SPY vs ULST
State Street SPDR S&P 500 ETF Trust vs State Street Ultra Short Term Bond ETF
Which is better, SPY or ULST?
Large Cap Blend against Ultrashort Term Bond.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | ULST |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.20% |
| AUM | $804.7B | $513M |
| Dividend Yield | 0.98% | 4.18% |
| Holdings | 505 | 309 |
| YTD Return | +13.82%Best | +2.12% |
| 1Y Return | +16.96%Best | +3.24% |
| 3Y Return (annualized) | +22.97%Best | +4.65% |
| 5Y Return (annualized) | +13.73%Best | +3.60% |
| Volatility (annualized) | 14.5% | 1.5%Best |
| Max Drawdown | -34.1% | -6.3%Best |
| $10,000 over 5 years | $19,027Best | $11,934 |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Ultrashort Term Bond |
| Inception | Jan 22, 1993 | Oct 9, 2013 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 10, 2013 to Sep 21, 2026 (12.9 years).
SPY vs ULST growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs ULST Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and State Street Ultra Short Term Bond ETF (ULST) is an ETF from State Street Investment Management. Over the past year SPY returned +16.96% while ULST returned +3.24%. Year to date, SPY is up 13.82% versus a gain of 2.12% for ULST.
Over three years, SPY compounded at +22.97% per year against +4.65% for ULST; over five years the annualized figures are +13.73% and +3.60% respectively. Across the full 13-year window we track, SPY has the edge at +13.10% annualized vs +1.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.5% 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 -34.1% for SPY and -6.3% for ULST. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.43. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while ULST charges 0.20%. On a $10,000 position that is $9 vs $20 annually, a gap of $11 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 4.18% for ULST.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 10 in ULST, totalling 99.9% and 4.3% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 10 in ULST, against full books of 505 and 309.
You are not choosing between two funds in isolation.
Whichever of SPY and ULST you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or ULST?
SPY has an expense ratio of 0.09% while ULST charges 0.20%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, SPY or ULST?
Over the past year SPY returned +16.96% vs +3.24% for ULST, so SPY leads on 1-year performance. Over the longest common window we track (13 years), SPY annualized +13.10% vs +1.48% for ULST. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or ULST?
SPY has been the more volatile fund at 14.5% annualized versus 1.5% for ULST. Worst drawdown: SPY -34.1% vs ULST -6.3%.
Should I hold both SPY and ULST?
SPY and ULST have a monthly-return correlation of 0.43, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or ULST?
SPY yields 0.98% while ULST yields 4.18%, so ULST currently pays the higher dividend yield.
Is ULST better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.