NGVC vs. ICSH

Last updated Jun 4, 2026

NGVC (Natural Grocers by Vitamin Cottage, Inc.) is a stock, while ICSH (iShares Ultra Short Duration Bond Active ETF) is Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD). Over the past 10 years, NGVC returned 11.73%/yr vs 2.76%/yr for ICSH. At a 0.02 correlation, their price movements are largely independent.

Performance

NGVC vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Natural Grocers by Vitamin Cottage, Inc. (NGVC) 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, NGVC achieves a 15.46% return, which is significantly higher than ICSH's 1.45% return. Over the past 10 years, NGVC has outperformed ICSH with an annualized return of 11.73%, while ICSH has yielded a comparatively lower 2.76% annualized return.

NGVC

• 1D: -1.68%
• 1M: -0.10%
• YTD: 15.46%
• 6M: 6.41%
• 1Y: -36.97%
• 3Y*: 44.78%
• 5Y*: 24.76%
• 10Y*: 11.73%

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)

NGVC vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGVC Natural Grocers by Vitamin Cottage, Inc.	15.46%	-36.07%	152.51%	91.83%	-34.02%	6.24%	62.34%	-35.12%	71.67%	-24.89%
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 NGVC and ICSH is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013	0.02

Return for Risk

NGVC vs. ICSH — Risk / Return Rank

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

NGVC

NGVC Risk / Return Rank: 10
NGVC Sharpe Ratio Rank: 6
NGVC Sortino Ratio Rank: 8
NGVC Omega Ratio Rank: 10
NGVC Calmar Ratio Rank: 11
NGVC Martin Ratio Rank: 15

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.

NGVC vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Natural Grocers by Vitamin Cottage, Inc. (NGVC) 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.

	NGVC	ICSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	11.22	-12.12
Sortino ratio: Return per unit of downside risk	-1.20	28.46	-29.67
Omega ratio: Gain probability vs. loss probability	0.86	6.79	-5.94
Calmar ratio: Return relative to maximum drawdown	-0.78	44.30	-45.08
Martin ratio: Return relative to average drawdown	-1.16	297.17	-298.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NGVC vs. ICSH - Sharpe Ratio Comparison

The current NGVC Sharpe Ratio is -0.90, which is lower than the ICSH Sharpe Ratio of 11.22. The chart below compares the historical Sharpe Ratios of NGVC 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

	NGVC	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	11.22	-12.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	7.64	-7.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	2.62	-2.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	1.93	-1.82

Drawdowns

NGVC vs. ICSH - Drawdown Comparison

The maximum NGVC drawdown since its inception was -89.04%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for NGVC and ICSH.

Drawdown Indicators

	NGVC	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-89.04%	-3.94%	-85.10%
Max Drawdown (1Y) Largest decline over 1 year	-47.36%	-0.10%	-47.26%
Max Drawdown (3Y) Largest decline over 3 years	-59.87%	-0.10%	-59.77%
Max Drawdown (5Y) Largest decline over 5 years	-63.34%	-0.73%	-62.61%
Max Drawdown (10Y) Largest decline over 10 years	-73.77%	-3.94%	-69.83%
Current Drawdown Current decline from peak	-51.05%	0.00%	-51.05%
Average Drawdown Average peak-to-trough decline	-52.58%	-0.08%	-52.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.91%	0.01%	+32.90%

Volatility

NGVC vs. ICSH - Volatility Comparison

Natural Grocers by Vitamin Cottage, Inc. (NGVC) has a higher volatility of 12.78% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that NGVC'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

	NGVC	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.78%	0.15%	+12.63%
Volatility (6M) Calculated over the trailing 6-month period	25.24%	0.30%	+24.94%
Volatility (1Y) Calculated over the trailing 1-year period	41.36%	0.39%	+40.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.16%	0.48%	+47.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.56%	1.06%	+54.50%

Dividends

NGVC vs. ICSH - Dividend Comparison

NGVC's dividend yield for the trailing twelve months is around 1.99%, 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%
NGVC Natural Grocers by Vitamin Cottage, Inc.	1.99%	2.04%	1.06%	8.75%	4.38%	2.18%	16.59%	0.71%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NGVC and ICSH in my portfolio?

NGVC and ICSH have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NGVC or ICSH?

NGVC has higher volatility (12.78%) compared to ICSH (0.15%). In terms of maximum drawdown, NGVC dropped -89.04% vs ICSH's -3.94%.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.22 vs -0.90), 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.