PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XES vs. ULST
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XES vs. ULST

Last updated Jun 3, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and ULST (State Street Ultra Short Term Bond ETF) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index. Both are passively managed. Over the past 10 years, XES returned -2.41%/yr vs 2.68%/yr for ULST. At a correlation of -0.00, they often move in opposite directions. XES charges 0.35%/yr vs 0.20%/yr for ULST.

Performance

XES vs. ULST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Equipment & Services ETF (XES) and State Street Ultra Short Term Bond ETF (ULST). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XES achieves a 51.54% return, which is significantly higher than ULST's 1.26% return. Over the past 10 years, XES has underperformed ULST with an annualized return of -2.41%, while ULST has yielded a comparatively higher 2.68% annualized return.

XES

1D
2.58%
1M
-3.51%
YTD
51.54%
6M
51.49%
1Y
106.77%
3Y*
20.03%
5Y*
14.11%
10Y*
-2.41%

ULST

1D
0.01%
1M
0.30%
YTD
1.26%
6M
1.61%
1Y
4.04%
3Y*
4.93%
5Y*
3.51%
10Y*
2.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XES vs. ULST - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XES
SPDR S&P Oil & Gas Equipment & Services ETF		51.54%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%
ULST
State Street Ultra Short Term Bond ETF		1.26%4.80%5.23%5.60%0.87%0.25%1.45%3.23%2.04%1.19%

Correlation

The correlation between XES and ULST is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.18

Correlation (3Y)
Calculated over the trailing 3-year period

-0.07

Correlation (5Y)
Calculated over the trailing 5-year period

-0.02

Correlation (10Y)
Calculated over the trailing 10-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2013

-0.00

The correlation between XES and ULST shifts across timeframes, from -0.18 (1 year) to 0.00 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Oil & Gas Equipment & Services ETF

State Street Ultra Short Term Bond ETF

Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. IEZXES vs. PSCEXES vs. PXJXES vs. VDEXES vs. FENY
Often compared with ULST:
ULST vs. SGOVULST vs. GSYULST vs. ICSHULST vs. VTIPULST vs. FLRNULST vs. BSVULST vs. FALN

Return for Risk

XES vs. ULST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XES
XES Risk / Return Rank: 9292
Overall Rank
XES Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
XES Sortino Ratio Rank: 8989
Sortino Ratio Rank
XES Omega Ratio Rank: 8484
Omega Ratio Rank
XES Calmar Ratio Rank: 9797
Calmar Ratio Rank
XES Martin Ratio Rank: 9595
Martin Ratio Rank
ULST
ULST Risk / Return Rank: 9999
Overall Rank
ULST Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ULST Sortino Ratio Rank: 9999
Sortino Ratio Rank
ULST Omega Ratio Rank: 9999
Omega Ratio Rank
ULST Calmar Ratio Rank: 9898
Calmar Ratio Rank
ULST Martin Ratio Rank: 9898
Martin Ratio Rank
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.

XES vs. ULST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Equipment & Services ETF (XES) and State Street Ultra Short Term Bond ETF (ULST). 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.

XESULSTDifference

Sharpe ratio

Return per unit of total volatility

3.52

6.23

-2.71

Sortino ratio

Return per unit of downside risk

4.12

12.49

-8.38

Omega ratio

Gain probability vs. loss probability

1.51

2.82

-1.30

Calmar ratio

Return relative to maximum drawdown

11.21

16.92

-5.71

Martin ratio

Return relative to average drawdown

30.56

87.91

-57.35

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XES vs. ULST - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.52, which is lower than the ULST Sharpe Ratio of 6.23. The chart below compares the historical Sharpe Ratios of XES and ULST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

XESULSTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.52

6.23

-2.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

3.66

-3.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.05

1.86

-1.91

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

1.50

-1.57

Drawdowns

XES vs. ULST - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than ULST's maximum drawdown of -6.20%. Use the drawdown chart below to compare losses from any high point for XES and ULST.

Loading charts...

Drawdown Indicators

XESULSTDifference

Max Drawdown

Largest peak-to-trough decline

-95.65%

-6.20%

-89.45%

Max Drawdown (1Y)

Largest decline over 1 year

-9.84%

-0.24%

-9.60%

Max Drawdown (3Y)

Largest decline over 3 years

-45.95%

-0.54%

-45.41%

Max Drawdown (5Y)

Largest decline over 5 years

-45.95%

-1.22%

-44.73%

Max Drawdown (10Y)

Largest decline over 10 years

-91.23%

-6.20%

-85.03%

Current Drawdown

Current decline from peak

-70.73%

-0.03%

-70.70%

Average Drawdown

Average peak-to-trough decline

-54.36%

-0.16%

-54.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.61%

0.05%

+3.56%

Volatility

XES vs. ULST - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 8.25% compared to State Street Ultra Short Term Bond ETF (ULST) at 0.20%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than ULST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XESULSTDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.25%

0.20%

+8.05%

Volatility (6M)

Calculated over the trailing 6-month period

20.51%

0.43%

+20.08%

Volatility (1Y)

Calculated over the trailing 1-year period

30.52%

0.65%

+29.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.04%

0.96%

+38.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.05%

1.45%

+43.60%

XES vs. ULST - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is higher than ULST's 0.20% expense ratio.

Dividends

XES vs. ULST - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than ULST's 4.29% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XES
SPDR S&P Oil & Gas Equipment & Services ETF		1.12%1.69%1.31%0.66%0.36%1.81%1.33%1.43%1.14%1.68%0.64%2.47%

Frequently Asked Questions

XES and ULST have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XES has higher volatility (8.25%) compared to ULST (0.20%). In terms of maximum drawdown, XES dropped -95.65% vs ULST's -6.20%.

On 10-year performance, ULST leads with 2.68% vs -2.41% for XES. On fees, ULST is cheaper at 0.20% per year. On volatility, ULST has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ULST has performed better with a 2.68% return vs -2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ULST is cheaper with a 0.20% expense ratio, compared with 0.35% for XES.

ULST has the higher dividend yield at 4.29%, compared with 1.12% for XES.

XES is categorized as Energy Equities, while ULST is Ultrashort Bond. XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while ULST tracks Bloomberg US Treasury Bellwether 3 Month Index. Their fees differ too: 0.35% for XES and 0.20% for ULST.

ULST currently has the higher Sharpe Ratio (6.23 vs 3.52), 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.

Portfolio Optimizer

Find the right allocation for XES and ULST

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer