ICSH vs. FLRN
ICSH (iShares Ultra Short Duration Bond Active ETF) and FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) are both exchange-traded funds - ICSH is a Ultrashort Bond fund actively managed by iShares, while FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y). ICSH is actively managed, while FLRN is passively managed. Over the past 10 years, ICSH returned 2.78%/yr vs 3.03%/yr for FLRN. At a 0.07 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.15%/yr for FLRN.
Performance
ICSH vs. FLRN - Performance Comparison
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Returns By Period
In the year-to-date period, ICSH achieves a 1.53% return, which is significantly lower than FLRN's 1.93% return. Over the past 10 years, ICSH has underperformed FLRN with an annualized return of 2.78%, while FLRN has yielded a comparatively higher 3.03% annualized 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%
FLRN
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.93%
- 6M
- 2.15%
- 1Y
- 4.81%
- 3Y*
- 5.60%
- 5Y*
- 4.20%
- 10Y*
- 3.03%
ICSH vs. FLRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 1.63% |
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 1.93% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
Correlation
The correlation between ICSH and FLRN is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.07 |
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Return for Risk
ICSH vs. FLRN — Risk / Return Rank
ICSH
FLRN
ICSH vs. FLRN - 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 Barclays Investment Grade Floating Rate ETF (FLRN). 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 | FLRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.95 | ||
| Sortino ratioReturn per unit of downside risk | +14.69 | ||
| Omega ratioGain probability vs. loss probability | 6.59 | 3.33 | +3.26 |
| Calmar ratioReturn relative to maximum drawdown | 43.88 | 21.24 | +22.64 |
| Martin ratioReturn relative to average drawdown | 290.20 | 127.12 | +163.08 |
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Drawdowns
ICSH vs. FLRN - Drawdown Comparison
The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum FLRN drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for ICSH and FLRN.
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Drawdown Indicators
| ICSH | FLRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -14.64% | +10.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.23% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -1.43% | +1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -0.73% | -2.16% | +1.43% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -14.64% | +10.70% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -1.82% | +1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.04% | -0.03% |
Volatility
ICSH vs. FLRN - Volatility Comparison
The current volatility for iShares Ultra Short Duration Bond Active ETF (ICSH) is 0.13%, while SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) has a volatility of 0.16%. This indicates that ICSH experiences smaller price fluctuations and is considered to be less risky than FLRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICSH | FLRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.16% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.29% | 0.53% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.39% | 0.69% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.48% | 1.69% | -1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.06% | 4.20% | -3.14% |
ICSH vs. FLRN - Expense Ratio Comparison
ICSH has a 0.08% expense ratio, which is lower than FLRN's 0.15% 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. FLRN - Dividend Comparison
ICSH's dividend yield for the trailing twelve months is around 4.34%, less than FLRN's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 4.50% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
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 FLRN have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRN has higher volatility (0.16%) compared to ICSH (0.13%). In terms of maximum drawdown, ICSH dropped -3.94% vs FLRN's -14.64%.
On 10-year performance, FLRN leads with 3.03% vs 2.78% for ICSH. 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, FLRN has performed better with a 3.03% return vs 2.78%. 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 0.15% for FLRN.
FLRN has the higher dividend yield at 4.50%, compared with 4.34% for ICSH.
ICSH is categorized as Ultrashort Bond, while FLRN is Corporate Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for ICSH and 0.15% for FLRN.
ICSH currently has the higher Sharpe Ratio (10.98 vs 7.03), 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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