ULST vs. TBLL
ULST (State Street Ultra Short Term Bond ETF) and TBLL (Invesco Short Term Treasury ETF) are both Ultrashort Bond funds - ULST tracks the Bloomberg US Treasury Bellwether 3 Month Index while TBLL tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, ULST returned 3.53%/yr vs 3.35%/yr for TBLL. At a 0.13 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.08%/yr for TBLL.
Performance
ULST vs. TBLL - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.30% return, which is significantly lower than TBLL's 1.45% return.
ULST
- 1D
- 0.06%
- 1M
- 0.30%
- YTD
- 1.30%
- 6M
- 1.60%
- 1Y
- 3.99%
- 3Y*
- 4.96%
- 5Y*
- 3.53%
- 10Y*
- 2.70%
TBLL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.45%
- 6M
- 1.74%
- 1Y
- 3.92%
- 3Y*
- 4.65%
- 5Y*
- 3.35%
- 10Y*
- —
ULST vs. TBLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.30% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.09% |
TBLL Invesco Short Term Treasury ETF | 1.45% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
Correlation
The correlation between ULST and TBLL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017 | 0.13 |
The correlation between ULST and TBLL shifts across timeframes, from 0.13 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. TBLL — Risk / Return Rank
ULST
TBLL
ULST vs. TBLL - 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 Short Term Treasury ETF (TBLL). 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 | TBLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.77 | ||
| Sortino ratioReturn per unit of downside risk | -205.21 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 102.54 | -99.77 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 415.28 | -398.36 |
| Martin ratioReturn relative to average drawdown | 87.50 | 3,519.84 | -3,432.34 |
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 | TBLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 20.91 | -14.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.68 | 7.53 | -3.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.87 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 4.26 | -2.76 |
Drawdowns
ULST vs. TBLL - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for ULST and TBLL.
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Drawdown Indicators
| ULST | TBLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -0.63% | -5.57% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.01% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -0.36% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -0.36% | -0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.14% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.00% | +0.05% |
Volatility
ULST vs. TBLL - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.17% compared to Invesco Short Term Treasury ETF (TBLL) at 0.05%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | TBLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.05% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 0.12% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.19% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 0.45% | +0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 0.56% | +0.89% |
ULST vs. TBLL - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than TBLL's 0.08% 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. TBLL - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, more than TBLL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 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 TBLL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULST has higher volatility (0.17%) compared to TBLL (0.05%). In terms of maximum drawdown, ULST dropped -6.20% vs TBLL's -0.63%.
On 5-year performance, ULST leads with 3.53% vs 3.35% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ULST has performed better with a 3.53% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.29%, compared with 3.81% for TBLL.
ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for ULST and 0.08% for TBLL.
TBLL currently has the higher Sharpe Ratio (20.91 vs 6.14), 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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