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ICSH vs. RAVI
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ICSH vs. RAVI

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Ultra Short Duration Bond Active ETF (ICSH) and FlexShares Ultra-Short Income ETF (RAVI).

ICSH and RAVI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ICSH is a passively managed fund by iShares that tracks the performance of the ICE BofA US 6-Month Treasury Bill Index (USD). It was launched on Dec 11, 2013. RAVI is an actively managed fund by FlexShares. It was launched on Oct 9, 2012.

Performance

ICSH vs. RAVI - Performance Comparison

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

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ICSH vs. RAVI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ICSH
iShares Ultra Short Duration Bond Active ETF		0.74%4.96%5.52%5.58%0.97%0.16%1.61%3.17%2.25%1.63%
RAVI
FlexShares Ultra-Short Income ETF		0.72%4.98%5.67%5.55%0.15%-0.04%2.06%3.49%1.65%1.22%

Returns By Period

The year-to-date returns for both stocks are quite close, with ICSH having a 0.74% return and RAVI slightly lower at 0.72%. Both investments have delivered pretty close results over the past 10 years, with ICSH having a 2.71% annualized return and RAVI not far behind at 2.61%.

ICSH

1D
0.02%
1M
0.12%
YTD
0.74%
6M
1.89%
1Y
4.40%
3Y*
5.21%
5Y*
3.55%
10Y*
2.71%

RAVI

1D
0.06%
1M
0.03%
YTD
0.72%
6M
1.90%
1Y
4.36%
3Y*
5.24%
5Y*
3.38%
10Y*
2.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Ultra Short Duration Bond Active ETF

FlexShares Ultra-Short Income ETF

Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV
Often compared with RAVI:
RAVI vs. SPYRAVI vs. SGOVRAVI vs. GSSTRAVI vs. USTBRAVI vs. MINTRAVI vs. TBUXRAVI vs. FIBR

ICSH vs. RAVI - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than RAVI's 0.25% 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%.

RAVI
FlexShares Ultra-Short Income ETF
ICSH
iShares Ultra Short Duration Bond Active ETF

Return for Risk

ICSH vs. RAVI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICSH
ICSH Risk / Return Rank: 100100
Overall Rank
ICSH Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
ICSH Sortino Ratio Rank: 100100
Sortino Ratio Rank
ICSH Omega Ratio Rank: 100100
Omega Ratio Rank
ICSH Calmar Ratio Rank: 100100
Calmar Ratio Rank
ICSH Martin Ratio Rank: 100100
Martin Ratio Rank
RAVI
RAVI Risk / Return Rank: 9999
Overall Rank
RAVI Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
RAVI Sortino Ratio Rank: 9999
Sortino Ratio Rank
RAVI Omega Ratio Rank: 9999
Omega Ratio Rank
RAVI Calmar Ratio Rank: 9999
Calmar Ratio Rank
RAVI 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. RAVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and FlexShares Ultra-Short Income ETF (RAVI). 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.

ICSHRAVIDifference

Sharpe ratio

Return per unit of total volatility

10.86

8.55

+2.31

Sortino ratio

Return per unit of downside risk

25.58

14.44

+11.13

Omega ratio

Gain probability vs. loss probability

6.41

3.86

+2.55

Calmar ratio

Return relative to maximum drawdown

45.33

12.19

+33.14

Martin ratio

Return relative to average drawdown

283.87

78.58

+205.29

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. RAVI - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 10.86, which is comparable to the RAVI Sharpe Ratio of 8.55. The chart below compares the historical Sharpe Ratios of ICSH and RAVI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ICSHRAVIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

10.86

8.55

+2.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

7.40

2.40

+5.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

2.55

2.04

+0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

1.90

1.99

-0.08

Correlation

The correlation between ICSH and RAVI is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ICSH vs. RAVI - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.46%, which matches RAVI's 4.50% yield.

TTM20252024202320222021202020192018201720162015
ICSH
iShares Ultra Short Duration Bond Active ETF		4.46%4.55%5.24%4.78%1.66%0.42%1.21%2.61%2.20%1.36%0.88%0.54%
RAVI
FlexShares Ultra-Short Income ETF		4.50%4.59%5.34%4.55%1.70%0.90%1.29%2.53%2.22%1.28%0.90%0.00%

Drawdowns

ICSH vs. RAVI - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for ICSH and RAVI.

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Drawdown Indicators

ICSHRAVIDifference

Max Drawdown

Largest peak-to-trough decline

-3.94%

-3.72%

-0.22%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

-0.36%

+0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-0.73%

-3.28%

+2.55%

Max Drawdown (10Y)

Largest decline over 10 years

-3.94%

-3.72%

-0.22%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.08%

-0.18%

+0.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.02%

0.06%

-0.04%

Volatility

ICSH vs. RAVI - Volatility Comparison

iShares Ultra Short Duration Bond Active ETF (ICSH) and FlexShares Ultra-Short Income ETF (RAVI) have volatilities of 0.16% and 0.16%, 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.

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Volatility by Period

ICSHRAVIDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.16%

0.16%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

0.26%

0.28%

-0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

0.41%

0.51%

-0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.48%

1.41%

-0.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.06%

1.29%

-0.23%