IVV vs ULST
iShares Core S&P 500 ETF vs State Street Ultra Short Term Bond ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | ULST | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.20% | |
| AUM | $865.2B | $527M | |
| Dividend Yield | 1.09% | 4.28% | |
| Holdings | 508 | 328 | |
| YTD Return | +13.43% | +1.47% | |
| 1Y Return | +22.61% | +3.22% | |
| 3Y Return (annualized) | +21.47% | +4.56% | |
| 5Y Return (annualized) | +13.26% | +3.49% | |
| Volatility (annualized) | 15.1% | 1.5% | |
| Max Drawdown | -56.5% | -6.3% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Fixed Income | |
| Inception | May 15, 2000 | Oct 9, 2013 |
IVV vs ULST Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and State Street Ultra Short Term Bond ETF (ULST) is a ETF from State Street Investment Management. Over the past year IVV returned +22.61% while ULST returned +3.22%. Year to date, IVV is up 13.43% versus a gain of 1.47% for ULST.
Over three years, IVV compounded at +21.47% per year against +4.56% for ULST; over five years the annualized figures are +13.26% and +3.49% respectively. Across the full 13-year window we track, IVV has the edge at +7.03% annualized vs +1.45%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 1.5% for ULST. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -6.3% for ULST. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.42. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while ULST charges 0.20%. On a $10,000 position that is $3 vs $20 annually, a gap of $17 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 4.28% for ULST.
Holdings Overlap
IVV and ULST share 0 holdings out of 806 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or ULST?
IVV has an expense ratio of 0.03% while ULST charges 0.20%. IVV is the cheaper option. On a $10,000 investment, that is $17 per year of difference.
Which performed better, IVV or ULST?
Over the past year IVV returned +22.61% vs +3.22% for ULST, so IVV leads on 1-year performance. Over the longest common window we track (13 years), IVV annualized +7.03% vs +1.45% for ULST. Past performance does not guarantee future results.
Which is riskier, IVV or ULST?
IVV has been the more volatile fund at 15.1% annualized versus 1.5% for ULST. Worst drawdown: IVV -56.5% vs ULST -6.3%.
Should I hold both IVV and ULST?
IVV and ULST have a monthly-return correlation of 0.42, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and ULST?
IVV and ULST share 0 common holdings with a 0.0% weight overlap. Combined, they hold 806 unique securities.
Which pays a higher dividend, IVV or ULST?
IVV yields 1.09% while ULST yields 4.28%, so ULST currently pays the higher dividend yield.
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