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FXU vs. ICSH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXU vs. ICSH

Last updated Jun 13, 2026

FXU (First Trust Utilities AlphaDEX Fund) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - FXU is a Utilities Equities fund tracking the StrataQuant Utilities Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. FXU is passively managed, while ICSH is actively managed. Over the past 10 years, FXU returned 9.38%/yr vs 2.78%/yr for ICSH. At a 0.07 correlation, their price movements are largely independent. FXU charges 0.62%/yr vs 0.08%/yr for ICSH.

Performance

FXU vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Utilities AlphaDEX Fund (FXU) 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, FXU achieves a 8.19% return, which is significantly higher than ICSH's 1.53% return. Over the past 10 years, FXU has outperformed ICSH with an annualized return of 9.38%, while ICSH has yielded a comparatively lower 2.78% annualized return.

FXU

1D
0.87%
1M
0.66%
YTD
8.19%
6M
8.80%
1Y
17.67%
3Y*
17.64%
5Y*
11.71%
10Y*
9.38%

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)

FXU vs. ICSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXU
First Trust Utilities AlphaDEX Fund		8.19%21.86%22.50%-2.12%3.68%17.67%1.53%11.67%5.43%0.98%
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 FXU and ICSH is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.15

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

0.15

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

0.09

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

0.07

FXU vs. ICSH - Sectors Allocation Comparison

Sectors
FXU
ICSH

Utilities

92.0%
100.0%

Industrials

4.2%

-

Energy

3.7%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

FXU
92.0%
ICSH
100.0%

Industrials

FXU
4.2%
ICSH

-

Energy

FXU
3.7%
ICSH

-

Basic Materials

FXU

-

ICSH

-

Communication Services

FXU

-

ICSH

-

Consumer Cyclical

FXU

-

ICSH

-

Consumer Defensive

FXU

-

ICSH

-

Financial Services

FXU

-

ICSH

-

Healthcare

FXU

-

ICSH

-

Real Estate

FXU

-

ICSH

-

Technology

FXU

-

ICSH

-

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First Trust Utilities AlphaDEX Fund

iShares Ultra Short Duration Bond Active ETF

Often compared with FXU:
FXU vs. UTESFXU vs. XLUFXU vs. VPUFXU vs. IDUFXU vs. JXIFXU vs. PUIFXU vs. VOO
Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV

Return for Risk

FXU vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXU
FXU Risk / Return Rank: 3939
Overall Rank
FXU Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FXU Sortino Ratio Rank: 3737
Sortino Ratio Rank
FXU Omega Ratio Rank: 3636
Omega Ratio Rank
FXU Calmar Ratio Rank: 4444
Calmar Ratio Rank
FXU Martin Ratio Rank: 3737
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.

FXU vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Utilities AlphaDEX Fund (FXU) 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.

FXUICSHDifference
Sharpe ratioReturn per unit of total volatility
1.26
10.98

-9.73

Sortino ratioReturn per unit of downside risk
1.75
27.49

-25.75

Omega ratioGain probability vs. loss probability

1.21

6.59

-5.37

Calmar ratioReturn relative to maximum drawdown

1.93

43.88

-41.95

Martin ratioReturn relative to average drawdown

5.17

290.20

-285.03

FXU vs. ICSH - Sharpe Ratio Comparison

The current FXU Sharpe Ratio is 1.26, which is lower than the ICSH Sharpe Ratio of 10.98. The chart below compares the historical Sharpe Ratios of FXU 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

FXU vs. ICSH - Drawdown Comparison

The maximum FXU drawdown since its inception was -49.00%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for FXU and ICSH.

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Drawdown Indicators

FXUICSHDifference

Max Drawdown

Largest peak-to-trough decline

-49.00%

-3.94%

-45.06%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-0.10%

-8.53%

Max Drawdown (3Y)

Largest decline over 3 years

-17.46%

-0.10%

-17.36%

Max Drawdown (5Y)

Largest decline over 5 years

-21.87%

-0.73%

-21.14%

Max Drawdown (10Y)

Largest decline over 10 years

-34.81%

-3.94%

-30.87%

Current Drawdown

Current decline from peak

-5.57%

0.00%

-5.57%

Average Drawdown

Average peak-to-trough decline

-7.63%

-0.08%

-7.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

0.01%

+3.21%

Volatility

FXU vs. ICSH - Volatility Comparison

First Trust Utilities AlphaDEX Fund (FXU) has a higher volatility of 5.01% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that FXU'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

FXUICSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

0.13%

+4.88%

Volatility (6M)

Calculated over the trailing 6-month period

10.33%

0.29%

+10.04%

Volatility (1Y)

Calculated over the trailing 1-year period

13.30%

0.39%

+12.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.61%

0.48%

+16.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.34%

1.06%

+17.28%

FXU vs. ICSH - Expense Ratio Comparison

FXU has a 0.62% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

FXU vs. ICSH - Dividend Comparison

FXU's dividend yield for the trailing twelve months is around 2.16%, less than ICSH's 4.34% yield.

PositionTTM20252024202320222021202020192018201720162015
FXU
First Trust Utilities AlphaDEX Fund		2.16%2.29%2.41%2.52%2.03%2.00%3.97%2.34%2.40%3.81%2.62%3.90%
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

FXU and ICSH have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXU has higher volatility (5.01%) compared to ICSH (0.13%). In terms of maximum drawdown, FXU dropped -49.00% vs ICSH's -3.94%.

On 10-year performance, FXU leads with 9.38% 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, FXU has performed better with a 9.38% 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 0.62% for FXU.

ICSH has the higher dividend yield at 4.34%, compared with 2.16% for FXU.

FXU is categorized as Utilities Equities, while ICSH is Ultrashort Bond. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.62% for FXU and 0.08% for ICSH.

ICSH currently has the higher Sharpe Ratio (10.98 vs 1.26), 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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