USTB vs. SPTS

Last updated Jun 3, 2026

USTB (VictoryShares Short-Term Bond ETF) and SPTS (SPDR Portfolio Short Term Treasury ETF) are both exchange-traded funds - USTB is a Short-Term Bond fund tracking the Bloomberg 1–3 Year Credit Index, while SPTS is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, USTB returned 3.52%/yr vs 1.84%/yr for SPTS. A 0.63 correlation means they provide meaningful diversification when combined. USTB charges 0.34%/yr vs 0.03%/yr for SPTS.

Performance

USTB vs. SPTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Short-Term Bond ETF (USTB) and SPDR Portfolio Short Term Treasury ETF (SPTS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USTB achieves a 1.23% return, which is significantly higher than SPTS's 0.52% return.

USTB

• 1D: 0.04%
• 1M: 0.28%
• YTD: 1.23%
• 6M: 1.66%
• 1Y: 4.79%
• 3Y*: 6.14%
• 5Y*: 3.52%
• 10Y*: —

SPTS

• 1D: 0.00%
• 1M: 0.05%
• YTD: 0.52%
• 6M: 0.88%
• 1Y: 3.52%
• 3Y*: 4.20%
• 5Y*: 1.84%
• 10Y*: 1.68%

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

USTB vs. SPTS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USTB VictoryShares Short-Term Bond ETF	1.23%	6.08%	6.49%	6.69%	-2.82%	0.90%	5.12%	5.10%	1.08%	0.35%
SPTS SPDR Portfolio Short Term Treasury ETF	0.52%	5.05%	4.20%	4.27%	-3.86%	-0.72%	3.23%	3.56%	1.08%	-0.22%

Correlation

The correlation between USTB and SPTS is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.63

The correlation between USTB and SPTS shifts across timeframes, from 0.63 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USTB vs. SPTS — Risk / Return Rank

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

USTB

USTB Risk / Return Rank: 94
USTB Sharpe Ratio Rank: 95
USTB Sortino Ratio Rank: 98
USTB Omega Ratio Rank: 97
USTB Calmar Ratio Rank: 89
USTB Martin Ratio Rank: 92

SPTS

SPTS Risk / Return Rank: 85
SPTS Sharpe Ratio Rank: 82
SPTS Sortino Ratio Rank: 92
SPTS Omega Ratio Rank: 89
SPTS Calmar Ratio Rank: 79
SPTS Martin Ratio Rank: 82

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.

USTB vs. SPTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Short-Term Bond ETF (USTB) and SPDR Portfolio Short Term Treasury ETF (SPTS). 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.

	USTB	SPTS	Difference
Sharpe ratio Return per unit of total volatility	3.96	2.69	+1.27
Sortino ratio Return per unit of downside risk	6.76	4.58	+2.19
Omega ratio Gain probability vs. loss probability	1.89	1.57	+0.33
Calmar ratio Return relative to maximum drawdown	5.28	4.12	+1.17
Martin ratio Return relative to average drawdown	24.05	16.57	+7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USTB vs. SPTS - Sharpe Ratio Comparison

The current USTB Sharpe Ratio is 3.96, which is higher than the SPTS Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of USTB and SPTS, 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

	USTB	SPTS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	2.69	+1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.76	0.93	+0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	0.49	+1.24

Drawdowns

USTB vs. SPTS - Drawdown Comparison

The maximum USTB drawdown since its inception was -5.32%, smaller than the maximum SPTS drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for USTB and SPTS.

Drawdown Indicators

	USTB	SPTS	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-5.83%	+0.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	-0.84%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-1.02%	-0.96%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-4.96%	-5.71%	+0.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-5.71%	—
Current Drawdown Current decline from peak	0.00%	-0.21%	+0.21%
Average Drawdown Average peak-to-trough decline	-0.66%	-1.72%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.21%	-0.02%

Volatility

USTB vs. SPTS - Volatility Comparison

VictoryShares Short-Term Bond ETF (USTB) and SPDR Portfolio Short Term Treasury ETF (SPTS) have volatilities of 0.34% and 0.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USTB	SPTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.34%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	0.86%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	1.32%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.01%	1.98%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.01%	1.72%	+0.29%

USTB vs. SPTS - Expense Ratio Comparison

USTB has a 0.34% expense ratio, which is higher than SPTS's 0.03% expense ratio.

Dividends

USTB vs. SPTS - Dividend Comparison

USTB's dividend yield for the trailing twelve months is around 4.58%, more than SPTS's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTS SPDR Portfolio Short Term Treasury ETF	3.91%	3.99%	4.25%	3.61%	1.27%	0.19%	0.70%	2.21%	2.04%	1.20%	0.95%	0.83%
USTB VictoryShares Short-Term Bond ETF	4.58%	4.62%	5.05%	4.49%	2.54%	1.84%	2.59%	2.69%	2.32%	0.43%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USTB and SPTS in my portfolio?

USTB and SPTS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USTB or SPTS?

SPTS has higher volatility (0.34%) compared to USTB (0.34%). In terms of maximum drawdown, USTB dropped -5.32% vs SPTS's -5.83%.

Which ETF is better, USTB or SPTS?

On 5-year performance, USTB leads with 3.52% vs 1.84% for SPTS. On fees, SPTS 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.

Which ETF has performed better, USTB or SPTS?

Over the 5-year period, USTB has performed better with a 3.52% return vs 1.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USTB or SPTS?

SPTS is cheaper with a 0.03% expense ratio, compared with 0.34% for USTB.

Which ETF pays a higher dividend yield, USTB or SPTS?

USTB has the higher dividend yield at 4.58%, compared with 3.91% for SPTS.

What is the main difference between USTB and SPTS?

USTB is categorized as Short-Term Bond, while SPTS is Government Bonds. USTB tracks Bloomberg 1–3 Year Credit Index, while SPTS tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: Victory and State Street. Their fees differ too: 0.34% for USTB and 0.03% for SPTS.

Which has better risk-adjusted returns?

USTB currently has the higher Sharpe Ratio (3.96 vs 2.69), 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.