ICSH vs. BILZ

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Ultra Short Duration Bond Active ETF (ICSH) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ).

ICSH and BILZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ICSH is a passively managed fund by iShares that tracks the performance of the ICE BofA US 6-Month Treasury Bill Index (USD). It was launched on Dec 11, 2013. BILZ is an actively managed fund by PIMCO. It was launched on Jun 21, 2023.

Performance

ICSH vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ultra Short Duration Bond Active ETF (ICSH) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

ICSH vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ICSH iShares Ultra Short Duration Bond Active ETF	0.74%	4.96%	5.52%	3.28%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	0.83%	4.21%	5.25%	2.33%

Returns By Period

In the year-to-date period, ICSH achieves a 0.74% return, which is significantly lower than BILZ's 0.83% return.

ICSH

• 1D: 0.02%
• 1M: 0.12%
• YTD: 0.74%
• 6M: 1.89%
• 1Y: 4.40%
• 3Y*: 5.21%
• 5Y*: 3.55%
• 10Y*: 2.71%

BILZ

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.83%
• 6M: 1.85%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICSH vs. BILZ - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than BILZ'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%.

BILZ

PIMCO Ultra Short Government Active Exchange-Traded Fund

ICSH

iShares Ultra Short Duration Bond Active ETF

Return for Risk

ICSH vs. BILZ — Risk / Return Rank

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

ICSH

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

BILZ

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

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.

ICSH vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). 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	BILZ	Difference
Sharpe ratio Return per unit of total volatility	10.86	19.30	-8.44
Sortino ratio Return per unit of downside risk	25.58	117.88	-92.30
Omega ratio Gain probability vs. loss probability	6.41	44.85	-38.44
Calmar ratio Return relative to maximum drawdown	45.33	203.30	-157.98
Martin ratio Return relative to average drawdown	283.87	1,804.32	-1,520.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICSH vs. BILZ - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 10.86, which is lower than the BILZ Sharpe Ratio of 19.30. The chart below compares the historical Sharpe Ratios of ICSH and BILZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ICSH	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.86	19.30	-8.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.40	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	10.37	-8.47

Correlation

The correlation between ICSH and BILZ is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ICSH vs. BILZ - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.46%, more than BILZ's 4.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICSH iShares Ultra Short Duration Bond Active ETF	4.46%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.18%	4.19%	4.95%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ICSH vs. BILZ - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for ICSH and BILZ.

Drawdown Indicators

	ICSH	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-0.52%	-3.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.02%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-0.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-3.94%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.01%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.00%	+0.02%

Volatility

ICSH vs. BILZ - Volatility Comparison

iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.16% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.05%. This indicates that ICSH's price experiences larger fluctuations and is considered to be riskier than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICSH	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.05%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	0.26%	0.14%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	0.21%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.48%	0.44%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	0.44%	+0.62%