BIL vs. ICSH
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD). Both are passively managed. Over the past 10 years, BIL returned 2.18%/yr vs 2.76%/yr for ICSH. At a 0.11 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.08%/yr for ICSH.
Performance
BIL vs. ICSH - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BIL having a 1.49% return and ICSH slightly lower at 1.45%. Over the past 10 years, BIL has underperformed ICSH with an annualized return of 2.18%, while ICSH has yielded a comparatively higher 2.76% annualized return.
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
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%
BIL vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.45% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between BIL and ICSH is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013 | 0.11 |
The correlation between BIL and ICSH shifts across timeframes, from 0.11 (all time) to 0.23 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. ICSH — Risk / Return Rank
BIL
ICSH
BIL vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) 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.
| BIL | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.48 | ||
| Sortino ratioReturn per unit of downside risk | +145.70 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 6.79 | +81.12 |
| Calmar ratioReturn relative to maximum drawdown | 355.35 | 44.30 | +311.06 |
| Martin ratioReturn relative to average drawdown | 2,817.77 | 297.17 | +2,520.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIL | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.71 | 11.22 | +8.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 13.16 | 7.64 | +5.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.52 | 2.62 | +5.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 1.93 | +0.84 |
Drawdowns
BIL vs. ICSH - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BIL and ICSH.
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Drawdown Indicators
| BIL | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -3.94% | +3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.10% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.10% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -0.10% | -0.73% | +0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -3.94% | +3.73% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.08% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
BIL vs. ICSH - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.15%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky 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
| BIL | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.15% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.30% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.39% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 0.48% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 1.06% | -0.80% |
BIL vs. ICSH - Expense Ratio Comparison
BIL has a 0.14% 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
BIL vs. ICSH - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, less than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 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
BIL and ICSH have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICSH has higher volatility (0.15%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.76% vs 2.18% for BIL. On fees, ICSH is cheaper at 0.08% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICSH has performed better with a 2.76% return vs 2.18%. 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 0.14% for BIL.
ICSH has the higher dividend yield at 4.34%, compared with 3.86% for BIL.
BIL is categorized as Government Bonds, while ICSH is Ultrashort Bond. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD). They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.08% for ICSH.
BIL currently has the higher Sharpe Ratio (19.71 vs 11.22), 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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