ULST vs. PIT
ULST (State Street Ultra Short Term Bond ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while PIT is a Commodities fund actively managed by VanEck. ULST is passively managed, while PIT is actively managed. Over the past 3 years, ULST returned 4.90%/yr vs 18.03%/yr for PIT. At a correlation of -0.09, they often move in opposite directions. ULST charges 0.20%/yr vs 0.55%/yr for PIT.
Performance
ULST vs. PIT - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.40% return, which is significantly lower than PIT's 22.64% return.
ULST
- 1D
- 0.03%
- 1M
- 0.27%
- YTD
- 1.40%
- 6M
- 1.47%
- 1Y
- 3.81%
- 3Y*
- 4.90%
- 5Y*
- 3.54%
- 10Y*
- 2.69%
PIT
- 1D
- -2.37%
- 1M
- -13.88%
- YTD
- 22.64%
- 6M
- 20.86%
- 1Y
- 39.22%
- 3Y*
- 18.03%
- 5Y*
- —
- 10Y*
- —
ULST vs. PIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.40% | 4.80% | 5.23% | 5.60% | 0.14% |
PIT VanEck Commodity Strategy ETF | 22.64% | 21.63% | 6.77% | -4.54% | 1.67% |
Correlation
The correlation between ULST and PIT is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022 | -0.09 |
The correlation between ULST and PIT shifts across timeframes, from -0.23 (1 year) to -0.08 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. PIT — Risk / Return Rank
ULST
PIT
ULST vs. PIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and VanEck Commodity Strategy ETF (PIT). 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 | PIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.00 | ||
| Sortino ratioReturn per unit of downside risk | +8.92 | ||
| Omega ratioGain probability vs. loss probability | 2.64 | 1.33 | +1.31 |
| Calmar ratioReturn relative to maximum drawdown | 16.19 | 2.29 | +13.90 |
| Martin ratioReturn relative to average drawdown | 83.47 | 10.32 | +73.15 |
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Drawdowns
ULST vs. PIT - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum PIT drawdown of -17.20%. Use the drawdown chart below to compare losses from any high point for ULST and PIT.
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Drawdown Indicators
| ULST | PIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -17.20% | +11.00% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -17.20% | +16.96% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -17.20% | +16.66% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -17.20% | +17.20% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -4.10% | +3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 3.81% | -3.76% |
Volatility
ULST vs. PIT - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.19%, while VanEck Commodity Strategy ETF (PIT) has a volatility of 5.04%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | PIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 5.04% | -4.85% |
Volatility (6M)Calculated over the trailing 6-month period | 0.45% | 19.56% | -19.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.66% | 21.68% | -21.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.97% | 17.54% | -16.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.44% | 17.54% | -16.10% |
ULST vs. PIT - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is lower than PIT's 0.55% expense ratio.
Dividends
ULST vs. PIT - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.28%, less than PIT's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIT VanEck Commodity Strategy ETF | 7.27% | 8.92% | 3.59% | 6.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ULST State Street Ultra Short Term Bond ETF | 4.28% | 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 PIT 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.
PIT has higher volatility (5.04%) compared to ULST (0.19%). In terms of maximum drawdown, ULST dropped -6.20% vs PIT's -17.20%.
On 3-year performance, PIT leads with 18.03% vs 4.90% for ULST. On fees, ULST is cheaper at 0.20% per year. On volatility, ULST has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PIT has performed better with a 18.03% return vs 4.90%. 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 0.55% for PIT.
PIT has the higher dividend yield at 7.27%, compared with 4.28% for ULST.
ULST is categorized as Ultrashort Bond, while PIT is Commodities. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.20% for ULST and 0.55% for PIT.
ULST currently has the higher Sharpe Ratio (5.82 vs 1.83), 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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