ICSH vs. BIL
ICSH (iShares Ultra Short Duration Bond Active ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - ICSH is a Ultrashort Bond fund actively managed by iShares, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. ICSH is actively managed, while BIL is passively managed. Over the past 10 years, ICSH returned 2.77%/yr vs 2.20%/yr for BIL. At a 0.11 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.14%/yr for BIL.
Performance
ICSH vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, ICSH achieves a 1.51% return, which is significantly lower than BIL's 1.66% return. Over the past 10 years, ICSH has outperformed BIL with an annualized return of 2.77%, while BIL has yielded a comparatively lower 2.20% annualized return.
ICSH
- 1D
- -0.04%
- 1M
- 0.20%
- YTD
- 1.51%
- 6M
- 1.67%
- 1Y
- 4.20%
- 3Y*
- 5.09%
- 5Y*
- 3.69%
- 10Y*
- 2.77%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
ICSH vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 1.51% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between ICSH and BIL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.11 |
The correlation between ICSH and BIL shifts across timeframes, from 0.11 (all time) to 0.22 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICSH vs. BIL — Risk / Return Rank
ICSH
BIL
ICSH vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| ICSH | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.17 | ||
| Sortino ratioReturn per unit of downside risk | -150.58 | ||
| Omega ratioGain probability vs. loss probability | 5.64 | 87.41 | -81.77 |
| Calmar ratioReturn relative to maximum drawdown | 42.62 | 353.28 | -310.66 |
| Martin ratioReturn relative to average drawdown | 244.74 | 2,801.35 | -2,556.61 |
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Drawdowns
ICSH vs. BIL - Drawdown Comparison
The maximum ICSH drawdown since its inception was -3.94%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ICSH and BIL.
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Drawdown Indicators
| ICSH | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -0.78% | -3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.01% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -0.01% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -0.73% | -0.09% | -0.64% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -0.21% | -3.73% |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.26% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.00% | +0.02% |
Volatility
ICSH vs. BIL - Volatility Comparison
iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.15% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that ICSH's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICSH | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.07% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 0.14% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 0.20% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.49% | 0.26% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.06% | 0.26% | +0.80% |
ICSH vs. BIL - Expense Ratio Comparison
ICSH has a 0.08% expense ratio, which is lower than BIL's 0.14% 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
ICSH vs. BIL - Dividend Comparison
ICSH's dividend yield for the trailing twelve months is around 4.34%, more than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 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
ICSH and BIL have a correlation of 0.14, 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 BIL (0.07%). In terms of maximum drawdown, ICSH dropped -3.94% vs BIL's -0.78%.
On 10-year performance, ICSH leads with 2.77% vs 2.20% for BIL. On fees, ICSH is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICSH has performed better with a 2.77% return vs 2.20%. 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 0.14% for BIL.
ICSH has the higher dividend yield at 4.34%, compared with 3.85% for BIL.
ICSH is categorized as Ultrashort Bond, while BIL is Government Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for ICSH and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 10.20), 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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