MFDX vs. ICSH

Last updated Jun 9, 2026

MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. MFDX is passively managed, while ICSH is actively managed. Over the past 5 years, MFDX returned 9.63%/yr vs 3.67%/yr for ICSH. At a 0.12 correlation, their price movements are largely independent. MFDX charges 0.39%/yr vs 0.08%/yr for ICSH.

Performance

MFDX vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) 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, MFDX achieves a 8.03% return, which is significantly higher than ICSH's 1.43% return.

MFDX

• 1D: 0.29%
• 1M: -2.47%
• YTD: 8.03%
• 6M: 10.99%
• 1Y: 20.50%
• 3Y*: 17.76%
• 5Y*: 9.63%
• 10Y*: —

ICSH

• 1D: 0.02%
• 1M: 0.18%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 4.30%
• 3Y*: 5.15%
• 5Y*: 3.67%
• 10Y*: 2.77%

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

MFDX vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	8.03%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%
ICSH iShares Ultra Short Duration Bond Active ETF	1.43%	4.96%	5.52%	5.58%	0.97%	0.16%	1.61%	3.17%	2.25%	0.49%

Correlation

The correlation between MFDX and ICSH is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.12

The correlation between MFDX and ICSH shifts across timeframes, from 0.12 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

MFDX vs. ICSH - Sectors Allocation Comparison

Sectors	MFDX	ICSH
Industrials	19.9%	-
Financial Services	16.4%	-
Basic Materials	10.8%	-
Consumer Cyclical	8.6%	-
Consumer Defensive	8.0%	-
Technology	7.1%	-
Communication Services	7.0%	-
Energy	6.8%	-
Utilities	6.4%	100.0%
Healthcare	6.0%	-
Real Estate	3.0%	-

Return for Risk

MFDX vs. ICSH — Risk / Return Rank

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

MFDX

MFDX Risk / Return Rank: 47
MFDX Sharpe Ratio Rank: 47
MFDX Sortino Ratio Rank: 46
MFDX Omega Ratio Rank: 47
MFDX Calmar Ratio Rank: 43
MFDX Martin Ratio Rank: 49

ICSH

ICSH Risk / Return Rank: 99
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 99
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.

MFDX vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) 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.

	MFDX	ICSH	Difference
Sharpe ratio: Return per unit of total volatility	1.48	11.01	-9.53
Sortino ratio: Return per unit of downside risk	2.08	27.36	-25.29
Omega ratio: Gain probability vs. loss probability	1.27	6.56	-5.29
Calmar ratio: Return relative to maximum drawdown	1.93	43.67	-41.74
Martin ratio: Return relative to average drawdown	7.62	288.81	-281.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFDX vs. ICSH - Sharpe Ratio Comparison

The current MFDX Sharpe Ratio is 1.48, which is lower than the ICSH Sharpe Ratio of 11.01. The chart below compares the historical Sharpe Ratios of MFDX 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

	MFDX	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	11.01	-9.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	7.62	-6.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.93	-1.40

Drawdowns

MFDX vs. ICSH - Drawdown Comparison

The maximum MFDX drawdown since its inception was -36.05%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for MFDX and ICSH.

Drawdown Indicators

	MFDX	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-3.94%	-32.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-0.10%	-10.56%
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	-0.10%	-11.52%
Max Drawdown (5Y) Largest decline over 5 years	-25.58%	-0.73%	-24.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-3.94%	—
Current Drawdown Current decline from peak	-3.36%	-0.02%	-3.34%
Average Drawdown Average peak-to-trough decline	-6.49%	-0.08%	-6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	0.01%	+2.69%

Volatility

MFDX vs. ICSH - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a higher volatility of 4.25% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that MFDX'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

	MFDX	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	0.15%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	0.30%	+11.32%
Volatility (1Y) Calculated over the trailing 1-year period	13.94%	0.39%	+13.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	0.48%	+14.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.42%	1.06%	+15.36%

MFDX vs. ICSH - Expense Ratio Comparison

MFDX has a 0.39% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

MFDX vs. ICSH - Dividend Comparison

MFDX's dividend yield for the trailing twelve months is around 2.84%, 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%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.84%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MFDX and ICSH in my portfolio?

MFDX and ICSH have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFDX or ICSH?

MFDX has higher volatility (4.25%) compared to ICSH (0.15%). In terms of maximum drawdown, MFDX dropped -36.05% vs ICSH's -3.94%.

Which ETF is better, MFDX or ICSH?

On 5-year performance, MFDX leads with 9.63% vs 3.67% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFDX or ICSH?

Over the 5-year period, MFDX has performed better with a 9.63% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFDX or ICSH?

ICSH is cheaper with a 0.08% expense ratio, compared with 0.39% for MFDX.

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

ICSH has the higher dividend yield at 4.34%, compared with 2.84% for MFDX.

What is the main difference between MFDX and ICSH?

MFDX is categorized as Foreign Large Cap Equities, while ICSH is Ultrashort Bond. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for MFDX and 0.08% for ICSH.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.01 vs 1.48), 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.