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In this study, we investigate the influence of control type and strain rate on the lifetime of specimens manufactured from 50CrMo4. This influence is described by a strain rate dependent method that uses cyclic stress strain curves to correct displacement-controlled cyclic test results. The objective of this correction is to eliminate the stress related differences between displacement-controlled cyclic test results and force-controlled cyclic test results. The method is applied to the results of ultrasonic fatigue tests of six different combinations of heat treatment, specimen geometry (notch factor) and atmosphere. In a statistical analysis, the corrected results show an improved agreement with test results obtained on conventional fatigue testing equipment with similar specimens: the standard deviation in combined data sets is significantly reduced (p = 4.1%). We discuss the literature on intrinsic and extrinsic strain rate effects in carbon steels.