ULTR vs. TBLL

Last updated Apr 2, 2026

Compare and contrast key facts about IQ Ultra Short Duration ETF (ULTR) and Invesco Short Term Treasury ETF (TBLL).

ULTR and TBLL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ULTR is an actively managed fund by New York Life. It was launched on Jul 31, 2019. TBLL is a passively managed fund by Invesco that tracks the performance of the ICE U.S. Treasury Short Bond Index. It was launched on Jan 10, 2017.

Performance

ULTR vs. TBLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Ultra Short Duration ETF (ULTR) and Invesco Short Term Treasury ETF (TBLL). The values are adjusted to include any dividend payments, if applicable.

ULTR vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ULTR IQ Ultra Short Duration ETF	0.00%	0.00%	1.34%	5.48%	0.21%	0.14%	0.84%	1.19%
TBLL Invesco Short Term Treasury ETF	0.83%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	0.68%

Returns By Period

ULTR

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBLL

• 1D: 0.02%
• 1M: 0.27%
• YTD: 0.83%
• 6M: 1.81%
• 1Y: 4.01%
• 3Y*: 4.66%
• 5Y*: 3.23%
• 10Y*: —

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

ULTR vs. TBLL - Expense Ratio Comparison

ULTR has a 0.25% expense ratio, which is higher than TBLL'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%.

ULTR

IQ Ultra Short Duration ETF

TBLL

Invesco Short Term Treasury ETF

Return for Risk

ULTR vs. TBLL — Risk / Return Rank

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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL 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.

ULTR vs. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Ultra Short Duration ETF (ULTR) and Invesco Short Term Treasury ETF (TBLL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ULTR	TBLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	20.10	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	7.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	4.18	—

Correlation

The correlation between ULTR and TBLL is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ULTR vs. TBLL - Dividend Comparison

ULTR has not paid dividends to shareholders, while TBLL's dividend yield for the trailing twelve months is around 3.91%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULTR IQ Ultra Short Duration ETF	0.00%	0.00%	1.12%	4.50%	2.43%	2.26%	1.90%	1.03%	0.00%	0.00%
TBLL Invesco Short Term Treasury ETF	3.91%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Drawdowns

Drawdown Indicators

	ULTR	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.63%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.36%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.14%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	ULTR	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.20%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.45%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.56%	—