ICSH vs. FTSM
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 2.80%/yr vs 2.58%/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
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Returns By Period
The year-to-date returns for both stocks are quite close, with ICSH having a 1.91% return and FTSM slightly lower at 1.90%. Over the past 10 years, ICSH has outperformed FTSM with an annualized return of 2.80%, while FTSM has yielded a comparatively lower 2.58% annualized return.
ICSH
- 1D
- -0.01%
- 1M
- 0.35%
- 6M
- 1.75%
- YTD
- 1.91%
- 1Y
- 4.11%
- 3Y*
- 5.08%
- 5Y*
- 3.76%
- 10Y*
- 2.80%
- ALL TIME*
- 2.32%
FTSM
- 1D
- -0.02%
- 1M
- 0.30%
- 6M
- 1.74%
- YTD
- 1.90%
- 1Y
- 3.96%
- 3Y*
- 4.80%
- 5Y*
- 3.55%
- 10Y*
- 2.58%
- ALL TIME*
- 2.23%
ICSH vs. FTSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 1.91% | 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 | 1.90% | 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 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2014 | 0.27 |
Over the past year, ICSH and FTSM have become more correlated (0.51) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
ICSH vs. FTSM — Risk / Return Rank
ICSH
FTSM
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.
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 | FTSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +4.04 | ||
| Omega ratioGain probability vs. loss probability | 5.46 | 3.91 | +1.54 |
| Calmar ratioReturn relative to maximum drawdown | 41.80 | 34.06 | +7.74 |
| Martin ratioReturn relative to average drawdown | 235.74 | 164.46 | +71.27 |
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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
| ICSH | FTSM | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.01% | -0.02% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.21% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.02% | 0.00% |
Volatility
ICSH vs. FTSM - Volatility Comparison
The current volatility for iShares Ultra Short Duration Bond Active ETF (ICSH) is 0.12%, while First Trust Enhanced Short Maturity ETF (FTSM) has a volatility of 0.14%. This indicates that ICSH experiences smaller price fluctuations and is considered to be less risky 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
| ICSH | FTSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 0.14% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 0.38% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.42% | 0.49% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.49% | 0.50% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.05% | 0.88% | +0.17% |
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 4.28%, more than FTSM's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 4.13% | 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 | 4.28% | 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 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTSM has higher volatility (0.14%) compared to ICSH (0.12%). In terms of maximum drawdown, ICSH dropped -3.94% vs FTSM's -4.12%.
On 10-year performance, ICSH leads with 2.80% vs 2.58% 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 2.80% return vs 2.58%. 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 4.28%, compared with 4.13% 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 (9.93 vs 8.12), 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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