BNDX vs. ICSH

Last updated Jun 9, 2026

BNDX (Vanguard Total International Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while ICSH is a Ultrashort Bond fund actively managed by iShares. BNDX is passively managed, while ICSH is actively managed. Over the past 10 years, BNDX returned 1.65%/yr vs 2.77%/yr for ICSH. At a 0.21 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.08%/yr for ICSH.

Performance

BNDX vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond ETF (BNDX) and iShares Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDX achieves a 0.37% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, BNDX has underperformed ICSH with an annualized return of 1.65%, while ICSH has yielded a comparatively higher 2.77% annualized return.

BNDX

• 1D: -0.12%
• 1M: -0.16%
• YTD: 0.37%
• 6M: 0.55%
• 1Y: 1.86%
• 3Y*: 4.01%
• 5Y*: 0.25%
• 10Y*: 1.65%

ICSH

• 1D: 0.02%
• 1M: 0.18%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 4.30%
• 3Y*: 5.15%
• 5Y*: 3.67%
• 10Y*: 2.77%

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

BNDX vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNDX Vanguard Total International Bond ETF	0.37%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	2.81%	2.40%
ICSH iShares Ultra Short Duration Bond Active ETF	1.43%	4.96%	5.52%	5.58%	0.97%	0.16%	1.61%	3.17%	2.25%	1.63%

Correlation

The correlation between BNDX and ICSH is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013	0.21

The correlation between BNDX and ICSH shifts across timeframes, from 0.21 (all time) to 0.44 (5 years), reflecting how their relationship changes across market environments.

BNDX vs. ICSH - Sectors Allocation Comparison

Sectors	BNDX	ICSH
Real Estate	0.0%	-
Financial Services	0.0%	-
Industrials	0.0%	-
Energy	0.0%	-
Communication Services	0.0%	-
Utilities	0.0%	100.0%
Healthcare	0.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Technology	-	-

Return for Risk

BNDX vs. ICSH — Risk / Return Rank

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

BNDX

BNDX Risk / Return Rank: 18
BNDX Sharpe Ratio Rank: 19
BNDX Sortino Ratio Rank: 17
BNDX Omega Ratio Rank: 17
BNDX Calmar Ratio Rank: 18
BNDX Martin Ratio Rank: 18

ICSH

ICSH Risk / Return Rank: 99
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 99
ICSH Calmar Ratio Rank: 99
ICSH Martin Ratio Rank: 99

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.

BNDX vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) 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.

	BNDX	ICSH	Difference
Sharpe ratio: Return per unit of total volatility	0.54	11.01	-10.46
Sortino ratio: Return per unit of downside risk	0.79	27.36	-26.57
Omega ratio: Gain probability vs. loss probability	1.10	6.56	-5.46
Calmar ratio: Return relative to maximum drawdown	0.64	43.67	-43.03
Martin ratio: Return relative to average drawdown	1.79	288.81	-287.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDX vs. ICSH - Sharpe Ratio Comparison

The current BNDX Sharpe Ratio is 0.54, which is lower than the ICSH Sharpe Ratio of 11.01. The chart below compares the historical Sharpe Ratios of BNDX 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.

Sharpe Ratios by Period

	BNDX	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	11.01	-10.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	7.62	-7.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	2.63	-2.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.93	-1.33

Drawdowns

BNDX vs. ICSH - Drawdown Comparison

The maximum BNDX drawdown since its inception was -16.23%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BNDX and ICSH.

Drawdown Indicators

	BNDX	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-16.23%	-3.94%	-12.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-0.10%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-2.93%	-0.10%	-2.83%
Max Drawdown (5Y) Largest decline over 5 years	-15.86%	-0.73%	-15.13%
Max Drawdown (10Y) Largest decline over 10 years	-16.23%	-3.94%	-12.29%
Current Drawdown Current decline from peak	-1.65%	-0.02%	-1.63%
Average Drawdown Average peak-to-trough decline	-3.08%	-0.08%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.01%	+1.03%

Volatility

BNDX vs. ICSH - Volatility Comparison

Vanguard Total International Bond ETF (BNDX) has a higher volatility of 1.47% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that BNDX'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.

Volatility by Period

	BNDX	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	0.15%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	0.30%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	0.39%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	0.48%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	1.06%	+3.03%

BNDX vs. ICSH - Expense Ratio Comparison

BNDX has a 0.07% expense ratio, which is lower than ICSH's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BNDX vs. ICSH - Dividend Comparison

BNDX's dividend yield for the trailing twelve months is around 4.50%, more than ICSH's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.50%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
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

Can I hold both BNDX and ICSH in my portfolio?

BNDX and ICSH have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDX or ICSH?

BNDX has higher volatility (1.47%) compared to ICSH (0.15%). In terms of maximum drawdown, BNDX dropped -16.23% vs ICSH's -3.94%.

Which ETF is better, BNDX or ICSH?

On 10-year performance, ICSH leads with 2.77% vs 1.65% for BNDX. On fees, BNDX is cheaper at 0.07% 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.

Which ETF has performed better, BNDX or ICSH?

Over the 10-year period, ICSH has performed better with a 2.77% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDX or ICSH?

BNDX is cheaper with a 0.07% expense ratio, compared with 0.08% for ICSH.

Which ETF pays a higher dividend yield, BNDX or ICSH?

BNDX has the higher dividend yield at 4.50%, compared with 4.34% for ICSH.

What is the main difference between BNDX and ICSH?

BNDX is categorized as Global Bonds, while ICSH is Ultrashort Bond. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for BNDX and 0.08% for ICSH.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.01 vs 0.54), 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.