IOBZX vs. ICSH

Last updated Jun 3, 2026

IOBZX (ICON FlexibleBondFund) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both funds - IOBZX is a Multisector Bonds fund managed by ICON Funds, while ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD). Over the past 10 years, IOBZX returned 4.12%/yr vs 2.76%/yr for ICSH. At a 0.16 correlation, their price movements are largely independent. IOBZX charges 0.76%/yr vs 0.08%/yr for ICSH.

Performance

IOBZX vs. ICSH - Performance Comparison

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

Returns By Period

In the year-to-date period, IOBZX achieves a 1.24% return, which is significantly lower than ICSH's 1.45% return. Over the past 10 years, IOBZX has outperformed ICSH with an annualized return of 4.12%, while ICSH has yielded a comparatively lower 2.76% annualized return.

IOBZX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.24%
• 6M: 1.67%
• 1Y: 5.50%
• 3Y*: 6.50%
• 5Y*: 3.72%
• 10Y*: 4.12%

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%

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

IOBZX vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IOBZX ICON FlexibleBondFund	1.24%	5.67%	8.33%	8.28%	-5.63%	4.17%	4.61%	8.16%	0.87%	4.25%
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%

Correlation

The correlation between IOBZX and ICSH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013	0.16

Over the past year, IOBZX and ICSH have become more correlated (0.36) than their long-term average of 0.16, meaning their price movements have been converging.

Return for Risk

IOBZX vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IOBZX

IOBZX Risk / Return Rank: 74
IOBZX Sharpe Ratio Rank: 86
IOBZX Sortino Ratio Rank: 83
IOBZX Omega Ratio Rank: 92
IOBZX Calmar Ratio Rank: 49
IOBZX Martin Ratio Rank: 61

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.

IOBZX vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ICON FlexibleBondFund (IOBZX) 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.

	IOBZX	ICSH	Difference
Sharpe ratio Return per unit of total volatility	2.77	11.22	-8.45
Sortino ratio Return per unit of downside risk	3.93	28.46	-24.54
Omega ratio Gain probability vs. loss probability	1.69	6.79	-5.10
Calmar ratio Return relative to maximum drawdown	2.67	44.30	-41.63
Martin ratio Return relative to average drawdown	12.11	297.17	-285.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IOBZX vs. ICSH - Sharpe Ratio Comparison

The current IOBZX Sharpe Ratio is 2.77, which is lower than the ICSH Sharpe Ratio of 11.22. The chart below compares the historical Sharpe Ratios of IOBZX and ICSH, 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

	IOBZX	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	11.22	-8.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.33	7.64	-6.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.12	2.62	-1.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	1.93	-0.82

Drawdowns

IOBZX vs. ICSH - Drawdown Comparison

The maximum IOBZX drawdown since its inception was -15.53%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for IOBZX and ICSH.

Drawdown Indicators

	IOBZX	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-15.53%	-3.94%	-11.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-0.10%	-1.98%
Max Drawdown (3Y) Largest decline over 3 years	-2.97%	-0.10%	-2.87%
Max Drawdown (5Y) Largest decline over 5 years	-8.48%	-0.73%	-7.75%
Max Drawdown (10Y) Largest decline over 10 years	-15.53%	-3.94%	-11.59%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.28%	-0.08%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.01%	+0.45%

Volatility

IOBZX vs. ICSH - Volatility Comparison

ICON FlexibleBondFund (IOBZX) has a higher volatility of 0.65% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that IOBZX'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.

Volatility by Period

	IOBZX	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.15%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	0.30%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.00%	0.39%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.82%	0.48%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	1.06%	+2.64%

IOBZX vs. ICSH - Expense Ratio Comparison

IOBZX has a 0.76% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

IOBZX vs. ICSH - Dividend Comparison

IOBZX's dividend yield for the trailing twelve months is around 6.12%, more 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%
IOBZX ICON FlexibleBondFund	6.12%	6.74%	6.71%	5.65%	5.22%	4.90%	4.03%	4.67%	4.18%	4.07%	3.58%	4.00%

Frequently Asked Questions

Can I hold both IOBZX and ICSH in my portfolio?

IOBZX and ICSH have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IOBZX or ICSH?

IOBZX has higher volatility (0.65%) compared to ICSH (0.15%). In terms of maximum drawdown, IOBZX dropped -15.53% vs ICSH's -3.94%.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.22 vs 2.77), 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.