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ULST vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ULST vs. UGA

Last updated Jun 4, 2026

ULST (State Street Ultra Short Term Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, ULST returned 2.67%/yr vs 14.43%/yr for UGA. At a correlation of -0.03, they often move in opposite directions. ULST charges 0.20%/yr vs 0.75%/yr for UGA.

Performance

ULST vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Ultra Short Term Bond ETF (ULST) and United States Gasoline Fund LP (UGA). 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 UGA's 75.49% return. Over the past 10 years, ULST has underperformed UGA with an annualized return of 2.67%, while UGA has yielded a comparatively higher 14.43% 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%

UGA

1D
-0.19%
1M
-12.35%
YTD
75.49%
6M
64.35%
1Y
80.94%
3Y*
22.21%
5Y*
25.10%
10Y*
14.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ULST vs. UGA - 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%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between ULST and UGA is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.37

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

-0.18

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

-0.13

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

-0.05

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

-0.03

Over the past year, the inverse relationship between ULST and UGA has strengthened: their correlation has moved from -0.03 to -0.37, meaning they now move in opposite directions more often than their long-term average.

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

United States Gasoline Fund LP

Often compared with ULST:
ULST vs. SGOVULST vs. GSYULST vs. ICSHULST vs. VTIPULST vs. FLRNULST vs. FALNULST vs. BSV
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

ULST vs. UGA — 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
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and United States Gasoline Fund LP (UGA). 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.

ULSTUGADifference
Sharpe ratioReturn per unit of total volatility
6.14
2.32

+3.82

Sortino ratioReturn per unit of downside risk
12.30
2.75

+9.54

Omega ratioGain probability vs. loss probability

2.77

1.37

+1.40

Calmar ratioReturn relative to maximum drawdown

16.92

5.47

+11.45

Martin ratioReturn relative to average drawdown

87.49

13.25

+74.24

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. UGA - Sharpe Ratio Comparison

The current ULST Sharpe Ratio is 6.14, which is higher than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ULST and UGA, 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

ULSTUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.14

2.32

+3.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

3.67

0.73

+2.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.86

0.39

+1.47

Sharpe Ratio (All Time)

Calculated using the full available price history

1.50

0.12

+1.38

Drawdowns

ULST vs. UGA - Drawdown Comparison

The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ULST and UGA.

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Drawdown Indicators

ULSTUGADifference

Max Drawdown

Largest peak-to-trough decline

-6.20%

-86.59%

+80.39%

Max Drawdown (1Y)

Largest decline over 1 year

-0.24%

-14.88%

+14.64%

Max Drawdown (3Y)

Largest decline over 3 years

-0.54%

-26.68%

+26.14%

Max Drawdown (5Y)

Largest decline over 5 years

-1.22%

-38.11%

+36.89%

Max Drawdown (10Y)

Largest decline over 10 years

-6.20%

-75.89%

+69.69%

Current Drawdown

Current decline from peak

-0.05%

-12.35%

+12.30%

Average Drawdown

Average peak-to-trough decline

-0.16%

-36.76%

+36.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

6.13%

-6.08%

Volatility

ULST vs. UGA - Volatility Comparison

The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.18%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ULSTUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

0.18%

11.66%

-11.48%

Volatility (6M)

Calculated over the trailing 6-month period

0.43%

30.41%

-29.98%

Volatility (1Y)

Calculated over the trailing 1-year period

0.65%

35.14%

-34.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.96%

34.38%

-33.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.45%

37.27%

-35.82%

ULST vs. UGA - Expense Ratio Comparison

ULST has a 0.20% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

ULST vs. UGA - Dividend Comparison

ULST's dividend yield for the trailing twelve months is around 4.29%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
UGA
United States Gasoline Fund LP		0.00%0.00%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 UGA have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.66%) compared to ULST (0.18%). In terms of maximum drawdown, ULST dropped -6.20% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.43% vs 2.67% for ULST. On fees, ULST is cheaper at 0.20% 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, UGA has performed better with a 14.43% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ULST is cheaper with a 0.20% expense ratio, compared with 0.75% for UGA.

ULST has the higher dividend yield at 4.29%, compared with 0.00% for UGA.

ULST is categorized as Ultrashort Bond, while UGA is Oil & Gas. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.20% for ULST and 0.75% for UGA.

ULST currently has the higher Sharpe Ratio (6.14 vs 2.32), 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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