ICSH vs. SPTU

Last updated Jun 4, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds - ICSH tracks the ICE BofA US 6-Month Treasury Bill Index (USD) while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.05%/yr for SPTU.

Performance

ICSH vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ultra Short Duration Bond Active ETF (ICSH) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ICSH having a 1.45% return and SPTU slightly higher at 1.48%.

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%

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICSH vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
ICSH iShares Ultra Short Duration Bond Active ETF	1.45%	1.01%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between ICSH and SPTU is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.18

Return for Risk

ICSH vs. SPTU — 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: 99
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 100
ICSH Calmar Ratio Rank: 99
ICSH Martin Ratio Rank: 99

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. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	11.22	—	—
Sortino ratio: Return per unit of downside risk	28.46	—	—
Omega ratio: Gain probability vs. loss probability	6.79	—	—
Calmar ratio: Return relative to maximum drawdown	44.30	—	—
Martin ratio: Return relative to average drawdown	297.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ICSH	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.22	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.64	—	—
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	11.82	-9.89

Drawdowns

ICSH vs. SPTU - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for ICSH and SPTU.

Drawdown Indicators

	ICSH	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-0.04%	-3.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.73%	—	—
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%	-0.00%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	—	—

Volatility

Volatility by Period

	ICSH	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.39%	0.32%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.48%	0.32%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	0.32%	+0.74%

ICSH vs. SPTU - Expense Ratio Comparison

ICSH has a 0.08% expense ratio, which is higher than SPTU's 0.05% expense ratio. However, 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. SPTU - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, more than SPTU's 2.36% 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%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICSH and SPTU in my portfolio?

ICSH and SPTU have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICSH or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICSH or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.08% for ICSH.

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

ICSH has the higher dividend yield at 4.34%, compared with 2.36% for SPTU.

What is the main difference between ICSH and SPTU?

ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD), while SPTU tracks ICE BofA US Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for ICSH and 0.05% for SPTU.