BIIPX vs. ICSH
BIIPX (iShares Short-Term TIPS Bond Index Fund) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both funds - BIIPX is a Inflation-Protected Bonds fund managed by BlackRock, while ICSH is a Ultrashort Bond fund actively managed by iShares. Over the past 5 years, BIIPX returned 2.66%/yr vs 3.69%/yr for ICSH. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.08% expense ratio.
Performance
BIIPX vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, BIIPX achieves a 0.61% return, which is significantly lower than ICSH's 1.55% return.
BIIPX
- 1D
- -0.21%
- 1M
- 0.01%
- YTD
- 0.61%
- 6M
- 1.09%
- 1Y
- 3.18%
- 3Y*
- 4.64%
- 5Y*
- 2.66%
- 10Y*
- —
ICSH
- 1D
- 0.04%
- 1M
- 0.24%
- YTD
- 1.55%
- 6M
- 1.72%
- 1Y
- 4.15%
- 3Y*
- 5.11%
- 5Y*
- 3.69%
- 10Y*
- 2.77%
BIIPX vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIIPX iShares Short-Term TIPS Bond Index Fund | 0.61% | 6.05% | 4.75% | 3.25% | -4.12% | 5.19% | 4.89% | 4.83% | 0.58% | 0.88% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.55% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between BIIPX and ICSH is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.22 |
The correlation between BIIPX and ICSH shifts across timeframes, from 0.22 (all time) to 0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIIPX vs. ICSH — Risk / Return Rank
BIIPX
ICSH
BIIPX vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term TIPS Bond Index Fund (BIIPX) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BIIPX | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.83 | ||
| Sortino ratioReturn per unit of downside risk | -19.88 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 5.60 | -4.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 42.20 | -39.82 |
| Martin ratioReturn relative to average drawdown | 9.93 | 238.45 | -228.52 |
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Drawdowns
BIIPX vs. ICSH - Drawdown Comparison
The maximum BIIPX drawdown since its inception was -6.46%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BIIPX and ICSH.
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Drawdown Indicators
| BIIPX | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.46% | -3.94% | -2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -0.10% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -1.34% | -0.10% | -1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -6.46% | -0.73% | -5.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.94% | — |
Current DrawdownCurrent decline from peak | -1.34% | -0.05% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -1.08% | -0.08% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 0.02% | +0.30% |
Volatility
BIIPX vs. ICSH - Volatility Comparison
iShares Short-Term TIPS Bond Index Fund (BIIPX) has a higher volatility of 1.32% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.16%. This indicates that BIIPX'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
| BIIPX | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 0.16% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 0.32% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 0.41% | +1.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.11% | 0.49% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.64% | 1.06% | +1.58% |
BIIPX vs. ICSH - Expense Ratio Comparison
Both BIIPX and ICSH have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BIIPX vs. ICSH - Dividend Comparison
BIIPX's dividend yield for the trailing twelve months is around 4.65%, more than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIIPX iShares Short-Term TIPS Bond Index Fund | 4.65% | 4.64% | 4.30% | 2.65% | 4.56% | 4.39% | 1.58% | 2.27% | 2.74% | 1.89% | 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
BIIPX and ICSH have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIIPX has higher volatility (1.32%) compared to ICSH (0.16%). In terms of maximum drawdown, BIIPX dropped -6.46% vs ICSH's -3.94%.
ICSH currently has the higher Sharpe Ratio (10.20 vs 1.37), 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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