short Duration ETF | 1.81% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
Correlation
The correlation between ULST and GSY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | 0.23 |
The correlation between ULST and GSY shifts across timeframes, from 0.23 (all time) to 0.54 (3 years), reflecting how their relationship changes across market environments.
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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.
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 | GSY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.10 | ||
| Sortino ratioReturn per unit of downside risk | -14.18 | ||
| Omega ratioGain probability vs. loss probability | 2.60 | 6.07 | -3.48 |
| Calmar ratioReturn relative to maximum drawdown | 15.94 | 74.55 | -58.61 |
| Martin ratioReturn relative to average drawdown | 82.17 | 349.91 | -267.74 |
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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 | -0.24% | -0.06% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -0.18% | -0.36% |
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 | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -2.38% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.01% | +0.04% |
Volatility
ULST vs. GSY - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.19% 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 | 0.19% | 0.15% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.45% | 0.31% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.66% | 0.41% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.97% | 0.58% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.44% | 1.22% | +0.22% |
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%.
Dividends
ULST vs. GSY - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.28%, which matches GSY's 4.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.30% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
ULST State Street Ultra Short Term Bond ETF | 4.28% | 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 GSY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULST has higher volatility (0.19%) compared to GSY (0.15%). In terms of maximum drawdown, ULST dropped -6.20% vs GSY's -12.14%.
On 10-year performance, GSY leads with 2.86% vs 2.69% for ULST. 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, GSY has performed better with a 2.86% return vs 2.69%. 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 0.22% for GSY.
GSY has the higher dividend yield at 4.30%, compared with 4.28% for ULST.
They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for ULST and 0.22% for GSY.
GSY currently has the higher Sharpe Ratio (10.83 vs 5.72), 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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