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BOND vs. ICSH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOND vs. ICSH

Last updated Jun 9, 2026

BOND (PIMCO Active Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO, while ICSH is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past 10 years, BOND returned 2.08%/yr vs 2.77%/yr for ICSH. At a 0.22 correlation, their price movements are largely independent. BOND charges 0.54%/yr vs 0.08%/yr for ICSH.

Performance

BOND vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Active Bond ETF (BOND) 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, BOND achieves a -0.03% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, BOND has underperformed ICSH with an annualized return of 2.08%, while ICSH has yielded a comparatively higher 2.77% annualized return.

BOND

1D
-0.12%
1M
-0.86%
YTD
-0.03%
6M
0.53%
1Y
6.21%
3Y*
4.91%
5Y*
0.34%
10Y*
2.08%

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)

BOND vs. ICSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BOND
PIMCO Active Bond ETF		-0.03%8.39%2.77%6.48%-14.57%-0.77%7.80%8.54%0.08%4.76%
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 BOND and ICSH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2013

0.22

Over the past year, BOND and ICSH have become more correlated (0.45) than their long-term average of 0.22, meaning their price movements have been converging.

BOND vs. ICSH - Sectors Allocation Comparison

Sectors
BOND
ICSH

Financial Services

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

100.0%

Financial Services

BOND
100.0%
ICSH

-

Basic Materials

BOND

-

ICSH

-

Communication Services

BOND

-

ICSH

-

Consumer Cyclical

BOND

-

ICSH

-

Consumer Defensive

BOND

-

ICSH

-

Energy

BOND

-

ICSH

-

Healthcare

BOND

-

ICSH

-

Industrials

BOND

-

ICSH

-

Real Estate

BOND

-

ICSH

-

Technology

BOND

-

ICSH

-

Utilities

BOND

-

ICSH
100.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PIMCO Active Bond ETF

iShares Ultra Short Duration Bond Active ETF

Often compared with BOND:
BOND vs. TLTBOND vs. BNDBOND vs. SCHDBOND vs. VOOBOND vs. FBNDBOND vs. VTIBOND vs. SCHZ
Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV

Return for Risk

BOND vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BOND
BOND Risk / Return Rank: 4949
Overall Rank
BOND Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
BOND Sortino Ratio Rank: 5353
Sortino Ratio Rank
BOND Omega Ratio Rank: 5050
Omega Ratio Rank
BOND Calmar Ratio Rank: 4646
Calmar Ratio Rank
BOND Martin Ratio Rank: 4444
Martin Ratio Rank
ICSH
ICSH Risk / Return Rank: 9999
Overall Rank
ICSH Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
ICSH Sortino Ratio Rank: 100100
Sortino Ratio Rank
ICSH Omega Ratio Rank: 9999
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.

BOND vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) 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.

BONDICSHDifference
Sharpe ratioReturn per unit of total volatility
1.59
11.01

-9.42

Sortino ratioReturn per unit of downside risk
2.31
27.36

-25.05

Omega ratioGain probability vs. loss probability

1.28

6.56

-5.28

Calmar ratioReturn relative to maximum drawdown

2.07

43.67

-41.60

Martin ratioReturn relative to average drawdown

6.47

288.81

-282.34

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

BOND vs. ICSH - Sharpe Ratio Comparison

The current BOND Sharpe Ratio is 1.59, which is lower than the ICSH Sharpe Ratio of 11.01. The chart below compares the historical Sharpe Ratios of BOND 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

BONDICSHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

11.01

-9.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.06

7.62

-7.56

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

0.62

1.93

-1.31

Drawdowns

BOND vs. ICSH - Drawdown Comparison

The maximum BOND drawdown since its inception was -19.71%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BOND and ICSH.

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Drawdown Indicators

BONDICSHDifference

Max Drawdown

Largest peak-to-trough decline

-19.71%

-3.94%

-15.77%

Max Drawdown (1Y)

Largest decline over 1 year

-3.01%

-0.10%

-2.91%

Max Drawdown (3Y)

Largest decline over 3 years

-6.12%

-0.10%

-6.02%

Max Drawdown (5Y)

Largest decline over 5 years

-19.71%

-0.73%

-18.98%

Max Drawdown (10Y)

Largest decline over 10 years

-19.71%

-3.94%

-15.77%

Current Drawdown

Current decline from peak

-2.06%

-0.02%

-2.04%

Average Drawdown

Average peak-to-trough decline

-3.50%

-0.08%

-3.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.96%

0.01%

+0.95%

Volatility

BOND vs. ICSH - Volatility Comparison

PIMCO Active Bond ETF (BOND) has a higher volatility of 1.42% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that BOND'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

BONDICSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.42%

0.15%

+1.27%

Volatility (6M)

Calculated over the trailing 6-month period

2.93%

0.30%

+2.63%

Volatility (1Y)

Calculated over the trailing 1-year period

3.93%

0.39%

+3.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.77%

0.48%

+5.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.09%

1.06%

+4.03%

BOND vs. ICSH - Expense Ratio Comparison

BOND has a 0.54% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

BOND vs. ICSH - Dividend Comparison

BOND's dividend yield for the trailing twelve months is around 5.21%, more than ICSH's 4.34% yield.

PositionTTM20252024202320222021202020192018201720162015
BOND
PIMCO Active Bond ETF		5.21%5.11%5.02%4.06%3.44%2.58%2.66%3.38%3.18%2.87%2.85%4.14%
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

BOND and ICSH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BOND has higher volatility (1.42%) compared to ICSH (0.15%). In terms of maximum drawdown, BOND dropped -19.71% vs ICSH's -3.94%.

On 10-year performance, ICSH leads with 2.77% vs 2.08% for BOND. 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 10-year period, ICSH has performed better with a 2.77% return vs 2.08%. 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 0.54% for BOND.

BOND has the higher dividend yield at 5.21%, compared with 4.34% for ICSH.

BOND is categorized as Intermediate Core-Plus Bond, while ICSH is Ultrashort Bond. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.54% for BOND and 0.08% for ICSH.

ICSH currently has the higher Sharpe Ratio (11.01 vs 1.59), 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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