ULST vs. XLV
ULST (State Street Ultra Short Term Bond ETF) and XLV (State Street Health Care Select Sector SPDR ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index. Both are passively managed. Over the past 10 years, ULST returned 2.68%/yr vs 9.71%/yr for XLV. At a 0.02 correlation, their price movements are largely independent. ULST charges 0.20%/yr vs 0.08%/yr for XLV.
Performance
ULST vs. XLV - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.57% return, which is significantly lower than XLV's 3.13% return. Over the past 10 years, ULST has underperformed XLV with an annualized return of 2.68%, while XLV has yielded a comparatively higher 9.71% annualized return.
ULST
- 1D
- 0.04%
- 1M
- 0.24%
- 6M
- 1.48%
- YTD
- 1.57%
- 1Y
- 3.82%
- 3Y*
- 4.85%
- 5Y*
- 3.57%
- 10Y*
- 2.68%
XLV
- 1D
- -1.93%
- 1M
- 3.37%
- 6M
- 1.85%
- YTD
- 3.13%
- 1Y
- 19.27%
- 3Y*
- 8.12%
- 5Y*
- 6.00%
- 10Y*
- 9.71%
ULST vs. XLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.57% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
XLV State Street Health Care Select Sector SPDR ETF | 3.13% | 14.50% | 2.47% | 2.07% | -2.08% | 26.04% | 13.30% | 20.45% | 6.28% | 21.77% |
Correlation
The correlation between ULST and XLV is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | 0.02 |
The correlation between ULST and XLV shifts across timeframes, from 0.02 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. XLV — Risk / Return Rank
ULST
XLV
ULST vs. XLV - 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 Health Care Select Sector SPDR ETF (XLV). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ULST | XLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.65 | ||
| Sortino ratioReturn per unit of downside risk | +9.41 | ||
| Omega ratioGain probability vs. loss probability | 2.68 | 1.22 | +1.46 |
| Calmar ratioReturn relative to maximum drawdown | 16.23 | 1.85 | +14.38 |
| Martin ratioReturn relative to average drawdown | 84.13 | 4.38 | +79.75 |
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Drawdowns
ULST vs. XLV - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum XLV drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for ULST and XLV.
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Drawdown Indicators
| ULST | XLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -39.17% | +32.97% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -10.47% | +10.23% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -17.11% | +16.57% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -17.11% | +15.89% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -28.40% | +22.20% |
Current DrawdownCurrent decline from peak | -0.00% | -3.74% | +3.74% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -7.10% | +6.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 4.42% | -4.37% |
Volatility
ULST vs. XLV - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.17%, while State Street Health Care Select Sector SPDR ETF (XLV) has a volatility of 6.14%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | XLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 6.14% | -5.97% |
Volatility (6M)Calculated over the trailing 6-month period | 0.44% | 11.69% | -11.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 15.85% | -15.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.97% | 14.96% | -13.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.43% | 16.62% | -15.19% |
ULST vs. XLV - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than XLV'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. XLV - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.24%, more than XLV's 1.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 4.24% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
XLV State Street Health Care Select Sector SPDR ETF | 1.60% | 1.60% | 1.67% | 1.59% | 1.47% | 1.33% | 1.49% | 2.17% | 1.57% | 1.47% | 1.60% | 1.43% |
Frequently Asked Questions
ULST and XLV have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLV has higher volatility (6.14%) compared to ULST (0.17%). In terms of maximum drawdown, ULST dropped -6.20% vs XLV's -39.17%.
On 10-year performance, XLV leads with 9.71% vs 2.68% for ULST. On fees, XLV is cheaper at 0.08% per year. On volatility, ULST has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLV has performed better with a 9.71% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLV is cheaper with a 0.08% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.24%, compared with 1.60% for XLV.
ULST is categorized as Ultrashort Bond, while XLV is Health & Biotech Equities. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while XLV tracks Health Care Select Sector Index. Their fees differ too: 0.20% for ULST and 0.08% for XLV.
ULST currently has the higher Sharpe Ratio (5.87 vs 1.22), 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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