SPDR SSgA Ultra Short Term Bond ETF (ULST) Performance
ULST total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +2.5% since Dec 31, 2025
- 1 year
- +3.1% total return
- 5 years
- +3.8% a year
- 10 years
- +2.7% a year
- Since first price
- +2.2% a year since 2013
ULST trailing returns vs AGG, TLT, SPY
| Period | ULST total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +0.4% | +0.1% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.9% | −0.2% | −0.4% | −1.0% | +3.2% |
| 6 months | +1.6% | −0.5% | −1.5% | −3.8% | +7.8% |
| YTD | +2.5% | −0.6% | −1.0% | −3.4% | +12.3% |
| 1 year | +3.1% | −1.1% | −1.1% | −6.9% | +14.4% |
| 3 years | +15.0%+4.8%/yr | +0.2% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +20.3%+3.8%/yr | −0.3% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +30.7%+2.7%/yr | +0.1% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| Since inceptionOct 10, 2013 | +33.3%+2.2%/yr | +0.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ULST vs AGG
From Oct 10, 2013: ULST grew to $13,333, AGG to $12,796.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ULST returns by calendar year
12 of 12 full years positive. Best 2023 (+5.6%), worst 2014 (+0.1%). 2026 is year to date.
ULST annual returns table
| Year | ULST | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +2.5% | −0.2% | −1.0% | −3.4% | +12.3% |
| 2025 | +4.8% | −0.5% | +7.2% | +4.3% | +17.7% |
| 2024 | +5.2% | −0.5% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.6% | −0.2% | +5.7% | +2.8% | +26.2% |
| 2022 | +0.9% | −1.0% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.3% | −0.3% | −1.8% | −4.6% | +28.7% |
| 2020 | +1.4% | −6.2% | +7.5% | +18.2% | +18.3% |
| 2019 | +3.2% | −0.1% | +8.5% | +14.1% | +31.2% |
| 2018 | +2.0% | −0.2% | +0.1% | −1.6% | −4.6% |
| 2017 | +1.2% | −0.3% | +3.6% | +9.2% | +21.7% |
| 2016 | +1.7% | −0.5% | +2.4% | +1.2% | +12.0% |
| 2015 | +0.2% | −0.4% | +0.5% | −1.8% | +1.2% |
| 2014 | +0.1% | −0.5% | +6.0% | +27.3% | +13.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ULST largest drawdowns
At an all-time high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 5, 2020 | −6.2% | Mar 25, 2020 | Jun 30, 2020 | 20 days | 4 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
ULST risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2013 |
|---|---|---|---|---|
| Annualized return | +4.7% | +3.7% | +2.7% | +2.2% |
| Volatility (annualized) | 0.7% | 0.9% | 1.6% | 1.4% |
| Sharpe ratio | 0.36 | 0.02 | 0.26 | 0.33 |
| Sortino ratio | 0.53 | 0.03 | 0.32 | 0.41 |
| Best month | +0.9% | +0.9% | +1.9% | +1.9% |
| Worst month | −0.1% | −0.3% | −3.6% | −3.6% |
| Best 12 months | +6.5% | +6.5% | +6.5% | +6.5% |
| Worst 12 months | +3.1% | −0.5% | −1.1% | −1.1% |
| Positive months | 94% | 83% | 87% | 81% |
| Beta vs S&P 500 | 0.02 | 0.02 | 0.04 | — |
| Correlation with S&P 500 | 0.37 | 0.37 | 0.44 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ULST rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 145 | −1.1% | +1.8% | +6.5% | 90% |
| 3-year (a year) | 121 | +0.6% | +1.9% | +5.3% | 100% |
| 5-year (a year) | 97 | +1.0% | +1.8% | +3.8% | 100% |
| 10-year (a year) | 37 | +1.5% | +2.3% | +2.7% | 100% |
Every holding period starting at a month-end since 2013. Returns for 3 years and longer are annualized.
ULST performance overview
SPDR SSgA Ultra Short Term Bond ETF (ULST) returned +3.1% over the past year and +2.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2013 it has returned +2.2% a year, turning $10,000 into about $13,333. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −6.2%, from Mar 5, 2020 to Mar 25, 2020, and it took 3 months to get back to the old high. ULST finished 12 of its 12 full calendar years with a gain; the best year was 2023 (+5.6%) and the worst 2014 (+0.1%). Volatility has been 1.4% a year.
Related: ULST chart, ULST dividends, ULST bond profile. See the ULST overview for the latest quote and fund facts.
ULST performance FAQ
What is the ULST return over the past year?
ULST returned +3.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.1%.
What is the average annual return of ULST?
ULST has returned +3.8% a year over 5 years, +2.7% a year over 10 years, +2.2% a year since October 10, 2013 (total return, distributions reinvested).
How much would $10,000 invested in ULST be worth?
$10,000 invested in ULST at its first recorded close on October 10, 2013 would be worth about $13,333 on October 23, 2026 with distributions reinvested.
What was the worst year for ULST?
The worst calendar year was 2014, with a total return of +0.1%. The best was 2023 at +5.6%.
What is the biggest drawdown of ULST?
The largest peak-to-trough decline was −6.2% between March 5, 2020 and March 25, 2020. It recovered to the old high on June 30, 2020, 3 months after the bottom.
How volatile is ULST?
Over the past 3 years ULST had an annualized volatility of 0.7% and a Sharpe ratio of 0.36 (excess return over 1–3 month T-bills per unit of risk).