ULST vs. SPTU

Last updated Jun 25, 2026

ULST (State Street Ultra Short Term Bond ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds from State Street - ULST tracks the Bloomberg US Treasury Bellwether 3 Month Index while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. At a 0.21 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.05%/yr for SPTU.

Performance

ULST vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Ultra Short Term Bond ETF (ULST) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULST achieves a 1.40% return, which is significantly lower than SPTU's 1.68% 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%

SPTU

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.68%
• 6M: 1.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ULST vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
ULST State Street Ultra Short Term Bond ETF	1.40%	0.87%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.68%	0.87%

Correlation

The correlation between ULST and SPTU is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.21

Return for Risk

ULST vs. SPTU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ULST

ULST Risk / Return Rank: 99
ULST Sharpe Ratio Rank: 99
ULST Sortino Ratio Rank: 99
ULST Omega Ratio Rank: 99
ULST Calmar Ratio Rank: 98
ULST Martin Ratio Rank: 99

SPTU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ULST vs. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	5.82	—	—
Sortino ratio: Return per unit of downside risk	11.29	—	—
Omega ratio: Gain probability vs. loss probability	2.64	—	—
Calmar ratio: Return relative to maximum drawdown	16.19	—	—
Martin ratio: Return relative to average drawdown	83.47	—	—

Drawdowns

ULST vs. SPTU - Drawdown Comparison

The maximum ULST drawdown since its inception was -6.20%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for ULST and SPTU.

Drawdown Indicators

	ULST	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-6.20%	-0.04%	-6.16%
Max Drawdown (1Y) Largest decline over 1 year	-0.24%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-6.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.00%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	—	—

Volatility

Volatility by Period

	ULST	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.66%	0.32%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.97%	0.32%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.44%	0.32%	+1.12%

ULST vs. SPTU - Expense Ratio Comparison

ULST has a 0.20% expense ratio, which is higher than SPTU's 0.05% 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. SPTU - Dividend Comparison

ULST's dividend yield for the trailing twelve months is around 4.28%, more than SPTU's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	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	4.28%	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

Can I hold both ULST and SPTU in my portfolio?

ULST and SPTU have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ULST or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ULST or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.20% for ULST.

Which ETF pays a higher dividend yield, ULST or SPTU?

ULST has the higher dividend yield at 4.28%, compared with 2.36% for SPTU.

What is the main difference between ULST and SPTU?

ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while SPTU tracks ICE BofA US Treasury Bill Index. Their fees differ too: 0.20% for ULST and 0.05% for SPTU.