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ULST vs. SPYM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ULST vs. SPYM

Last updated Jun 4, 2026

ULST (State Street Ultra Short Term Bond ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ULST returned 2.67%/yr vs 15.62%/yr for SPYM. At a 0.01 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.02%/yr for SPYM.

Performance

ULST vs. SPYM - 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 S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ULST achieves a 1.24% return, which is significantly lower than SPYM's 10.98% return. Over the past 10 years, ULST has underperformed SPYM with an annualized return of 2.67%, while SPYM has yielded a comparatively higher 15.62% annualized 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%

SPYM

1D
-0.66%
1M
5.06%
YTD
10.98%
6M
10.98%
1Y
28.09%
3Y*
22.46%
5Y*
13.91%
10Y*
15.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ULST vs. SPYM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ULST
State Street Ultra Short Term Bond ETF		1.24%4.80%5.23%5.60%0.87%0.25%1.45%3.23%2.04%1.19%
SPYM
State Street SPDR Portfolio S&P 500 ETF		10.98%17.79%25.00%26.24%-18.09%28.78%18.49%31.99%-4.78%21.30%

Correlation

The correlation between ULST and SPYM is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.06

Correlation (3Y)
Calculated over the trailing 3-year period

0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2013

0.01

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street Ultra Short Term Bond ETF

State Street SPDR Portfolio S&P 500 ETF

Often compared with ULST:
ULST vs. SGOVULST vs. GSYULST vs. ICSHULST vs. VTIPULST vs. FLRNULST vs. BSVULST vs. FALN
Often compared with SPYM:
SPYM vs. SPYSPYM vs. VOOSPYM vs. QQQMSPYM vs. SPMOSPYM vs. VTISPYM vs. SPYGSPYM vs. SCHG

Return for Risk

ULST vs. SPYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ULST
ULST Risk / Return Rank: 9999
Overall Rank
ULST Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ULST Sortino Ratio Rank: 9999
Sortino Ratio Rank
ULST Omega Ratio Rank: 9999
Omega Ratio Rank
ULST Calmar Ratio Rank: 9898
Calmar Ratio Rank
ULST Martin Ratio Rank: 9999
Martin Ratio Rank
SPYM
SPYM Risk / Return Rank: 7070
Overall Rank
SPYM Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPYM Sortino Ratio Rank: 7070
Sortino Ratio Rank
SPYM Omega Ratio Rank: 7171
Omega Ratio Rank
SPYM Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPYM Martin Ratio Rank: 7676
Martin Ratio Rank
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. SPYM - 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 S&P 500 ETF (SPYM). 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.

ULSTSPYMDifference
Sharpe ratioReturn per unit of total volatility
6.14
2.39

+3.74

Sortino ratioReturn per unit of downside risk
12.30
3.27

+9.03

Omega ratioGain probability vs. loss probability

2.77

1.44

+1.34

Calmar ratioReturn relative to maximum drawdown

16.92

3.17

+13.75

Martin ratioReturn relative to average drawdown

87.49

14.76

+72.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULST vs. SPYM - Sharpe Ratio Comparison

The current ULST Sharpe Ratio is 6.14, which is higher than the SPYM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ULST and SPYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ULSTSPYMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.14

2.39

+3.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

3.67

0.83

+2.83

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.86

0.87

+0.98

Sharpe Ratio (All Time)

Calculated using the full available price history

1.50

0.62

+0.88

Drawdowns

ULST vs. SPYM - Drawdown Comparison

The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for ULST and SPYM.

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Drawdown Indicators

ULSTSPYMDifference

Max Drawdown

Largest peak-to-trough decline

-6.20%

-54.46%

+48.26%

Max Drawdown (1Y)

Largest decline over 1 year

-0.24%

-8.90%

+8.66%

Max Drawdown (3Y)

Largest decline over 3 years

-0.54%

-18.72%

+18.18%

Max Drawdown (5Y)

Largest decline over 5 years

-1.22%

-24.48%

+23.26%

Max Drawdown (10Y)

Largest decline over 10 years

-6.20%

-33.87%

+27.67%

Current Drawdown

Current decline from peak

-0.05%

-0.66%

+0.61%

Average Drawdown

Average peak-to-trough decline

-0.16%

-7.15%

+6.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

1.91%

-1.86%

Volatility

ULST vs. SPYM - Volatility Comparison

The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.18%, while State Street SPDR Portfolio S&P 500 ETF (SPYM) has a volatility of 2.83%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ULSTSPYMDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.18%

2.83%

-2.65%

Volatility (6M)

Calculated over the trailing 6-month period

0.43%

8.90%

-8.47%

Volatility (1Y)

Calculated over the trailing 1-year period

0.65%

11.80%

-11.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.96%

16.80%

-15.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.45%

18.00%

-16.55%

ULST vs. SPYM - Expense Ratio Comparison

ULST has a 0.20% expense ratio, which is higher than SPYM's 0.02% 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. SPYM - Dividend Comparison

ULST's dividend yield for the trailing twelve months is around 4.29%, more than SPYM's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
SPYM
State Street SPDR Portfolio S&P 500 ETF		1.00%1.13%1.28%1.44%1.69%1.25%1.54%1.79%2.23%1.75%1.97%1.98%
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 SPYM have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPYM has higher volatility (2.83%) compared to ULST (0.18%). In terms of maximum drawdown, ULST dropped -6.20% vs SPYM's -54.46%.

On 10-year performance, SPYM leads with 15.62% vs 2.67% for ULST. On fees, SPYM is cheaper at 0.02% per year. On volatility, ULST has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPYM has performed better with a 15.62% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYM is cheaper with a 0.02% expense ratio, compared with 0.20% for ULST.

ULST has the higher dividend yield at 4.29%, compared with 1.00% for SPYM.

ULST is categorized as Ultrashort Bond, while SPYM is S&P 500. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while SPYM tracks S&P 500 Index. Their fees differ too: 0.20% for ULST and 0.02% for SPYM.

ULST currently has the higher Sharpe Ratio (6.14 vs 2.39), 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.

Portfolio Optimizer

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