ICSH vs. TFLO
ICSH (iShares Ultra Short Duration Bond Active ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both exchange-traded funds - ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD), while TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 10 years, ICSH returned 2.76%/yr vs 2.37%/yr for TFLO. At a 0.11 correlation, their price movements are largely independent. ICSH charges 0.08%/yr vs 0.15%/yr for TFLO.
Performance
ICSH vs. TFLO - Performance Comparison
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Returns By Period
In the year-to-date period, ICSH achieves a 1.45% return, which is significantly lower than TFLO's 1.59% return. Over the past 10 years, ICSH has outperformed TFLO with an annualized return of 2.76%, while TFLO has yielded a comparatively lower 2.37% annualized return.
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%
TFLO
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.59%
- 6M
- 1.92%
- 1Y
- 3.97%
- 3Y*
- 4.74%
- 5Y*
- 3.63%
- 10Y*
- 2.37%
ICSH vs. TFLO - 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% | 1.63% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.59% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
Correlation
The correlation between ICSH and TFLO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.11 |
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Return for Risk
ICSH vs. TFLO — Risk / Return Rank
ICSH
TFLO
ICSH vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ultra Short Duration Bond Active ETF (ICSH) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -22.40 | ||
| Omega ratioGain probability vs. loss probability | 6.79 | 13.94 | -7.15 |
| Calmar ratioReturn relative to maximum drawdown | 44.30 | 201.22 | -156.93 |
| Martin ratioReturn relative to average drawdown | 297.17 | 823.26 | -526.09 |
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 | TFLO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 11.22 | 14.09 | -2.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.64 | 10.30 | -2.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.62 | 5.21 | -2.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.93 | 0.99 | +0.95 |
Drawdowns
ICSH vs. TFLO - Drawdown Comparison
The maximum ICSH drawdown since its inception was -3.94%, smaller than the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for ICSH and TFLO.
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Drawdown Indicators
| ICSH | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -5.01% | +1.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.02% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -0.04% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -0.73% | -0.13% | -0.60% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -0.16% | -3.78% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.10% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.00% | +0.01% |
Volatility
ICSH vs. TFLO - Volatility Comparison
iShares Ultra Short Duration Bond Active ETF (ICSH) has a higher volatility of 0.15% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.07%. This indicates that ICSH's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICSH | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.07% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 0.30% | 0.20% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.39% | 0.28% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.48% | 0.35% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.06% | 0.46% | +0.60% |
ICSH vs. TFLO - Expense Ratio Comparison
ICSH has a 0.08% expense ratio, which is lower than TFLO'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%.
Dividends
ICSH vs. TFLO - Dividend Comparison
ICSH's dividend yield for the trailing twelve months is around 4.34%, more than TFLO's 3.90% 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% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.90% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
ICSH and TFLO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICSH has higher volatility (0.15%) compared to TFLO (0.07%). In terms of maximum drawdown, ICSH dropped -3.94% vs TFLO's -5.01%.
On 10-year performance, ICSH leads with 2.76% vs 2.37% for TFLO. On fees, ICSH is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICSH has performed better with a 2.76% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.15% for TFLO.
ICSH has the higher dividend yield at 4.34%, compared with 3.90% for TFLO.
ICSH is categorized as Ultrashort Bond, while TFLO is Government Bonds. ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD), while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. Their fees differ too: 0.08% for ICSH and 0.15% for TFLO.
TFLO currently has the higher Sharpe Ratio (14.09 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.
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