HYG vs. ICSH

Last updated Jun 9, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. HYG is passively managed, while ICSH is actively managed. Over the past 10 years, HYG returned 4.88%/yr vs 2.77%/yr for ICSH. At a 0.15 correlation, their price movements are largely independent. HYG charges 0.49%/yr vs 0.08%/yr for ICSH.

Performance

HYG vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and iShares Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYG achieves a 1.14% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, HYG has outperformed ICSH with an annualized return of 4.88%, while ICSH has yielded a comparatively lower 2.77% annualized return.

HYG

• 1D: 0.14%
• 1M: -0.24%
• YTD: 1.14%
• 6M: 1.72%
• 1Y: 6.36%
• 3Y*: 8.34%
• 5Y*: 3.69%
• 10Y*: 4.88%

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)

HYG vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.14%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%
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 HYG and ICSH is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013	0.15

The correlation between HYG and ICSH shifts across timeframes, from 0.15 (all time) to 0.37 (3 years), reflecting how their relationship changes across market environments.

HYG vs. ICSH - Sectors Allocation Comparison

Sectors	HYG	ICSH
Utilities	99.6%	100.0%
Real Estate	0.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

HYG vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYG

HYG Risk / Return Rank: 60
HYG Sharpe Ratio Rank: 54
HYG Sortino Ratio Rank: 58
HYG Omega Ratio Rank: 56
HYG Calmar Ratio Rank: 60
HYG Martin Ratio Rank: 71

ICSH

ICSH Risk / Return Rank: 99
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 99
ICSH Calmar Ratio Rank: 99
ICSH Martin Ratio Rank: 99

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.

HYG vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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.

	HYG	ICSH	Difference
Sharpe ratio: Return per unit of total volatility	1.67	11.01	-9.34
Sortino ratio: Return per unit of downside risk	2.49	27.36	-24.87
Omega ratio: Gain probability vs. loss probability	1.32	6.56	-5.24
Calmar ratio: Return relative to maximum drawdown	2.73	43.67	-40.93
Martin ratio: Return relative to average drawdown	12.02	288.81	-276.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYG vs. ICSH - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.67, which is lower than the ICSH Sharpe Ratio of 11.01. The chart below compares the historical Sharpe Ratios of HYG 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.

Sharpe Ratios by Period

	HYG	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	11.01	-9.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	7.62	-7.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	2.63	-2.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.93	-1.48

Drawdowns

HYG vs. ICSH - Drawdown Comparison

The maximum HYG drawdown since its inception was -34.25%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for HYG and ICSH.

Drawdown Indicators

	HYG	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-3.94%	-30.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-0.10%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	-0.10%	-4.46%
Max Drawdown (5Y) Largest decline over 5 years	-15.79%	-0.73%	-15.06%
Max Drawdown (10Y) Largest decline over 10 years	-22.03%	-3.94%	-18.09%
Current Drawdown Current decline from peak	-0.45%	-0.02%	-0.43%
Average Drawdown Average peak-to-trough decline	-3.24%	-0.08%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.01%	+0.52%

Volatility

HYG vs. ICSH - Volatility Comparison

iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a higher volatility of 1.23% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that HYG'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.

Volatility by Period

	HYG	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.15%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	0.30%	+2.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	0.39%	+3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	0.48%	+7.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.29%	1.06%	+7.23%

HYG vs. ICSH - Expense Ratio Comparison

HYG has a 0.49% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

HYG vs. ICSH - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.93%, more than ICSH's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.93%	5.71%	6.01%	5.74%	5.30%	4.02%	4.88%	4.99%	5.54%	5.12%	5.27%	5.90%
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

Can I hold both HYG and ICSH in my portfolio?

HYG and ICSH have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYG or ICSH?

HYG has higher volatility (1.23%) compared to ICSH (0.15%). In terms of maximum drawdown, HYG dropped -34.25% vs ICSH's -3.94%.

Which ETF is better, HYG or ICSH?

On 10-year performance, HYG leads with 4.88% vs 2.77% 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.

Which ETF has performed better, HYG or ICSH?

Over the 10-year period, HYG has performed better with a 4.88% return vs 2.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYG or ICSH?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.49% for HYG.

Which ETF pays a higher dividend yield, HYG or ICSH?

HYG has the higher dividend yield at 5.93%, compared with 4.34% for ICSH.

What is the main difference between HYG and ICSH?

HYG is categorized as High Yield Bonds, while ICSH is Ultrashort Bond. Their fees differ too: 0.49% for HYG and 0.08% for ICSH.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.01 vs 1.67), 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.