IQMM vs. ICSH

Last updated Jun 3, 2026

IQMM (ProShares GENIUS Money Market ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - IQMM is a Money Market fund actively managed by ProShares, while ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD). IQMM is actively managed, while ICSH is passively managed. At a 0.25 correlation, their price movements are largely independent. IQMM charges 0.15%/yr vs 0.08%/yr for ICSH.

Performance

IQMM vs. ICSH - Performance Comparison

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

Returns By Period

IQMM

• 1D: -0.01%
• 1M: 0.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICSH

• 1D: 0.03%
• 1M: 0.30%
• YTD: 1.45%
• 6M: 1.83%
• 1Y: 4.38%
• 3Y*: 5.20%
• 5Y*: 3.67%
• 10Y*: 2.76%

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

IQMM vs. ICSH - Yearly Performance Comparison

	2026 (YTD)
IQMM ProShares GENIUS Money Market ETF	0.97%
ICSH iShares Ultra Short Duration Bond Active ETF	0.91%

Correlation

The correlation between IQMM and ICSH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 20, 2026	0.25

Return for Risk

IQMM vs. ICSH — Risk / Return Rank

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

ICSH

ICSH Risk / Return Rank: 100
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.

IQMM vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares GENIUS Money Market ETF (IQMM) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IQMM	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	11.29	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	7.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	16.14	1.94	+14.20

Drawdowns

IQMM vs. ICSH - Drawdown Comparison

The maximum IQMM drawdown since its inception was -0.02%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for IQMM and ICSH.

Drawdown Indicators

	IQMM	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-0.02%	-3.94%	+3.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-3.94%	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.08%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	IQMM	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	0.39%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.22%	0.48%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.22%	1.06%	-0.84%

IQMM vs. ICSH - Expense Ratio Comparison

IQMM 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

IQMM vs. ICSH - Dividend Comparison

IQMM's dividend yield for the trailing twelve months is around 0.94%, 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%
IQMM ProShares GENIUS Money Market ETF	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IQMM and ICSH in my portfolio?

IQMM and ICSH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IQMM or ICSH?

On fees, ICSH is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IQMM or ICSH?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.15% for IQMM.

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

ICSH has the higher dividend yield at 4.34%, compared with 0.94% for IQMM.

What is the main difference between IQMM and ICSH?

IQMM is categorized as Money Market, while ICSH is Ultrashort Bond. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.15% for IQMM and 0.08% for ICSH.