BILS vs. ICSH

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and iShares Ultra Short Duration Bond Active ETF (ICSH).

BILS and ICSH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BILS is a passively managed fund by State Street that tracks the performance of the Bloomberg 3-12 Month U.S. Treasury Bill Index. It was launched on Sep 24, 2020. ICSH is a passively managed fund by iShares that tracks the performance of the ICE BofA US 6-Month Treasury Bill Index (USD). It was launched on Dec 11, 2013. Both BILS and ICSH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BILS vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and iShares Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

BILS vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	0.80%	4.23%	5.17%	4.92%	0.90%	-0.08%	0.00%
ICSH iShares Ultra Short Duration Bond Active ETF	0.74%	4.96%	5.52%	5.58%	0.97%	0.16%	0.14%

Returns By Period

In the year-to-date period, BILS achieves a 0.80% return, which is significantly higher than ICSH's 0.74% return.

BILS

• 1D: 0.02%
• 1M: 0.26%
• YTD: 0.80%
• 6M: 1.82%
• 1Y: 3.99%
• 3Y*: 4.67%
• 5Y*: 3.17%
• 10Y*: —

ICSH

• 1D: 0.02%
• 1M: 0.12%
• YTD: 0.74%
• 6M: 1.89%
• 1Y: 4.40%
• 3Y*: 5.21%
• 5Y*: 3.55%
• 10Y*: 2.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BILS vs. ICSH - Expense Ratio Comparison

BILS 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%.

BILS

SPDR Bloomberg 3-12 Month T-Bill ETF

ICSH

iShares Ultra Short Duration Bond Active ETF

Return for Risk

BILS vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS Martin Ratio Rank: 100

ICSH

ICSH Risk / Return Rank: 100
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 100
ICSH Calmar Ratio Rank: 100
ICSH Martin Ratio Rank: 100

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.

BILS vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) 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.

	BILS	ICSH	Difference
Sharpe ratio Return per unit of total volatility	16.39	10.86	+5.53
Sortino ratio Return per unit of downside risk	75.13	25.58	+49.55
Omega ratio Gain probability vs. loss probability	26.69	6.41	+20.29
Calmar ratio Return relative to maximum drawdown	132.67	45.33	+87.34
Martin ratio Return relative to average drawdown	1,118.82	283.87	+834.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BILS vs. ICSH - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.39, which is higher than the ICSH Sharpe Ratio of 10.86. The chart below compares the historical Sharpe Ratios of BILS and ICSH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BILS	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.39	10.86	+5.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	10.37	7.40	+2.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	9.65	1.90	+7.75

Correlation

The correlation between BILS and ICSH is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BILS vs. ICSH - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.96%, less than ICSH's 4.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.96%	4.08%	5.01%	4.98%	1.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICSH iShares Ultra Short Duration Bond Active ETF	4.46%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%

Drawdowns

BILS vs. ICSH - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BILS and ICSH.

Drawdown Indicators

	BILS	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-3.94%	+3.53%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.10%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-0.40%	-0.73%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-3.94%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.08%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.02%	-0.02%

Volatility

BILS vs. ICSH - Volatility Comparison

The current volatility for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.05%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.16%. This indicates that BILS 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.

Volatility by Period

	BILS	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.16%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	0.26%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	0.41%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.48%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	1.06%	-0.76%