ICSH vs. TBIL
Compare and contrast key facts about iShares Ultra Short Duration Bond Active ETF (ICSH) and US Treasury 3 Month Bill ETF (TBIL).
ICSH and TBIL 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. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. Both ICSH and TBIL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ICSH vs. TBIL - Performance Comparison
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ICSH vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 0.74% | 4.96% | 5.52% | 5.58% | 1.21% |
TBIL US Treasury 3 Month Bill ETF | 0.87% | 4.19% | 5.15% | 5.12% | 1.30% |
Returns By Period
In the year-to-date period, ICSH achieves a 0.74% return, which is significantly lower than TBIL's 0.87% return.
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%
TBIL
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 0.87%
- 6M
- 1.89%
- 1Y
- 4.05%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
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ICSH vs. TBIL - Expense Ratio Comparison
ICSH has a 0.08% expense ratio, which is lower than TBIL's 0.15% 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%.
Return for Risk
ICSH vs. TBIL — Risk / Return Rank
ICSH
TBIL
ICSH vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and US Treasury 3 Month Bill ETF (TBIL). 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 | TBIL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 10.86 | 14.34 | -3.48 |
Sortino ratioReturn per unit of downside risk | 25.58 | 63.08 | -37.51 |
Omega ratioGain probability vs. loss probability | 6.41 | 19.16 | -12.75 |
Calmar ratioReturn relative to maximum drawdown | 45.33 | 204.06 | -158.73 |
Martin ratioReturn relative to average drawdown | 283.87 | 1,017.13 | -733.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICSH | TBIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.86 | 14.34 | -3.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.40 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.90 | 14.17 | -12.26 |
Correlation
The correlation between ICSH and TBIL is 0.18, 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. TBIL - Dividend Comparison
ICSH's dividend yield for the trailing twelve months is around 4.46%, more than TBIL's 4.28% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TBIL US Treasury 3 Month Bill ETF | 4.28% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
ICSH vs. TBIL - Drawdown Comparison
The maximum ICSH drawdown since its inception was -3.94%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for ICSH and TBIL.
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Drawdown Indicators
| ICSH | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -0.10% | -3.84% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.02% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -0.73% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.08% | 0.00% | -0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.00% | +0.02% |
Volatility
ICSH vs. TBIL - Volatility Comparison
iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.16% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.09%. This indicates that ICSH's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICSH | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 0.09% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.26% | 0.19% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 0.28% | +0.13% |
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% |