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EWS vs. ICSH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWS vs. ICSH

Last updated Jun 13, 2026

EWS (iShares MSCI Singapore ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. EWS is passively managed, while ICSH is actively managed. Over the past 10 years, EWS returned 7.88%/yr vs 2.78%/yr for ICSH. At a 0.09 correlation, their price movements are largely independent. EWS charges 0.50%/yr vs 0.08%/yr for ICSH.

Performance

EWS vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) 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, EWS achieves a 5.96% return, which is significantly higher than ICSH's 1.53% return. Over the past 10 years, EWS has outperformed ICSH with an annualized return of 7.88%, while ICSH has yielded a comparatively lower 2.78% annualized return.

EWS

1D
0.07%
1M
0.24%
YTD
5.96%
6M
7.68%
1Y
18.15%
3Y*
20.28%
5Y*
8.93%
10Y*
7.88%

ICSH

1D
0.00%
1M
0.32%
YTD
1.53%
6M
1.81%
1Y
4.32%
3Y*
5.16%
5Y*
3.69%
10Y*
2.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWS vs. ICSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWS
iShares MSCI Singapore ETF		5.96%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%
ICSH
iShares Ultra Short Duration Bond Active ETF		1.53%4.96%5.52%5.58%0.97%0.16%1.61%3.17%2.25%1.63%

Correlation

The correlation between EWS and ICSH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.25

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

0.22

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

0.18

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

0.10

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

0.09

The correlation between EWS and ICSH shifts across timeframes, from 0.09 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

EWS vs. ICSH - Sectors Allocation Comparison

Sectors
EWS
ICSH

Financial Services

52.2%

-

Industrials

18.1%

-

Real Estate

8.6%

-

Utilities

4.7%
100.0%

Consumer Defensive

4.6%

-

Communication Services

4.2%

-

Technology

4.0%

-

Consumer Cyclical

3.5%

-

Basic Materials

-

-

Energy

-

-

Healthcare

-

-

Financial Services

EWS
52.2%
ICSH

-

Industrials

EWS
18.1%
ICSH

-

Real Estate

EWS
8.6%
ICSH

-

Utilities

EWS
4.7%
ICSH
100.0%

Consumer Defensive

EWS
4.6%
ICSH

-

Communication Services

EWS
4.2%
ICSH

-

Technology

EWS
4.0%
ICSH

-

Consumer Cyclical

EWS
3.5%
ICSH

-

Basic Materials

EWS

-

ICSH

-

Energy

EWS

-

ICSH

-

Healthcare

EWS

-

ICSH

-

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iShares MSCI Singapore ETF

iShares Ultra Short Duration Bond Active ETF

Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. SMINEWS vs. EIDOEWS vs. FLGR
Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV

Return for Risk

EWS vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWS
EWS Risk / Return Rank: 3939
Overall Rank
EWS Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 3636
Sortino Ratio Rank
EWS Omega Ratio Rank: 3535
Omega Ratio Rank
EWS Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWS Martin Ratio Rank: 3939
Martin Ratio Rank
ICSH
ICSH Risk / Return Rank: 9999
Overall Rank
ICSH Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
ICSH Sortino Ratio Rank: 9999
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.

EWS vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Singapore ETF (EWS) 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.

EWSICSHDifference
Sharpe ratioReturn per unit of total volatility
1.15
10.98

-9.84

Sortino ratioReturn per unit of downside risk
1.69
27.49

-25.80

Omega ratioGain probability vs. loss probability

1.21

6.59

-5.38

Calmar ratioReturn relative to maximum drawdown

2.24

43.88

-41.64

Martin ratioReturn relative to average drawdown

5.40

290.20

-284.80

EWS vs. ICSH - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.15, which is lower than the ICSH Sharpe Ratio of 10.98. The chart below compares the historical Sharpe Ratios of EWS 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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Drawdowns

EWS vs. ICSH - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.13%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for EWS and ICSH.

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Drawdown Indicators

EWSICSHDifference

Max Drawdown

Largest peak-to-trough decline

-75.13%

-3.94%

-71.19%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-0.10%

-7.72%

Max Drawdown (3Y)

Largest decline over 3 years

-16.34%

-0.10%

-16.24%

Max Drawdown (5Y)

Largest decline over 5 years

-29.06%

-0.73%

-28.33%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

-3.94%

-36.90%

Current Drawdown

Current decline from peak

-2.77%

0.00%

-2.77%

Average Drawdown

Average peak-to-trough decline

-21.98%

-0.08%

-21.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

0.01%

+3.22%

Volatility

EWS vs. ICSH - Volatility Comparison

iShares MSCI Singapore ETF (EWS) has a higher volatility of 5.05% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that EWS'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

EWSICSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.05%

0.13%

+4.92%

Volatility (6M)

Calculated over the trailing 6-month period

12.11%

0.29%

+11.82%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

0.39%

+14.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.34%

0.48%

+16.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

1.06%

+16.98%

EWS vs. ICSH - Expense Ratio Comparison

EWS has a 0.50% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

EWS vs. ICSH - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 3.87%, less than ICSH's 4.34% yield.

PositionTTM20252024202320222021202020192018201720162015
EWS
iShares MSCI Singapore ETF		3.87%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%
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

EWS and ICSH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWS has higher volatility (5.05%) compared to ICSH (0.13%). In terms of maximum drawdown, EWS dropped -75.13% vs ICSH's -3.94%.

On 10-year performance, EWS leads with 7.88% vs 2.78% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWS has performed better with a 7.88% return vs 2.78%. 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 0.50% for EWS.

ICSH has the higher dividend yield at 4.34%, compared with 3.87% for EWS.

EWS is categorized as Asia Pacific Equities, while ICSH is Ultrashort Bond. Their fees differ too: 0.50% for EWS and 0.08% for ICSH.

ICSH currently has the higher Sharpe Ratio (10.98 vs 1.15), 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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