ULST vs. SPTU
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 0.20 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.05%/yr for SPTU.
Performance
ULST vs. SPTU - 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 SPTU's 1.48% 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%
SPTU
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 1.48%
- 6M
- 1.81%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ULST vs. SPTU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 0.87% |
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF | 1.48% | 0.92% |
Correlation
The correlation between ULST and SPTU is 0.20, 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 9, 2025 | 0.20 |
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Return for Risk
ULST vs. SPTU — Risk / Return Rank
ULST
SPTU
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.
| ULST | SPTU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 2.77 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | — | — |
| Martin ratioReturn relative to average drawdown | 87.49 | — | — |
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 | SPTU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.67 | — | — |
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 | 11.82 | -10.32 |
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.
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Drawdown Indicators
| ULST | SPTU | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.00% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | — | — |
Volatility
ULST vs. SPTU - Volatility Comparison
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Volatility by Period
| ULST | SPTU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.32% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 0.32% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 0.32% | +1.13% |
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 4.29%, 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 | 4.29% | 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 SPTU have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPTU is cheaper with a 0.05% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.29%, compared with 2.36% for 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.
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