ULST vs FSMB

Comparison between STATE STREET(R) ULTRA SHORT TERM BOND ETF (ULST, ETF) and FIRST TRUST SHORT DURATION MANAGED MUNICIPAL ETF (FSMB, ETF).

5-Year PerformanceULST has outperformed FSMB, delivering a return of +3.5% compared to +1.5%

ULST vs FSMB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ULST(ETF)	FSMB(ETF)
Net Assets	$600M	$599M
Expense Ratio	0.20%	0.34%
Max Drawdown	6.34%	7.98%
Sharpe Ratio	0.36	0.25
5Y Beta	-0.01	-0.01
5Y Dividends CAGR	37.68%	14.01%

Net Assets

Winner

ULST

$600M

FSMB

$599M

Expense Ratio

Winner

ULST

0.20%

FSMB

0.34%

Max Drawdown

Winner

ULST

6.34%

FSMB

7.98%

Sharpe Ratio

Winner

ULST

0.36

FSMB

0.25

5Y Beta

ULST

-0.01

Winner

FSMB

-0.01

5Y Dividends CAGR

Winner

ULST

37.68%

FSMB

14.01%

ULST vs FSMB - Historical Returns

Returns include dividend reinvestment.

Period	ULST	FSMB
1 month	+0.25%	+0.39%
3 months	+0.63%	-0.05%
6 months	+1.59%	+1.44%
1 year	+3.89%	+3.92%
5 years(CAGR)	+3.51%	+1.50%
10 years(CAGR)	+2.69%	N/A
Max(CAGR)	+2.20%	+2.18%

ULST

+0.25%

Winner

FSMB

+0.39%

Winner

ULST

+0.63%

FSMB

-0.05%

Winner

ULST

+1.59%

FSMB

+1.44%

ULST

+3.89%

Winner

FSMB

+3.92%

5Y(CAGR)

Winner

ULST

+3.51%

FSMB

+1.50%

10Y(CAGR)

ULST

+2.69%

FSMB

N/A

Max(CAGR)

Winner

ULST

+2.20%

FSMB

+2.18%

ULST vs FSMB - Annual Returns (2013 - 2026)

Returns include dividend reinvestment.

Year	ULST	FSMB
2026	+1.21%	+1.08%
2025	+4.81%	+4.14%
2024	+5.25%	+2.35%
2023	+5.59%	+3.49%
2022	+0.87%	-3.93%
2021	+0.21%	+1.17%
2020	+1.45%	+3.44%
2019	+3.25%	+3.90%
2018	+1.94%	+0.61%
2017	+1.29%	N/A
2016	+1.54%	N/A
2015	+0.14%	N/A
2014	+0.29%	N/A
2013	+0.22%	N/A

ULST vs FSMB Drawdown Comparison

The maximum drawdown for ULST was -6.20%, occurring on Mar 25, 2020. Recovery took 81 trading sessions.

The maximum drawdown for FSMB was -6.32%, occurring on Mar 20, 2020. Recovery took 91 trading sessions.

The current ULST drawdown is -0.05%. The current FSMB drawdown is -0.30%.

Rank	ULST	FSMB
#1	-6.20% Mar 5, 2020 - Jun 30, 2020	-6.32% Mar 6, 2020 - Jul 16, 2020
#2	-1.22% Oct 5, 2021 - Nov 23, 2022	-5.97% Jul 28, 2021 - Jul 9, 2024
#3	-0.54% Aug 5, 2024 - Aug 13, 2024	-1.76% Apr 3, 2025 - Jun 4, 2025
#4	-0.54% May 2, 2014 - Jul 22, 2014	-1.29% Feb 26, 2026 - Mar 24, 2026
#5	-0.51% Jan 31, 2025 - Feb 11, 2025	-0.93% Feb 10, 2021 - Apr 15, 2021
#6	-0.50% Feb 8, 2016 - Apr 7, 2016	-0.82% Oct 2, 2024 - Nov 27, 2024
#7	-0.49% Nov 12, 2014 - Jun 1, 2015	-0.80% Dec 9, 2024 - Jan 30, 2025
#8	-0.44% Jun 1, 2015 - Feb 8, 2016	-0.63% Aug 11, 2020 - Nov 4, 2020
#9	-0.39% Jul 22, 2014 - Nov 3, 2014	-0.55% Mar 10, 2025 - Apr 3, 2025
#10	-0.39% Sep 18, 2020 - Nov 25, 2020	-0.53% Aug 28, 2019 - Oct 9, 2019
#11	-0.37% Apr 3, 2025 - Apr 16, 2025	-0.39% Sep 17, 2025 - Nov 26, 2025
#12	-0.34% May 31, 2016 - Jun 8, 2016	-0.30% Feb 6, 2025 - Feb 21, 2025
#13	-0.32% Jun 10, 2016 - Jul 18, 2016	-0.29% Nov 1, 2019 - Nov 21, 2019
#14	-0.27% May 19, 2016 - May 31, 2016	-0.27% Apr 19, 2021 - May 25, 2021
#15	-0.27% Jan 13, 2014 - Feb 25, 2014	-0.27% Jan 6, 2020 - Jan 10, 2020

Correlation

Correlation between ULST and FSMB is 0.92 which considered as a very strong positive correlation - the stocks move almost identically together.

0.92

-101

Dividend Comparison (2013 - 2026)

ULST vs FSMB dividend yield comparison.

Year	ULST	FSMB
2026	1.66%	1.33%
2025	4.46%	3.09%
2024	5.03%	2.88%
2023	4.45%	2.40%
2022	1.70%	1.47%
2021	0.54%	1.20%
2020	1.34%	1.79%
2019	2.56%	2.27%
2018	2.13%	0.19%
2017	1.21%	0.00%
2016	0.93%	0.00%
2015	0.37%	0.00%
2014	0.34%	0.00%
2013	0.07%	0.00%