ICSH vs. EMB
ICSH (iShares Ultra Short Duration Bond Active ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - ICSH is a Ultrashort Bond fund actively managed by iShares, while EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. ICSH is actively managed, while EMB is passively managed. Over the past 10 years, ICSH returned 2.77%/yr vs 3.19%/yr for EMB. At a 0.20 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.39%/yr for EMB.
Performance
ICSH vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, ICSH achieves a 1.43% return, which is significantly higher than EMB's 1.14% return. Over the past 10 years, ICSH has underperformed EMB with an annualized return of 2.77%, while EMB has yielded a comparatively higher 3.19% 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%
EMB
- 1D
- -0.13%
- 1M
- -0.48%
- YTD
- 1.14%
- 6M
- 1.92%
- 1Y
- 10.87%
- 3Y*
- 9.37%
- 5Y*
- 1.62%
- 10Y*
- 3.19%
ICSH vs. EMB - 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% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.14% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between ICSH and EMB 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 | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.20 |
The correlation between ICSH and EMB shifts across timeframes, from 0.20 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICSH vs. EMB — Risk / Return Rank
ICSH
EMB
ICSH vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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 | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.05 | ||
| Sortino ratioReturn per unit of downside risk | +24.53 | ||
| Omega ratioGain probability vs. loss probability | 6.56 | 1.38 | +5.18 |
| Calmar ratioReturn relative to maximum drawdown | 43.67 | 2.42 | +41.24 |
| Martin ratioReturn relative to average drawdown | 288.81 | 10.32 | +278.49 |
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 | EMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 11.01 | 1.95 | +9.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.62 | 0.17 | +7.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.63 | 0.32 | +2.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.93 | 0.43 | +1.50 |
Drawdowns
ICSH vs. EMB - Drawdown Comparison
The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for ICSH and EMB.
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Drawdown Indicators
| ICSH | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -34.70% | +30.76% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -4.51% | +4.41% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -7.95% | +7.85% |
Max Drawdown (5Y)Largest decline over 5 years | -0.73% | -28.74% | +28.01% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -28.74% | +24.80% |
Current DrawdownCurrent decline from peak | -0.02% | -1.02% | +1.00% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -5.06% | +4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.06% | -1.05% |
Volatility
ICSH vs. EMB - Volatility Comparison
The current volatility for iShares Ultra Short Duration Bond Active ETF (ICSH) is 0.15%, while iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a volatility of 1.76%. This indicates that ICSH experiences smaller price fluctuations and is considered to be less risky than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICSH | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 1.76% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.30% | 4.57% | -4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.39% | 5.60% | -5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.48% | 9.75% | -9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.06% | 9.96% | -8.90% |
ICSH vs. EMB - Expense Ratio Comparison
ICSH has a 0.08% expense ratio, which is lower than EMB's 0.39% expense ratio.
Dividends
ICSH vs. EMB - Dividend Comparison
ICSH's dividend yield for the trailing twelve months is around 4.34%, less than EMB's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.09% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
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 EMB 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.
EMB has higher volatility (1.76%) compared to ICSH (0.15%). In terms of maximum drawdown, ICSH dropped -3.94% vs EMB's -34.70%.
On 10-year performance, EMB leads with 3.19% 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.
Over the 10-year period, EMB has performed better with a 3.19% return vs 2.77%. 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 0.39% for EMB.
EMB has the higher dividend yield at 5.09%, compared with 4.34% for ICSH.
ICSH is categorized as Ultrashort Bond, while EMB is Emerging Markets Bonds. Their fees differ too: 0.08% for ICSH and 0.39% for EMB.
ICSH currently has the higher Sharpe Ratio (11.01 vs 1.95), 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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