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ICSH vs. DFEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICSH vs. DFEN

Last updated Jun 13, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - ICSH is a Ultrashort Bond fund actively managed by iShares, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%). ICSH is actively managed, while DFEN is passively managed. Over the past 5 years, ICSH returned 3.69%/yr vs 29.22%/yr for DFEN. At a 0.06 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.99%/yr for DFEN.

Performance

ICSH vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ultra Short Duration Bond Active ETF (ICSH) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ICSH achieves a 1.53% return, which is significantly lower than DFEN's 13.12% return.

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%

DFEN

1D
-2.71%
1M
9.77%
YTD
13.12%
6M
20.44%
1Y
75.01%
3Y*
64.38%
5Y*
29.22%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICSH vs. DFEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%1.02%
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		13.12%156.62%27.07%24.70%6.99%12.72%-70.23%95.09%-32.86%83.64%

Correlation

The correlation between ICSH and DFEN is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

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

0.11

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

0.10

Correlation (All Time)
Calculated using the full available price history since May 3, 2017

0.06

The correlation between ICSH and DFEN shifts across timeframes, from 0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

ICSH vs. DFEN - Sectors Allocation Comparison

Sectors
ICSH
DFEN

Utilities

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

19.7%

Real Estate

-

-

Technology

-

0.0%

Utilities

ICSH
100.0%
DFEN

-

Basic Materials

ICSH

-

DFEN

-

Communication Services

ICSH

-

DFEN

-

Consumer Cyclical

ICSH

-

DFEN

-

Consumer Defensive

ICSH

-

DFEN

-

Energy

ICSH

-

DFEN

-

Financial Services

ICSH

-

DFEN

-

Healthcare

ICSH

-

DFEN

-

Industrials

ICSH

-

DFEN
19.7%

Real Estate

ICSH

-

DFEN

-

Technology

ICSH

-

DFEN
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Ultra Short Duration Bond Active ETF

Direxion Daily Aerospace & Defense Bull 3X Shares

Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV
Often compared with DFEN:
DFEN vs. ITADFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. VOODFEN vs. SPXLDFEN vs. EUDF.DE

Return for Risk

ICSH vs. DFEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
DFEN
DFEN Risk / Return Rank: 3838
Overall Rank
DFEN Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 4040
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3636
Omega Ratio Rank
DFEN Calmar Ratio Rank: 4242
Calmar Ratio Rank
DFEN Martin Ratio Rank: 3333
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.

ICSH vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). 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.

ICSHDFENDifference
Sharpe ratioReturn per unit of total volatility
10.98
1.18

+9.81

Sortino ratioReturn per unit of downside risk
27.49
1.85

+25.64

Omega ratioGain probability vs. loss probability

6.59

1.22

+5.37

Calmar ratioReturn relative to maximum drawdown

43.88

1.85

+42.02

Martin ratioReturn relative to average drawdown

290.20

4.29

+285.91

ICSH vs. DFEN - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 10.98, which is higher than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of ICSH and DFEN, 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

ICSH vs. DFEN - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for ICSH and DFEN.

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Drawdown Indicators

ICSHDFENDifference

Max Drawdown

Largest peak-to-trough decline

-3.94%

-91.36%

+87.42%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

-41.75%

+41.65%

Max Drawdown (3Y)

Largest decline over 3 years

-0.10%

-43.13%

+43.03%

Max Drawdown (5Y)

Largest decline over 5 years

-0.73%

-55.30%

+54.57%

Max Drawdown (10Y)

Largest decline over 10 years

-3.94%

—

—

Current Drawdown

Current decline from peak

0.00%

-25.87%

+25.87%

Average Drawdown

Average peak-to-trough decline

-0.08%

-45.20%

+45.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.01%

17.99%

-17.98%

Volatility

ICSH vs. DFEN - Volatility Comparison

The current volatility for iShares Ultra Short Duration Bond Active ETF (ICSH) is 0.13%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that ICSH experiences smaller price fluctuations and is considered to be less risky than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICSHDFENDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.13%

27.31%

-27.18%

Volatility (6M)

Calculated over the trailing 6-month period

0.29%

55.81%

-55.52%

Volatility (1Y)

Calculated over the trailing 1-year period

0.39%

65.81%

-65.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.48%

60.74%

-60.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.06%

71.66%

-70.60%

ICSH vs. DFEN - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

ICSH vs. DFEN - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, less than DFEN's 7.89% yield.

PositionTTM20252024202320222021202020192018201720162015
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		7.89%8.89%14.12%1.13%0.46%1.89%0.48%0.50%1.07%1.50%0.00%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 DFEN have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DFEN has higher volatility (27.31%) compared to ICSH (0.13%). In terms of maximum drawdown, ICSH dropped -3.94% vs DFEN's -91.36%.

On 5-year performance, DFEN leads with 29.22% vs 3.69% 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 5-year period, DFEN has performed better with a 29.22% return vs 3.69%. 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 0.99% for DFEN.

DFEN has the higher dividend yield at 7.89%, compared with 4.34% for ICSH.

ICSH is categorized as Ultrashort Bond, while DFEN is Leveraged Equities. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.08% for ICSH and 0.99% for DFEN.

ICSH currently has the higher Sharpe Ratio (10.98 vs 1.18), 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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