IEF vs. ICSH
IEF (iShares 7-10 Year Treasury Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. IEF is passively managed, while ICSH is actively managed. Over the past 10 years, IEF returned 0.59%/yr vs 2.78%/yr for ICSH. At a 0.21 correlation, their price movements are largely independent. IEF charges 0.15%/yr vs 0.08%/yr for ICSH.
Performance
IEF vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -0.47% return, which is significantly lower than ICSH's 1.53% return. Over the past 10 years, IEF has underperformed ICSH with an annualized return of 0.59%, while ICSH has yielded a comparatively higher 2.78% annualized return.
IEF
- 1D
- -0.17%
- 1M
- 0.19%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.39%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
ICSH
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 1.53%
- 6M
- 1.81%
- 1Y
- 4.32%
- 3Y*
- 5.16%
- 5Y*
- 3.69%
- 10Y*
- 2.78%
IEF vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.53% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between IEF and ICSH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.21 |
Over the past year, IEF and ICSH have become more correlated (0.45) than their long-term average of 0.21, meaning their price movements have been converging.
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Return for Risk
IEF vs. ICSH — Risk / Return Rank
IEF
ICSH
IEF vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) and iShares Ultra Short Duration Bond Active ETF (ICSH). 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.
| IEF | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.26 | ||
| Sortino ratioReturn per unit of downside risk | -26.39 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 6.59 | -5.46 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 43.88 | -43.04 |
| Martin ratioReturn relative to average drawdown | 2.35 | 290.20 | -287.86 |
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Drawdowns
IEF vs. ICSH - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for IEF and ICSH.
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Drawdown Indicators
| IEF | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -3.94% | -19.99% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -0.10% | -3.97% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | -0.10% | -7.64% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -0.73% | -20.67% |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | -3.94% | -19.99% |
Current DrawdownCurrent decline from peak | -11.18% | 0.00% | -11.18% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -0.08% | -5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.01% | +1.44% |
Volatility
IEF vs. ICSH - Volatility Comparison
iShares 7-10 Year Treasury Bond ETF (IEF) has a higher volatility of 1.62% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that IEF's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEF | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 0.13% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 0.29% | +3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 0.39% | +4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 0.48% | +7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.63% | 1.06% | +5.57% |
IEF vs. ICSH - Expense Ratio Comparison
IEF has a 0.15% expense ratio, which is higher than ICSH's 0.08% 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
IEF vs. ICSH - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.89%, less than ICSH's 4.34% 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% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
IEF and ICSH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.62%) compared to ICSH (0.13%). In terms of maximum drawdown, IEF dropped -23.93% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.78% vs 0.59% for IEF. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.13%. 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 2.78% return vs 0.59%. 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 IEF.
ICSH has the higher dividend yield at 4.34%, compared with 3.89% for IEF.
IEF is categorized as Government Bonds, while ICSH is Ultrashort Bond. Their fees differ too: 0.15% for IEF and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (10.98 vs 0.72), 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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