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ICSH vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICSH vs. SPAXX

Last updated Jun 24, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - ICSH is a Ultrashort Bond fund actively managed by iShares, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, ICSH returned 3.69%/yr vs 1.45%/yr for SPAXX. At a 0.03 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.42%/yr for SPAXX.

Performance

ICSH vs. SPAXX - Performance Comparison

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

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Returns By Period

In the year-to-date period, ICSH achieves a 1.55% return, which is significantly higher than SPAXX's 1.37% return.

ICSH

1D
0.04%
1M
0.24%
YTD
1.55%
6M
1.72%
1Y
4.15%
3Y*
5.11%
5Y*
3.69%
10Y*
2.77%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICSH vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
ICSH
iShares Ultra Short Duration Bond Active ETF		1.55%4.96%5.52%5.58%0.97%0.02%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between ICSH and SPAXX is -0.03, 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

-0.03

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

0.00

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

0.03

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.03

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

Fidelity Government Money Market Fund

Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. BILICSH vs. FLDRICSH vs. SHVICSH vs. IUSB
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

ICSH vs. SPAXX — 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: 9999
Sortino Ratio Rank
ICSH Omega Ratio Rank: 9999
Omega Ratio Rank
ICSH Calmar Ratio Rank: 9999
Calmar Ratio Rank
ICSH Martin Ratio Rank: 9999
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and Fidelity Government Money Market Fund (SPAXX). 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.

ICSHSPAXXDifference
Sharpe ratioReturn per unit of total volatility
10.20
3.65

+6.55

Sortino ratioReturn per unit of downside risk
22.37

—

—

Omega ratioGain probability vs. loss probability

5.60

—

—

Calmar ratioReturn relative to maximum drawdown

42.20

—

—

Martin ratioReturn relative to average drawdown

238.45

—

—

ICSH vs. SPAXX - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 10.20, which is higher than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of ICSH and SPAXX, 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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Drawdowns

ICSH vs. SPAXX - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ICSH and SPAXX.

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Drawdown Indicators

ICSHSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-3.94%

0.00%

-3.94%

Max Drawdown (1Y)

Largest decline over 1 year

-0.10%

0.00%

-0.10%

Max Drawdown (3Y)

Largest decline over 3 years

-0.10%

0.00%

-0.10%

Max Drawdown (5Y)

Largest decline over 5 years

-0.73%

0.00%

-0.73%

Max Drawdown (10Y)

Largest decline over 10 years

-3.94%

—

—

Current Drawdown

Current decline from peak

-0.05%

0.00%

-0.05%

Average Drawdown

Average peak-to-trough decline

-0.08%

0.00%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.02%

0.00%

+0.02%

Volatility

ICSH vs. SPAXX - Volatility Comparison

The current volatility for iShares Ultra Short Duration Bond Active ETF (ICSH) is 0.16%, while Fidelity Government Money Market Fund (SPAXX) has a volatility of 0.28%. This indicates that ICSH experiences smaller price fluctuations and is considered to be less risky than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICSHSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.16%

0.28%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

0.32%

0.66%

-0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

0.41%

1.03%

-0.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.49%

0.69%

-0.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.06%

0.69%

+0.37%

ICSH vs. SPAXX - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

ICSH vs. SPAXX - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ICSH and SPAXX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPAXX has higher volatility (0.28%) compared to ICSH (0.16%). In terms of maximum drawdown, ICSH dropped -3.94% vs SPAXX's 0.00%.

ICSH currently has the higher Sharpe Ratio (10.20 vs 3.65), 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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