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ICSH vs. FTSM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICSH vs. FTSM

Last updated Jun 9, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and FTSM (First Trust Enhanced Short Maturity ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 10 years, ICSH returned 2.77%/yr vs 2.54%/yr for FTSM. At a 0.27 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.44%/yr for FTSM.

Performance

ICSH vs. FTSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ultra Short Duration Bond Active ETF (ICSH) and First Trust Enhanced Short Maturity ETF (FTSM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with ICSH having a 1.43% return and FTSM slightly higher at 1.47%. Over the past 10 years, ICSH has outperformed FTSM with an annualized return of 2.77%, while FTSM has yielded a comparatively lower 2.54% 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%

FTSM

1D
0.01%
1M
0.25%
YTD
1.47%
6M
1.81%
1Y
4.17%
3Y*
4.84%
5Y*
3.46%
10Y*
2.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICSH vs. FTSM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FTSM
First Trust Enhanced Short Maturity ETF		1.47%4.66%5.22%5.12%1.02%-0.01%1.12%2.82%1.94%1.57%

Correlation

The correlation between ICSH and FTSM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.47

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

0.50

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

0.50

Correlation (10Y)
Calculated over the trailing 10-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Aug 7, 2014

0.27

Over the past year, ICSH and FTSM have become more correlated (0.47) than their long-term average of 0.27, meaning their price movements have been converging.

ICSH vs. FTSM - Sectors Allocation Comparison

Sectors
ICSH
FTSM

Utilities

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

100.0%

Technology

-

-

Utilities

ICSH
100.0%
FTSM

-

Basic Materials

ICSH

-

FTSM

-

Communication Services

ICSH

-

FTSM

-

Consumer Cyclical

ICSH

-

FTSM

-

Consumer Defensive

ICSH

-

FTSM

-

Energy

ICSH

-

FTSM

-

Financial Services

ICSH

-

FTSM

-

Healthcare

ICSH

-

FTSM

-

Industrials

ICSH

-

FTSM

-

Real Estate

ICSH

-

FTSM
100.0%

Technology

ICSH

-

FTSM

-

Compare stocks, funds, or ETFs

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iShares Ultra Short Duration Bond Active ETF

First Trust Enhanced Short Maturity ETF

Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV
Often compared with FTSM:
FTSM vs. PIMIXFTSM vs. JSOSXFTSM vs. UCONFTSM vs. PARYXFTSM vs. PSDYXFTSM vs. JPSTFTSM vs. PSDSX

Return for Risk

ICSH vs. FTSM — 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: 100100
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
FTSM
FTSM Risk / Return Rank: 9999
Overall Rank
FTSM Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
FTSM Sortino Ratio Rank: 9999
Sortino Ratio Rank
FTSM Omega Ratio Rank: 9999
Omega Ratio Rank
FTSM Calmar Ratio Rank: 9999
Calmar Ratio Rank
FTSM Martin Ratio Rank: 9999
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. FTSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and First Trust Enhanced Short Maturity ETF (FTSM). 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.

ICSHFTSMDifference
Sharpe ratioReturn per unit of total volatility
11.01
8.82

+2.18

Sortino ratioReturn per unit of downside risk
27.36
20.77

+6.60

Omega ratioGain probability vs. loss probability

6.56

4.42

+2.15

Calmar ratioReturn relative to maximum drawdown

43.67

35.88

+7.79

Martin ratioReturn relative to average drawdown

288.81

178.84

+109.97

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. FTSM - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 11.01, which is comparable to the FTSM Sharpe Ratio of 8.82. The chart below compares the historical Sharpe Ratios of ICSH and FTSM, 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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Sharpe Ratios by Period

ICSHFTSMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

11.01

8.82

+2.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

7.62

7.03

+0.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

2.63

2.90

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

1.93

1.96

-0.03

Drawdowns

ICSH vs. FTSM - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, roughly equal to the maximum FTSM drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for ICSH and FTSM.

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Drawdown Indicators

ICSHFTSMDifference

Max Drawdown

Largest peak-to-trough decline

-3.94%

-4.12%

+0.18%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

-0.12%

+0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-0.10%

-0.15%

+0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-0.73%

-0.65%

-0.08%

Max Drawdown (10Y)

Largest decline over 10 years

-3.94%

-4.12%

+0.18%

Current Drawdown

Current decline from peak

-0.02%

-0.02%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.08%

-0.22%

+0.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.01%

0.02%

-0.01%

Volatility

ICSH vs. FTSM - Volatility Comparison

iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.15% compared to First Trust Enhanced Short Maturity ETF (FTSM) at 0.14%. This indicates that ICSH's price experiences larger fluctuations and is considered to be riskier than FTSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICSHFTSMDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.15%

0.14%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

0.30%

0.35%

-0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

0.39%

0.48%

-0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.48%

0.49%

-0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.06%

0.88%

+0.18%

ICSH vs. FTSM - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than FTSM's 0.44% expense ratio.

Dividends

ICSH vs. FTSM - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, more than FTSM's 4.16% yield.

PositionTTM20252024202320222021202020192018201720162015
FTSM
First Trust Enhanced Short Maturity ETF		4.16%4.28%4.91%4.62%1.62%0.39%1.20%2.38%2.14%1.49%1.03%0.48%
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 FTSM have a correlation of 0.47, 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 FTSM (0.14%). In terms of maximum drawdown, ICSH dropped -3.94% vs FTSM's -4.12%.

On 10-year performance, ICSH leads with 2.77% vs 2.54% for FTSM. 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 2.54%. 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 0.44% for FTSM.

ICSH has the higher dividend yield at 4.34%, compared with 4.16% for FTSM.

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.08% for ICSH and 0.44% for FTSM.

ICSH currently has the higher Sharpe Ratio (11.01 vs 8.82), 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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