OGSP vs. ICSH
OGSP (Obra High Grade Structured Products ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - OGSP is a Multisector Bonds fund actively managed by Obra, while ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD). OGSP is actively managed, while ICSH is passively managed. Over the past year, OGSP returned 5.57% vs 4.36% for ICSH. At a 0.13 correlation, their price movements are largely independent. OGSP charges 0.90%/yr vs 0.08%/yr for ICSH.
Performance
OGSP vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, OGSP achieves a 1.64% return, which is significantly higher than ICSH's 1.45% return.
OGSP
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 1.64%
- 6M
- 2.23%
- 1Y
- 5.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
OGSP vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
OGSP Obra High Grade Structured Products ETF | 1.64% | 6.22% | 5.00% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.45% | 4.96% | 4.11% |
Correlation
The correlation between OGSP and ICSH is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024 | 0.13 |
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Return for Risk
OGSP vs. ICSH — Risk / Return Rank
OGSP
ICSH
OGSP vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Obra High Grade Structured Products ETF (OGSP) 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.
| OGSP | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.01 | ||
| Sortino ratioReturn per unit of downside risk | -23.41 | ||
| Omega ratioGain probability vs. loss probability | 2.09 | 6.79 | -4.70 |
| Calmar ratioReturn relative to maximum drawdown | 11.29 | 44.30 | -33.01 |
| Martin ratioReturn relative to average drawdown | 33.54 | 297.17 | -263.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OGSP | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.21 | 11.22 | -8.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 7.64 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.14 | 1.93 | +1.20 |
Drawdowns
OGSP vs. ICSH - Drawdown Comparison
The maximum OGSP drawdown since its inception was -0.82%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for OGSP and ICSH.
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Drawdown Indicators
| OGSP | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.82% | -3.94% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -0.50% | -0.10% | -0.40% |
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 DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.08% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 0.01% | +0.16% |
Volatility
OGSP vs. ICSH - Volatility Comparison
Obra High Grade Structured Products ETF (OGSP) has a higher volatility of 0.22% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that OGSP'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.
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Volatility by Period
| OGSP | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 0.15% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.72% | 0.30% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.74% | 0.39% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.93% | 0.48% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 1.06% | +0.87% |
OGSP vs. ICSH - Expense Ratio Comparison
OGSP has a 0.90% expense ratio, which is higher than ICSH's 0.08% expense ratio.
Dividends
OGSP vs. ICSH - Dividend Comparison
OGSP's dividend yield for the trailing twelve months is around 5.86%, 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% |
OGSP Obra High Grade Structured Products ETF | 5.86% | 5.88% | 4.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OGSP and ICSH have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OGSP has higher volatility (0.22%) compared to ICSH (0.15%). In terms of maximum drawdown, OGSP dropped -0.82% vs ICSH's -3.94%.
On 1-year performance, OGSP leads with 5.57% vs 4.36% for ICSH. On fees, ICSH is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OGSP has performed better with a 5.57% return vs 4.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.90% for OGSP.
OGSP has the higher dividend yield at 5.86%, compared with 4.34% for ICSH.
OGSP is categorized as Multisector Bonds, while ICSH is Ultrashort Bond. They also come from different issuers: Obra and iShares. Their fees differ too: 0.90% for OGSP and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (11.22 vs 3.21), 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.
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