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AGRH vs. ICSH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AGRH vs. ICSH

Last updated Jun 4, 2026

AGRH (iShares Interest Rate Hedged U.S. Aggregate Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds from iShares - AGRH tracks the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index - Benchmark TR Gross while ICSH tracks the ICE BofA US 6-Month Treasury Bill Index (USD). Both are passively managed. Over the past 3 years, AGRH returned 5.97%/yr vs 5.20%/yr for ICSH. At a 0.20 correlation, their price movements are largely independent. AGRH charges 0.13%/yr vs 0.08%/yr for ICSH.

Performance

AGRH vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) and iShares Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AGRH achieves a 1.78% return, which is significantly higher than ICSH's 1.45% return.

AGRH

1D
-0.04%
1M
0.73%
YTD
1.78%
6M
2.44%
1Y
6.30%
3Y*
5.97%
5Y*
—
10Y*
—

ICSH

1D
0.00%
1M
0.34%
YTD
1.45%
6M
1.79%
1Y
4.36%
3Y*
5.20%
5Y*
3.67%
10Y*
2.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AGRH vs. ICSH - Yearly Performance Comparison

2026 (YTD)2025202420232022
AGRH
iShares Interest Rate Hedged U.S. Aggregate Bond ETF		1.78%6.00%5.93%6.40%1.76%
ICSH
iShares Ultra Short Duration Bond Active ETF		1.45%4.96%5.52%5.58%1.45%

Correlation

The correlation between AGRH and ICSH is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2022

0.20

AGRH vs. ICSH - Sectors Allocation Comparison

Sectors
AGRH
ICSH

Energy

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

100.0%

Energy

AGRH
100.0%
ICSH

-

Basic Materials

AGRH

-

ICSH

-

Communication Services

AGRH

-

ICSH

-

Consumer Cyclical

AGRH

-

ICSH

-

Consumer Defensive

AGRH

-

ICSH

-

Financial Services

AGRH

-

ICSH

-

Healthcare

AGRH

-

ICSH

-

Industrials

AGRH

-

ICSH

-

Real Estate

AGRH

-

ICSH

-

Technology

AGRH

-

ICSH

-

Utilities

AGRH

-

ICSH
100.0%

Compare stocks, funds, or ETFs

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iShares Interest Rate Hedged U.S. Aggregate Bond ETF

iShares Ultra Short Duration Bond Active ETF

Often compared with AGRH:
AGRH vs. VGSHAGRH vs. AAAAGRH vs. AGGAGRH vs. SVARXAGRH vs. OSTIXAGRH vs. CLOZAGRH vs. SPY
Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV

Return for Risk

AGRH vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AGRH
AGRH Risk / Return Rank: 9797
Overall Rank
AGRH Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
AGRH Sortino Ratio Rank: 9898
Sortino Ratio Rank
AGRH Omega Ratio Rank: 9898
Omega Ratio Rank
AGRH Calmar Ratio Rank: 9696
Calmar Ratio Rank
AGRH Martin Ratio Rank: 9797
Martin Ratio Rank
ICSH
ICSH Risk / Return Rank: 9999
Overall Rank
ICSH Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
ICSH Sortino Ratio Rank: 100100
Sortino Ratio Rank
ICSH Omega Ratio Rank: 100100
Omega Ratio Rank
ICSH Calmar Ratio Rank: 9999
Calmar Ratio Rank
ICSH Martin Ratio Rank: 9999
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGRH vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) and iShares Ultra Short Duration Bond Active ETF (ICSH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

AGRHICSHDifference
Sharpe ratioReturn per unit of total volatility
4.41
11.22

-6.81

Sortino ratioReturn per unit of downside risk
7.67
28.46

-20.80

Omega ratioGain probability vs. loss probability

2.12

6.79

-4.67

Calmar ratioReturn relative to maximum drawdown

9.44

44.30

-34.86

Martin ratioReturn relative to average drawdown

44.94

297.17

-252.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGRH vs. ICSH - Sharpe Ratio Comparison

The current AGRH Sharpe Ratio is 4.41, which is lower than the ICSH Sharpe Ratio of 11.22. The chart below compares the historical Sharpe Ratios of AGRH and ICSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AGRHICSHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.41

11.22

-6.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

7.64

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

2.62

—

Sharpe Ratio (All Time)

Calculated using the full available price history

3.13

1.93

+1.19

Drawdowns

AGRH vs. ICSH - Drawdown Comparison

The maximum AGRH drawdown since its inception was -1.73%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for AGRH and ICSH.

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Drawdown Indicators

AGRHICSHDifference

Max Drawdown

Largest peak-to-trough decline

-1.73%

-3.94%

+2.21%

Max Drawdown (1Y)

Largest decline over 1 year

-0.67%

-0.10%

-0.57%

Max Drawdown (3Y)

Largest decline over 3 years

-1.73%

-0.10%

-1.63%

Max Drawdown (5Y)

Largest decline over 5 years

—

-0.73%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-3.94%

—

Current Drawdown

Current decline from peak

-0.07%

0.00%

-0.07%

Average Drawdown

Average peak-to-trough decline

-0.16%

-0.08%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.14%

0.01%

+0.13%

Volatility

AGRH vs. ICSH - Volatility Comparison

iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) has a higher volatility of 0.43% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that AGRH's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AGRHICSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.43%

0.15%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

1.00%

0.30%

+0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

1.44%

0.39%

+1.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.78%

0.48%

+1.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.78%

1.06%

+0.72%

AGRH vs. ICSH - Expense Ratio Comparison

AGRH has a 0.13% expense ratio, which is higher than ICSH's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AGRH vs. ICSH - Dividend Comparison

AGRH's dividend yield for the trailing twelve months is around 4.18%, less than ICSH's 4.34% yield.

PositionTTM20252024202320222021202020192018201720162015
AGRH
iShares Interest Rate Hedged U.S. Aggregate Bond ETF		4.18%4.63%5.17%4.69%1.24%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ICSH
iShares Ultra Short Duration Bond Active ETF		4.34%4.55%5.24%4.78%1.66%0.42%1.21%2.61%2.20%1.36%0.88%0.54%

Frequently Asked Questions

AGRH and ICSH have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AGRH has higher volatility (0.43%) compared to ICSH (0.15%). In terms of maximum drawdown, AGRH dropped -1.73% vs ICSH's -3.94%.

On 3-year performance, AGRH leads with 5.97% vs 5.20% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, AGRH has performed better with a 5.97% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICSH is cheaper with a 0.08% expense ratio, compared with 0.13% for AGRH.

ICSH has the higher dividend yield at 4.34%, compared with 4.18% for AGRH.

AGRH tracks BlackRock Interest Rate Hedged U.S. Aggregate Bond Index - Benchmark TR Gross, while ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD). Their fees differ too: 0.13% for AGRH and 0.08% for ICSH.

ICSH currently has the higher Sharpe Ratio (11.22 vs 4.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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