CLIP vs. ICSH
CLIP (Global X 1-3 Month T-Bill ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds - CLIP tracks the Solactive 1-3 month US T-Bill Index - USD while ICSH tracks the ICE BofA US 6-Month Treasury Bill Index (USD). Both are passively managed. Over the past year, CLIP returned 3.96% vs 4.36% for ICSH. At a 0.19 correlation, their price movements are largely independent. CLIP charges 0.07%/yr vs 0.08%/yr for ICSH.
Performance
CLIP vs. ICSH - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CLIP having a 1.50% return and ICSH slightly lower at 1.45%.
CLIP
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.50%
- 6M
- 1.82%
- 1Y
- 3.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
CLIP vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CLIP Global X 1-3 Month T-Bill ETF | 1.50% | 4.23% | 5.26% | 2.82% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.45% | 4.96% | 5.52% | 3.29% |
Correlation
The correlation between CLIP and ICSH is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.19 |
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Return for Risk
CLIP vs. ICSH — Risk / Return Rank
CLIP
ICSH
CLIP vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X 1-3 Month T-Bill ETF (CLIP) 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.
| CLIP | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.03 | ||
| Sortino ratioReturn per unit of downside risk | +43.56 | ||
| Omega ratioGain probability vs. loss probability | 20.66 | 6.79 | +13.87 |
| Calmar ratioReturn relative to maximum drawdown | 142.22 | 44.30 | +97.93 |
| Martin ratioReturn relative to average drawdown | 1,151.15 | 297.17 | +853.98 |
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
| CLIP | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 17.26 | 11.22 | +6.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 7.64 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 10.71 | 1.93 | +8.77 |
Drawdowns
CLIP vs. ICSH - Drawdown Comparison
The maximum CLIP drawdown since its inception was -0.08%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for CLIP and ICSH.
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Drawdown Indicators
| CLIP | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.08% | -3.94% | +3.86% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.10% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.10% | — |
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 | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.08% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
CLIP vs. ICSH - Volatility Comparison
The current volatility for Global X 1-3 Month T-Bill ETF (CLIP) is 0.06%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.15%. This indicates that CLIP 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
| CLIP | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.15% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.30% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 0.39% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.44% | 0.48% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.44% | 1.06% | -0.62% |
CLIP vs. ICSH - Expense Ratio Comparison
CLIP 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
CLIP vs. ICSH - Dividend Comparison
CLIP's dividend yield for the trailing twelve months is around 3.91%, less than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLIP Global X 1-3 Month T-Bill ETF | 3.91% | 4.14% | 5.11% | 2.75% | 0.00% | 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
CLIP and ICSH have a correlation of 0.21, 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 CLIP (0.06%). In terms of maximum drawdown, CLIP dropped -0.08% vs ICSH's -3.94%.
On 1-year performance, ICSH leads with 4.36% vs 3.96% for CLIP. On fees, CLIP is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ICSH has performed better with a 4.36% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLIP is cheaper with a 0.07% expense ratio, compared with 0.08% for ICSH.
ICSH has the higher dividend yield at 4.34%, compared with 3.91% for CLIP.
CLIP tracks Solactive 1-3 month US T-Bill Index - USD, while ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD). They also come from different issuers: Global X and iShares. Their fees differ too: 0.07% for CLIP and 0.08% for ICSH.
CLIP currently has the higher Sharpe Ratio (17.26 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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