ULST vs. TRSY
ULST (State Street Ultra Short Term Bond ETF) and TRSY (Xtrackers US 0-1 Year Treasury ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past year, ULST returned 3.99% vs 4.00% for TRSY. At a 0.17 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.06%/yr for TRSY.
Performance
ULST vs. TRSY - 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 TRSY's 1.50% 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%
TRSY
- 1D
- 0.07%
- 1M
- 0.32%
- YTD
- 1.50%
- 6M
- 1.80%
- 1Y
- 4.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ULST vs. TRSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 4.80% | 0.89% |
TRSY Xtrackers US 0-1 Year Treasury ETF | 1.50% | 4.22% | 1.07% |
Correlation
The correlation between ULST and TRSY 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 (All Time) Calculated using the full available price history since Oct 10, 2024 | 0.17 |
The correlation between ULST and TRSY shifts across timeframes, from 0.06 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. TRSY — Risk / Return Rank
ULST
TRSY
ULST vs. TRSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and Xtrackers US 0-1 Year Treasury ETF (TRSY). 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 | TRSY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.43 | ||
| Sortino ratioReturn per unit of downside risk | -16.35 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 6.84 | -4.07 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 60.65 | -43.74 |
| Martin ratioReturn relative to average drawdown | 87.49 | 385.94 | -298.45 |
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 | TRSY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 10.56 | -4.43 |
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 | 3.91 | -2.41 |
Drawdowns
ULST vs. TRSY - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than TRSY's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for ULST and TRSY.
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Drawdown Indicators
| ULST | TRSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -0.82% | -5.38% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.07% | -0.17% |
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% | -0.06% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.01% | +0.04% |
Volatility
ULST vs. TRSY - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.18% compared to Xtrackers US 0-1 Year Treasury ETF (TRSY) at 0.11%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than TRSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | TRSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.11% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 0.24% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.38% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 1.07% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 1.07% | +0.38% |
ULST vs. TRSY - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than TRSY's 0.06% 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. TRSY - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, more than TRSY's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRSY Xtrackers US 0-1 Year Treasury ETF | 3.72% | 4.00% | 0.96% | 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 TRSY 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.
ULST has higher volatility (0.18%) compared to TRSY (0.11%). In terms of maximum drawdown, ULST dropped -6.20% vs TRSY's -0.82%.
On 1-year performance, TRSY leads with 4.00% vs 3.99% for ULST. On fees, TRSY is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TRSY has performed better with a 4.00% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TRSY is cheaper with a 0.06% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.29%, compared with 3.72% for TRSY.
ULST is categorized as Ultrashort Bond, while TRSY is Government Bonds. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while TRSY tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.20% for ULST and 0.06% for TRSY.
TRSY currently has the higher Sharpe Ratio (10.56 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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