IUSB vs. ICSH

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Core Universal USD Bond ETF (IUSB) and iShares Ultra Short Duration Bond Active ETF (ICSH).

IUSB and ICSH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IUSB is a passively managed fund by iShares that tracks the performance of the Bloomberg U.S. Universal Index. It was launched on Jun 10, 2014. ICSH is a passively managed fund by iShares that tracks the performance of the ICE BofA US 6-Month Treasury Bill Index (USD). It was launched on Dec 11, 2013. Both IUSB and ICSH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IUSB vs. ICSH - Performance Comparison

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

IUSB vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUSB iShares Core Universal USD Bond ETF	-0.07%	7.38%	2.11%	6.23%	-13.04%	-1.33%	7.62%	9.13%	-0.27%	3.82%
ICSH iShares Ultra Short Duration Bond Active ETF	0.74%	4.96%	5.52%	5.58%	0.97%	0.16%	1.61%	3.17%	2.25%	1.63%

Returns By Period

In the year-to-date period, IUSB achieves a -0.07% return, which is significantly lower than ICSH's 0.74% return. Over the past 10 years, IUSB has underperformed ICSH with an annualized return of 2.06%, while ICSH has yielded a comparatively higher 2.71% annualized return.

IUSB

• 1D: 0.20%
• 1M: -1.81%
• YTD: -0.07%
• 6M: 0.97%
• 1Y: 4.55%
• 3Y*: 4.07%
• 5Y*: 0.53%
• 10Y*: 2.06%

ICSH

• 1D: 0.02%
• 1M: 0.12%
• YTD: 0.74%
• 6M: 1.89%
• 1Y: 4.40%
• 3Y*: 5.21%
• 5Y*: 3.55%
• 10Y*: 2.71%

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

IUSB vs. ICSH - Expense Ratio Comparison

IUSB has a 0.06% expense ratio, which is lower than ICSH's 0.08% 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%.

ICSH

iShares Ultra Short Duration Bond Active ETF

IUSB

iShares Core Universal USD Bond ETF

Return for Risk

IUSB vs. ICSH — Risk / Return Rank

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

IUSB

IUSB Risk / Return Rank: 66
IUSB Sharpe Ratio Rank: 66
IUSB Sortino Ratio Rank: 64
IUSB Omega Ratio Rank: 57
IUSB Calmar Ratio Rank: 77
IUSB Martin Ratio Rank: 64

ICSH

ICSH Risk / Return Rank: 100
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 100
ICSH Calmar Ratio Rank: 100
ICSH 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.

IUSB vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Universal USD Bond ETF (IUSB) 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.

	IUSB	ICSH	Difference
Sharpe ratio Return per unit of total volatility	1.11	10.86	-9.75
Sortino ratio Return per unit of downside risk	1.56	25.58	-24.01
Omega ratio Gain probability vs. loss probability	1.20	6.41	-5.21
Calmar ratio Return relative to maximum drawdown	1.92	45.33	-43.41
Martin ratio Return relative to average drawdown	5.96	283.87	-277.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUSB vs. ICSH - Sharpe Ratio Comparison

The current IUSB Sharpe Ratio is 1.11, which is lower than the ICSH Sharpe Ratio of 10.86. The chart below compares the historical Sharpe Ratios of IUSB and ICSH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IUSB	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	10.86	-9.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	7.40	-7.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	2.55	-2.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.90	-1.45

Correlation

The correlation between IUSB and ICSH is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IUSB vs. ICSH - Dividend Comparison

IUSB's dividend yield for the trailing twelve months is around 4.23%, less than ICSH's 4.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IUSB iShares Core Universal USD Bond ETF	4.23%	4.17%	4.04%	3.46%	2.53%	1.74%	2.68%	3.04%	2.98%	2.56%	2.60%	1.95%
ICSH iShares Ultra Short Duration Bond Active ETF	4.46%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%

Drawdowns

IUSB vs. ICSH - Drawdown Comparison

The maximum IUSB drawdown since its inception was -17.90%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for IUSB and ICSH.

Drawdown Indicators

	IUSB	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-3.94%	-13.96%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-0.10%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-0.73%	-17.14%
Max Drawdown (10Y) Largest decline over 10 years	-17.90%	-3.94%	-13.96%
Current Drawdown Current decline from peak	-1.81%	0.00%	-1.81%
Average Drawdown Average peak-to-trough decline	-3.62%	-0.08%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.02%	+0.78%

Volatility

IUSB vs. ICSH - Volatility Comparison

iShares Core Universal USD Bond ETF (IUSB) has a higher volatility of 1.62% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.16%. This indicates that IUSB'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

	IUSB	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	0.16%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	0.26%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	0.41%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.77%	0.48%	+5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.03%	1.06%	+3.97%