CARY vs. ICSH
CARY (Angel Oak Income ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - CARY is a Multisector Bonds fund actively managed by Angel Oak, while ICSH is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past 3 years, CARY returned 7.33%/yr vs 5.09%/yr for ICSH. At a 0.34 correlation, their price movements are largely independent. CARY charges 0.80%/yr vs 0.08%/yr for ICSH.
Performance
CARY vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, CARY achieves a 2.01% return, which is significantly higher than ICSH's 1.51% return.
CARY
- 1D
- -0.10%
- 1M
- 0.49%
- YTD
- 2.01%
- 6M
- 2.08%
- 1Y
- 6.45%
- 3Y*
- 7.33%
- 5Y*
- —
- 10Y*
- —
ICSH
- 1D
- -0.04%
- 1M
- 0.20%
- YTD
- 1.51%
- 6M
- 1.67%
- 1Y
- 4.20%
- 3Y*
- 5.09%
- 5Y*
- 3.69%
- 10Y*
- 2.77%
CARY vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 2.01% | 7.54% | 6.93% | 8.70% | 0.58% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.51% | 4.96% | 5.52% | 5.58% | 0.92% |
Correlation
The correlation between CARY and ICSH is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2022 | 0.34 |
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Return for Risk
CARY vs. ICSH — Risk / Return Rank
CARY
ICSH
CARY vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) 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.
| CARY | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.60 | ||
| Sortino ratioReturn per unit of downside risk | -16.99 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 5.64 | -3.86 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 42.62 | -37.55 |
| Martin ratioReturn relative to average drawdown | 21.83 | 244.74 | -222.91 |
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Drawdowns
CARY vs. ICSH - Drawdown Comparison
The maximum CARY drawdown since its inception was -1.96%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for CARY and ICSH.
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Drawdown Indicators
| CARY | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.96% | -3.94% | +1.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.28% | -0.10% | -1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -1.96% | -0.10% | -1.86% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.73% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.94% | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.09% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -0.08% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.02% | +0.28% |
Volatility
CARY vs. ICSH - Volatility Comparison
Angel Oak Income ETF (CARY) has a higher volatility of 0.62% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that CARY'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
| CARY | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.15% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 1.40% | 0.32% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.81% | 0.41% | +1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.73% | 0.49% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 1.06% | +1.67% |
CARY vs. ICSH - Expense Ratio Comparison
CARY has a 0.80% expense ratio, which is higher than ICSH's 0.08% expense ratio.
Dividends
CARY vs. ICSH - Dividend Comparison
CARY's dividend yield for the trailing twelve months is around 5.92%, more than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 5.92% | 6.13% | 6.10% | 6.38% | 0.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
CARY and ICSH have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARY has higher volatility (0.62%) compared to ICSH (0.15%). In terms of maximum drawdown, CARY dropped -1.96% vs ICSH's -3.94%.
On 3-year performance, CARY leads with 7.33% vs 5.09% for ICSH. 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 3-year period, CARY has performed better with a 7.33% return vs 5.09%. 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 0.80% for CARY.
CARY has the higher dividend yield at 5.92%, compared with 4.34% for ICSH.
CARY is categorized as Multisector Bonds, while ICSH is Ultrashort Bond. They also come from different issuers: Angel Oak and iShares. Their fees differ too: 0.80% for CARY and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (10.20 vs 3.59), 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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