The possibility of the hydrodynamic description of ultracold fermions via the microscopic derivation of the model is described. Differently truncated hydrodynamic models are derived and compared. All models are based on the microscopic many-particle Schrödinger equation. Minimal coupling models based on the continuity and Euler equations are considered. An extended hydrodynamic model including the independent dynamics of the momentum flux (the pressure evolution) is derived. The influence of the spin polarization is described. The short-range interaction is considered in the isotropic limit. The interaction is considered up to the third order by interaction radius. Therefore, the single-fluid model of spin-1/2 fermions and the two-fluid model of spin-1/2 fermions are under consideration in this paper. Spectra of bulk collective excitations are derived and compared in terms of different models. © 2021 Astro Ltd.