ICSH vs. TBLL

Last updated Jun 4, 2026

ICSH (iShares Ultra Short Duration Bond Active ETF) and TBLL (Invesco Short Term Treasury ETF) are both Ultrashort Bond funds - ICSH tracks the ICE BofA US 6-Month Treasury Bill Index (USD) while TBLL tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, ICSH returned 3.67%/yr vs 3.35%/yr for TBLL. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.08% expense ratio.

Performance

ICSH vs. TBLL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ICSH having a 1.45% return and TBLL slightly lower at 1.43%.

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%

TBLL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.74%
• 1Y: 3.93%
• 3Y*: 4.66%
• 5Y*: 3.35%
• 10Y*: —

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

ICSH vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICSH iShares Ultra Short Duration Bond Active ETF	1.45%	4.96%	5.52%	5.58%	0.97%	0.16%	1.61%	3.17%	2.25%	1.47%
TBLL Invesco Short Term Treasury ETF	1.43%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%

Correlation

The correlation between ICSH and TBLL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017	0.23

The correlation between ICSH and TBLL shifts across timeframes, from 0.23 (all time) to 0.36 (5 years), reflecting how their relationship changes across market environments.

ICSH vs. TBLL - Sectors Allocation Comparison

Sectors	ICSH	TBLL
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	64.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

ICSH vs. TBLL — 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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	11.22	20.94	-9.71
Sortino ratio: Return per unit of downside risk	28.46	218.31	-189.85
Omega ratio: Gain probability vs. loss probability	6.79	102.92	-96.13
Calmar ratio: Return relative to maximum drawdown	44.30	416.84	-372.54
Martin ratio: Return relative to average drawdown	297.17	3,533.11	-3,235.94
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. TBLL - Sharpe Ratio Comparison

The current ICSH Sharpe Ratio is 11.22, which is lower than the TBLL Sharpe Ratio of 20.94. The chart below compares the historical Sharpe Ratios of ICSH and TBLL, 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	TBLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.22	20.94	-9.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.64	7.53	+0.11
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	4.26	-2.32

Drawdowns

ICSH vs. TBLL - Drawdown Comparison

The maximum ICSH drawdown since its inception was -3.94%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for ICSH and TBLL.

Drawdown Indicators

	ICSH	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-0.63%	-3.31%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.01%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	-0.36%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	-0.73%	-0.36%	-0.37%
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%	-0.14%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

ICSH vs. TBLL - Volatility Comparison

iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.15% compared to Invesco Short Term Treasury ETF (TBLL) at 0.05%. This indicates that ICSH's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICSH	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.05%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	0.12%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	0.39%	0.19%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.48%	0.45%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	0.56%	+0.50%

ICSH vs. TBLL - Expense Ratio Comparison

Both ICSH and TBLL have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ICSH vs. TBLL - Dividend Comparison

ICSH's dividend yield for the trailing twelve months is around 4.34%, more than TBLL's 3.81% 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%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICSH and TBLL in my portfolio?

ICSH and TBLL have a correlation of 0.34, 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 TBLL?

ICSH has higher volatility (0.15%) compared to TBLL (0.05%). In terms of maximum drawdown, ICSH dropped -3.94% vs TBLL's -0.63%.

Which ETF is better, ICSH or TBLL?

On 5-year performance, ICSH leads with 3.67% vs 3.35% for TBLL. Both ETFs have the same 0.08% expense ratio. On volatility, TBLL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICSH or TBLL?

Over the 5-year period, ICSH has performed better with a 3.67% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICSH or TBLL?

ICSH and TBLL have the same expense ratio: 0.08% per year.

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

ICSH has the higher dividend yield at 4.34%, compared with 3.81% for TBLL.

What is the main difference between ICSH and TBLL?

ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD), while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: iShares and Invesco.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.94 vs 11.22), 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.