ULST vs. XONE
ULST (State Street Ultra Short Term Bond ETF) and XONE (BondBloxx Bloomberg One Year Target Duration US Treasury ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while XONE is a Government Bonds fund tracking the Bloomberg US Treasury 1 Year Target Duration Index. Both are passively managed. Over the past 3 years, ULST returned 4.92%/yr vs 4.57%/yr for XONE. A 0.51 correlation means they provide meaningful diversification when combined. ULST charges 0.20%/yr vs 0.03%/yr for XONE.
Performance
ULST vs. XONE - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.24% return, which is significantly higher than XONE's 1.11% 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%
XONE
- 1D
- -0.02%
- 1M
- 0.24%
- YTD
- 1.11%
- 6M
- 1.47%
- 1Y
- 3.85%
- 3Y*
- 4.57%
- 5Y*
- —
- 10Y*
- —
ULST vs. XONE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 4.80% | 5.23% | 5.60% | 1.08% |
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 1.11% | 4.41% | 4.83% | 4.74% | 0.60% |
Correlation
The correlation between ULST and XONE is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022 | 0.51 |
The correlation between ULST and XONE shifts across timeframes, from 0.51 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULST vs. XONE — Risk / Return Rank
ULST
XONE
ULST vs. XONE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE). 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 | XONE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -4.66 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 3.57 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 24.16 | -7.24 |
| Martin ratioReturn relative to average drawdown | 87.49 | 138.74 | -51.25 |
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 | XONE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 7.06 | -0.92 |
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 | 4.96 | -3.46 |
Drawdowns
ULST vs. XONE - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than XONE's maximum drawdown of -0.40%. Use the drawdown chart below to compare losses from any high point for ULST and XONE.
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Drawdown Indicators
| ULST | XONE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -0.40% | -5.80% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.16% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -0.28% | -0.26% |
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% | -0.02% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.04% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.03% | +0.02% |
Volatility
ULST vs. XONE - Volatility Comparison
State Street Ultra Short Term Bond ETF (ULST) has a higher volatility of 0.18% compared to BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) at 0.10%. This indicates that ULST's price experiences larger fluctuations and is considered to be riskier than XONE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | XONE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.10% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 0.34% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.55% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 0.86% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 0.86% | +0.59% |
ULST vs. XONE - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than XONE's 0.03% 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. XONE - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, more than XONE's 4.06% 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% |
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 4.06% | 4.33% | 5.21% | 4.46% | 1.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULST and XONE have a correlation of 0.62, 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 XONE (0.10%). In terms of maximum drawdown, ULST dropped -6.20% vs XONE's -0.40%.
On 3-year performance, ULST leads with 4.92% vs 4.57% for XONE. On fees, XONE is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ULST has performed better with a 4.92% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XONE is cheaper with a 0.03% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.29%, compared with 4.06% for XONE.
ULST is categorized as Ultrashort Bond, while XONE is Government Bonds. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while XONE tracks Bloomberg US Treasury 1 Year Target Duration Index. They also come from different issuers: State Street and BondBloxx. Their fees differ too: 0.20% for ULST and 0.03% for XONE.
XONE currently has the higher Sharpe Ratio (7.06 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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