ICSH vs. AQMNX
ICSH (iShares Ultra Short Duration Bond Active ETF) and AQMNX (AQR Managed Futures Strategy Fund Class N) are both funds - ICSH is a Ultrashort Bond fund actively managed by iShares, while AQMNX is a Systematic Trend fund actively managed by AQR Funds. Both are actively managed. Over the past 10 years, ICSH returned 2.77%/yr vs 4.71%/yr for AQMNX. At a correlation of -0.09, they often move in opposite directions. ICSH charges 0.08%/yr vs 2.97%/yr for AQMNX.
Performance
ICSH vs. AQMNX - Performance Comparison
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Returns By Period
In the year-to-date period, ICSH achieves a 1.43% return, which is significantly lower than AQMNX's 12.24% return. Over the past 10 years, ICSH has underperformed AQMNX with an annualized return of 2.77%, while AQMNX has yielded a comparatively higher 4.71% annualized return.
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%
AQMNX
- 1D
- -0.56%
- 1M
- 1.24%
- YTD
- 12.24%
- 6M
- 14.33%
- 1Y
- 24.98%
- 3Y*
- 12.16%
- 5Y*
- 12.32%
- 10Y*
- 4.71%
ICSH vs. AQMNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AQMNX AQR Managed Futures Strategy Fund Class N | 12.24% | 14.38% | 7.96% | 1.79% | 35.16% | -1.31% | -0.62% | 1.57% | -9.12% | -1.19% |
Correlation
The correlation between ICSH and AQMNX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013 | -0.09 |
The correlation between ICSH and AQMNX shifts across timeframes, from -0.25 (5 years) to -0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ICSH vs. AQMNX — Risk / Return Rank
ICSH
AQMNX
ICSH vs. AQMNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and AQR Managed Futures Strategy Fund Class N (AQMNX). 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.
| ICSH | AQMNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.17 | ||
| Sortino ratioReturn per unit of downside risk | +23.51 | ||
| Omega ratioGain probability vs. loss probability | 6.56 | 1.50 | +5.06 |
| Calmar ratioReturn relative to maximum drawdown | 43.67 | 7.83 | +35.84 |
| Martin ratioReturn relative to average drawdown | 288.81 | 26.39 | +262.42 |
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
| ICSH | AQMNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 11.01 | 2.84 | +8.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.62 | 1.07 | +6.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.63 | 0.46 | +2.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.93 | 0.38 | +1.55 |
Drawdowns
ICSH vs. AQMNX - Drawdown Comparison
The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum AQMNX drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for ICSH and AQMNX.
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Drawdown Indicators
| ICSH | AQMNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -27.50% | +23.56% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -3.15% | +3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -13.70% | +13.60% |
Max Drawdown (5Y)Largest decline over 5 years | -0.73% | -13.70% | +12.97% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -24.13% | +20.19% |
Current DrawdownCurrent decline from peak | -0.02% | -1.12% | +1.10% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -10.39% | +10.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.99% | -0.98% |
Volatility
ICSH vs. AQMNX - Volatility Comparison
The current volatility for iShares Ultra Short Duration Bond Active ETF (ICSH) is 0.15%, while AQR Managed Futures Strategy Fund Class N (AQMNX) has a volatility of 2.61%. This indicates that ICSH experiences smaller price fluctuations and is considered to be less risky than AQMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICSH | AQMNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 2.61% | -2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 0.30% | 6.70% | -6.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.39% | 8.69% | -8.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.48% | 11.55% | -11.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.06% | 10.33% | -9.27% |
ICSH vs. AQMNX - Expense Ratio Comparison
ICSH has a 0.08% expense ratio, which is lower than AQMNX's 2.97% expense ratio.
Dividends
ICSH vs. AQMNX - Dividend Comparison
ICSH's dividend yield for the trailing twelve months is around 4.34%, more than AQMNX's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AQMNX AQR Managed Futures Strategy Fund Class N | 1.83% | 2.05% | 3.61% | 8.15% | 12.59% | 6.59% | 4.17% | 2.92% | 0.00% | 0.00% | 0.02% | 6.30% |
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
ICSH and AQMNX 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.
AQMNX has higher volatility (2.61%) compared to ICSH (0.15%). In terms of maximum drawdown, ICSH dropped -3.94% vs AQMNX's -27.50%.
ICSH currently has the higher Sharpe Ratio (11.01 vs 2.84), 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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