ICSH vs. MFDX

Last updated Jun 9, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) are both exchange-traded funds - ICSH is a Ultrashort Bond fund actively managed by iShares, while MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. ICSH is actively managed, while MFDX is passively managed. Over the past 5 years, ICSH returned 3.67%/yr vs 9.63%/yr for MFDX. At a 0.12 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.39%/yr for MFDX.

Performance

ICSH vs. MFDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ultra Short Duration Bond Active ETF (ICSH) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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 MFDX's 8.03% 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%

MFDX

• 1D: 0.29%
• 1M: -2.47%
• YTD: 8.03%
• 6M: 10.99%
• 1Y: 20.50%
• 3Y*: 17.76%
• 5Y*: 9.63%
• 10Y*: —

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

ICSH vs. MFDX - 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%	0.49%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	8.03%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%

Correlation

The correlation between ICSH and MFDX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.12

The correlation between ICSH and MFDX shifts across timeframes, from 0.12 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

ICSH vs. MFDX - Sectors Allocation Comparison

Sectors	ICSH	MFDX
Utilities	100.0%	6.4%
Basic Materials	-	10.8%
Communication Services	-	7.0%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	8.0%
Energy	-	6.8%
Financial Services	-	16.4%
Healthcare	-	6.0%
Industrials	-	19.9%
Real Estate	-	3.0%
Technology	-	7.1%

Return for Risk

ICSH vs. MFDX — 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

MFDX

MFDX Risk / Return Rank: 47
MFDX Sharpe Ratio Rank: 47
MFDX Sortino Ratio Rank: 46
MFDX Omega Ratio Rank: 47
MFDX Calmar Ratio Rank: 43
MFDX Martin Ratio Rank: 49

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. MFDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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	MFDX	Difference
Sharpe ratio: Return per unit of total volatility	11.01	1.48	+9.53
Sortino ratio: Return per unit of downside risk	27.36	2.08	+25.29
Omega ratio: Gain probability vs. loss probability	6.56	1.27	+5.29
Calmar ratio: Return relative to maximum drawdown	43.67	1.93	+41.74
Martin ratio: Return relative to average drawdown	288.81	7.62	+281.19
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. MFDX - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 11.01, which is higher than the MFDX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of ICSH and MFDX, 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	MFDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.01	1.48	+9.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.62	0.64	+6.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	0.53	+1.40

Drawdowns

ICSH vs. MFDX - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum MFDX drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for ICSH and MFDX.

Drawdown Indicators

	ICSH	MFDX	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-36.05%	+32.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-10.66%	+10.56%
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	-11.62%	+11.52%
Max Drawdown (5Y) Largest decline over 5 years	-0.73%	-25.58%	+24.85%
Max Drawdown (10Y) Largest decline over 10 years	-3.94%	—	—
Current Drawdown Current decline from peak	-0.02%	-3.36%	+3.34%
Average Drawdown Average peak-to-trough decline	-0.08%	-6.49%	+6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	2.70%	-2.69%

Volatility

ICSH vs. MFDX - Volatility Comparison

The current volatility for iShares Ultra Short Duration Bond Active ETF (ICSH) is 0.15%, while PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a volatility of 4.25%. This indicates that ICSH experiences smaller price fluctuations and is considered to be less risky than MFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICSH	MFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	4.25%	-4.10%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	11.62%	-11.32%
Volatility (1Y) Calculated over the trailing 1-year period	0.39%	13.94%	-13.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.48%	15.07%	-14.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	16.42%	-15.36%

ICSH vs. MFDX - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than MFDX's 0.39% expense ratio.

Dividends

ICSH vs. MFDX - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, more than MFDX's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.84%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICSH and MFDX in my portfolio?

ICSH and MFDX have a correlation of 0.30, 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 MFDX?

MFDX has higher volatility (4.25%) compared to ICSH (0.15%). In terms of maximum drawdown, ICSH dropped -3.94% vs MFDX's -36.05%.

Which ETF is better, ICSH or MFDX?

On 5-year performance, MFDX leads with 9.63% vs 3.67% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICSH or MFDX?

Over the 5-year period, MFDX has performed better with a 9.63% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICSH or MFDX?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.39% for MFDX.

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

ICSH has the higher dividend yield at 4.34%, compared with 2.84% for MFDX.

What is the main difference between ICSH and MFDX?

ICSH is categorized as Ultrashort Bond, while MFDX is Foreign Large Cap Equities. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.08% for ICSH and 0.39% for MFDX.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.01 vs 1.48), 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.