ULST vs. XBIL

Last updated Jun 4, 2026

ULST (State Street Ultra Short Term Bond ETF) and XBIL (US Treasury 6 Month Bill ETF) are both Ultrashort Bond funds - ULST tracks the Bloomberg US Treasury Bellwether 3 Month Index while XBIL tracks the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, ULST returned 4.92%/yr vs 4.67%/yr for XBIL. At a 0.27 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.15%/yr for XBIL.

Performance

ULST vs. XBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Ultra Short Term Bond ETF (ULST) and US Treasury 6 Month Bill ETF (XBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULST achieves a 1.24% return, which is significantly lower than XBIL's 1.43% 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%

XBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 3.92%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ULST vs. XBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ULST State Street Ultra Short Term Bond ETF	1.24%	4.80%	5.23%	4.77%
XBIL US Treasury 6 Month Bill ETF	1.43%	4.17%	5.16%	4.30%

Correlation

The correlation between ULST and XBIL is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Mar 8, 2023	0.27

Return for Risk

ULST vs. XBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ULST

ULST Risk / Return Rank: 99
ULST Sharpe Ratio Rank: 98
ULST Sortino Ratio Rank: 99
ULST Omega Ratio Rank: 99
ULST Calmar Ratio Rank: 98
ULST Martin Ratio Rank: 99

XBIL

XBIL Risk / Return Rank: 100
XBIL Sharpe Ratio Rank: 100
XBIL Sortino Ratio Rank: 100
XBIL Omega Ratio Rank: 100
XBIL Calmar Ratio Rank: 100
XBIL Martin Ratio Rank: 100

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. XBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and US Treasury 6 Month Bill ETF (XBIL). 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	XBIL	Difference
Sharpe ratio: Return per unit of total volatility	6.14	13.50	-7.36
Sortino ratio: Return per unit of downside risk	12.30	52.26	-39.96
Omega ratio: Gain probability vs. loss probability	2.77	12.94	-10.17
Calmar ratio: Return relative to maximum drawdown	16.92	98.81	-81.89
Martin ratio: Return relative to average drawdown	87.49	777.65	-690.16
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. XBIL - Sharpe Ratio Comparison

The current ULST Sharpe Ratio is 6.14, which is lower than the XBIL Sharpe Ratio of 13.50. The chart below compares the historical Sharpe Ratios of ULST and XBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ULST	XBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.14	13.50	-7.36
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	12.48	-10.98

Drawdowns

ULST vs. XBIL - Drawdown Comparison

The maximum ULST drawdown since its inception was -6.20%, which is greater than XBIL's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for ULST and XBIL.

Drawdown Indicators

	ULST	XBIL	Difference
Max Drawdown Largest peak-to-trough decline	-6.20%	-0.08%	-6.12%
Max Drawdown (1Y) Largest decline over 1 year	-0.24%	-0.04%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.54%	-0.07%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-1.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-6.20%	—	—
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.00%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.01%	+0.04%

Volatility

ULST vs. XBIL - Volatility Comparison

State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.18% compared to US Treasury 6 Month Bill ETF (XBIL) at 0.08%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than XBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULST	XBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	0.08%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.43%	0.18%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	0.65%	0.29%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.96%	0.37%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.45%	0.37%	+1.08%

ULST vs. XBIL - Expense Ratio Comparison

ULST has a 0.20% expense ratio, which is higher than XBIL's 0.15% 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. XBIL - Dividend Comparison

ULST's dividend yield for the trailing twelve months is around 4.29%, more than XBIL's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XBIL US Treasury 6 Month Bill ETF	3.77%	4.01%	4.90%	4.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULST and XBIL in my portfolio?

ULST and XBIL have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULST or XBIL?

ULST has higher volatility (0.18%) compared to XBIL (0.08%). In terms of maximum drawdown, ULST dropped -6.20% vs XBIL's -0.08%.

Which ETF is better, ULST or XBIL?

On 3-year performance, ULST leads with 4.92% vs 4.67% for XBIL. On fees, XBIL is cheaper at 0.15% per year. On volatility, XBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULST or XBIL?

Over the 3-year period, ULST has performed better with a 4.92% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULST or XBIL?

XBIL is cheaper with a 0.15% expense ratio, compared with 0.20% for ULST.

Which ETF pays a higher dividend yield, ULST or XBIL?

ULST has the higher dividend yield at 4.29%, compared with 3.77% for XBIL.

What is the main difference between ULST and XBIL?

ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. They also come from different issuers: State Street and US Benchmark Series. Their fees differ too: 0.20% for ULST and 0.15% for XBIL.

Which has better risk-adjusted returns?

XBIL currently has the higher Sharpe Ratio (13.50 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.