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ICSH vs. IBHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICSH vs. IBHE

Last updated Jun 4, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both exchange-traded funds - ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD), while IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index. Both are passively managed. Over the past 5 years, ICSH returned 3.67%/yr vs 3.89%/yr for IBHE. At a 0.16 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.35%/yr for IBHE.

Performance

ICSH vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ultra Short Duration Bond Active ETF (ICSH) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

ICSH

1D
0.00%
1M
0.34%
YTD
1.45%
6M
1.79%
1Y
4.36%
3Y*
5.20%
5Y*
3.67%
10Y*
2.76%

IBHE

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.09%
1Y
2.31%
3Y*
6.07%
5Y*
3.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICSH vs. IBHE - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ICSH
iShares Ultra Short Duration Bond Active ETF		1.45%4.96%5.52%5.58%0.97%0.16%1.61%1.86%
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		0.00%4.45%7.62%10.32%-4.08%4.40%4.16%5.91%

Correlation

The correlation between ICSH and IBHE is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.06

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

0.23

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

0.24

Correlation (All Time)
Calculated using the full available price history since May 10, 2019

0.16

The correlation between ICSH and IBHE shifts across timeframes, from 0.06 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.

ICSH vs. IBHE - Sectors Allocation Comparison

Sectors
ICSH
IBHE

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%
IBHE

-

Basic Materials

ICSH

-

IBHE

-

Communication Services

ICSH

-

IBHE

-

Consumer Cyclical

ICSH

-

IBHE

-

Consumer Defensive

ICSH

-

IBHE

-

Energy

ICSH

-

IBHE

-

Financial Services

ICSH

-

IBHE

-

Healthcare

ICSH

-

IBHE

-

Industrials

ICSH

-

IBHE

-

Real Estate

ICSH

-

IBHE
100.0%

Technology

ICSH

-

IBHE

-

Compare stocks, funds, or ETFs

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iShares Ultra Short Duration Bond Active ETF

iShares iBonds 2025 Term High Yield & Income ETF

Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV
Often compared with IBHE:
IBHE vs. IBTEIBHE vs. IBHDIBHE vs. CLOAIBHE vs. EIFAXIBHE vs. NUHYIBHE vs. DBSCXIBHE vs. FAGIX

Return for Risk

ICSH vs. IBHE — 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: 9999
Sharpe Ratio Rank
ICSH Sortino Ratio Rank: 100100
Sortino Ratio Rank
ICSH Omega Ratio Rank: 100100
Omega Ratio Rank
ICSH Calmar Ratio Rank: 9999
Calmar Ratio Rank
ICSH Martin Ratio Rank: 9999
Martin Ratio Rank
IBHE
IBHE Risk / Return Rank: 9797
Overall Rank
IBHE Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
IBHE Sortino Ratio Rank: 9797
Sortino Ratio Rank
IBHE Omega Ratio Rank: 9898
Omega Ratio Rank
IBHE Calmar Ratio Rank: 9898
Calmar Ratio Rank
IBHE Martin Ratio Rank: 9898
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. IBHE - 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 iBonds 2025 Term High Yield & Income ETF (IBHE). 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.

ICSHIBHEDifference
Sharpe ratioReturn per unit of total volatility
11.22
3.51

+7.71

Sortino ratioReturn per unit of downside risk
28.46
6.33

+22.13

Omega ratioGain probability vs. loss probability

6.79

2.19

+4.60

Calmar ratioReturn relative to maximum drawdown

44.30

12.78

+31.51

Martin ratioReturn relative to average drawdown

297.17

63.40

+233.77

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. IBHE - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 11.22, which is higher than the IBHE Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of ICSH and IBHE, 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

ICSHIBHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

11.22

3.51

+7.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

7.64

0.83

+6.81

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

2.62

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.93

0.41

+1.53

Drawdowns

ICSH vs. IBHE - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for ICSH and IBHE.

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Drawdown Indicators

ICSHIBHEDifference

Max Drawdown

Largest peak-to-trough decline

-3.94%

-26.91%

+22.97%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

-0.22%

+0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-0.10%

-0.94%

+0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-0.73%

-8.51%

+7.78%

Max Drawdown (10Y)

Largest decline over 10 years

-3.94%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.08%

-1.42%

+1.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.01%

0.05%

-0.04%

Volatility

ICSH vs. IBHE - Volatility Comparison

iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.15% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that ICSH's price experiences larger fluctuations and is considered to be riskier than IBHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICSHIBHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.15%

0.00%

+0.15%

Volatility (6M)

Calculated over the trailing 6-month period

0.30%

0.39%

-0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

0.39%

0.78%

-0.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.48%

4.87%

-4.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.06%

11.53%

-10.47%

ICSH vs. IBHE - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than IBHE's 0.35% expense ratio.

Dividends

ICSH vs. IBHE - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, more than IBHE's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		2.29%4.53%6.92%7.17%5.77%4.84%5.74%3.73%0.00%0.00%0.00%0.00%
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 IBHE have a correlation of 0.06, 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 IBHE (0.00%). In terms of maximum drawdown, ICSH dropped -3.94% vs IBHE's -26.91%.

On 5-year performance, IBHE leads with 3.89% vs 3.67% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, IBHE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IBHE has performed better with a 3.89% return vs 3.67%. 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 0.35% for IBHE.

ICSH has the higher dividend yield at 4.34%, compared with 2.29% for IBHE.

ICSH is categorized as Ultrashort Bond, while IBHE is High Yield Bonds. ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD), while IBHE tracks Bloomberg 2025 Term High Yield and Income Index. Their fees differ too: 0.08% for ICSH and 0.35% for IBHE.

ICSH currently has the higher Sharpe Ratio (11.22 vs 3.51), 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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