ICSH vs. GSY

Last updated Jun 9, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 10 years, ICSH returned 2.77%/yr vs 2.86%/yr for GSY. At a 0.25 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.22%/yr for GSY.

Performance

ICSH vs. GSY - Performance Comparison

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

Returns By Period

In the year-to-date period, ICSH achieves a 1.43% return, which is significantly lower than GSY's 1.61% return. Both investments have delivered pretty close results over the past 10 years, with ICSH having a 2.77% annualized return and GSY not far ahead at 2.86%.

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%

GSY

• 1D: 0.04%
• 1M: 0.28%
• YTD: 1.61%
• 6M: 1.94%
• 1Y: 4.52%
• 3Y*: 5.44%
• 5Y*: 3.65%
• 10Y*: 2.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICSH vs. GSY - 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%
GSY Invesco Ultra Short Duration ETF	1.61%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between ICSH and GSY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013	0.25

The correlation between ICSH and GSY shifts across timeframes, from 0.25 (all time) to 0.55 (5 years), reflecting how their relationship changes across market environments.

ICSH vs. GSY - Sectors Allocation Comparison

Sectors	ICSH	GSY
Utilities	100.0%	1.8%
Basic Materials	-	1.5%
Communication Services	-	2.2%
Consumer Cyclical	-	4.2%
Consumer Defensive	-	2.5%
Energy	-	2.9%
Financial Services	-	28.5%
Healthcare	-	2.9%
Industrials	-	2.4%
Real Estate	-	4.3%
Technology	-	4.6%

Return for Risk

ICSH vs. GSY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICSH

ICSH Risk / Return Rank: 99
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 99
ICSH Calmar Ratio Rank: 99
ICSH Martin Ratio Rank: 99

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and Invesco Ultra Short Duration ETF (GSY). 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	GSY	Difference
Sharpe ratio: Return per unit of total volatility	11.01	11.26	-0.25
Sortino ratio: Return per unit of downside risk	27.36	27.35	+0.01
Omega ratio: Gain probability vs. loss probability	6.56	6.54	+0.03
Calmar ratio: Return relative to maximum drawdown	43.67	75.72	-32.05
Martin ratio: Return relative to average drawdown	288.81	373.96	-85.16
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. GSY - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 11.01, which is comparable to the GSY Sharpe Ratio of 11.26. The chart below compares the historical Sharpe Ratios of ICSH and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICSH	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.01	11.26	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.62	6.28	+1.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.63	2.35	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	0.46	+1.47

Drawdowns

ICSH vs. GSY - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for ICSH and GSY.

Drawdown Indicators

	ICSH	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-12.14%	+8.20%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.06%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	-0.18%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-0.73%	-1.48%	+0.75%
Max Drawdown (10Y) Largest decline over 10 years	-3.94%	-5.25%	+1.31%
Current Drawdown Current decline from peak	-0.02%	-0.02%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-2.38%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.01%	0.00%

Volatility

ICSH vs. GSY - Volatility Comparison

iShares Ultra Short Duration Bond Active ETF (ICSH) and Invesco Ultra Short Duration ETF (GSY) have volatilities of 0.15% and 0.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICSH	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.15%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	0.30%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.39%	0.40%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.48%	0.58%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	1.22%	-0.16%

ICSH vs. GSY - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than GSY's 0.22% 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. GSY - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, which matches GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
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

Can I hold both ICSH and GSY in my portfolio?

ICSH and GSY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICSH or GSY?

GSY has higher volatility (0.15%) compared to ICSH (0.15%). In terms of maximum drawdown, ICSH dropped -3.94% vs GSY's -12.14%.

Which ETF is better, ICSH or GSY?

On 10-year performance, GSY leads with 2.86% vs 2.77% 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.

Which ETF has performed better, ICSH or GSY?

Over the 10-year period, GSY has performed better with a 2.86% return vs 2.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICSH or GSY?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.22% for GSY.

Which ETF pays a higher dividend yield, ICSH or GSY?

ICSH and GSY have nearly identical dividend yields, around 4.34%.

What is the main difference between ICSH and GSY?

They also come from different issuers: iShares and Invesco. Their fees differ too: 0.08% for ICSH and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.26 vs 11.01), 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.