OOSP vs. ICSH
OOSP (Obra Opportunistic Structured Products ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - OOSP is a Multisector Bonds fund actively managed by Obra, while ICSH is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, OOSP returned 6.13% vs 4.32% for ICSH. At a 0.10 correlation, their price movements are largely independent. OOSP charges 0.90%/yr vs 0.08%/yr for ICSH.
Performance
OOSP vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, OOSP achieves a 2.31% return, which is significantly higher than ICSH's 1.53% return.
OOSP
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 2.31%
- 6M
- 2.41%
- 1Y
- 6.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICSH
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.53%
- 6M
- 1.81%
- 1Y
- 4.32%
- 3Y*
- 5.16%
- 5Y*
- 3.69%
- 10Y*
- 2.78%
OOSP vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
OOSP Obra Opportunistic Structured Products ETF | 2.31% | 7.41% | 6.27% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.53% | 4.96% | 4.04% |
Correlation
The correlation between OOSP 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 (All Time) Calculated using the full available price history since Apr 10, 2024 | 0.10 |
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Return for Risk
OOSP vs. ICSH — Risk / Return Rank
OOSP
ICSH
OOSP vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Obra Opportunistic Structured Products ETF (OOSP) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| OOSP | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.23 | ||
| Sortino ratioReturn per unit of downside risk | -24.95 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 6.59 | -5.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.89 | 43.88 | -38.98 |
| Martin ratioReturn relative to average drawdown | 18.06 | 290.20 | -272.15 |
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Drawdowns
OOSP vs. ICSH - Drawdown Comparison
The maximum OOSP drawdown since its inception was -1.31%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for OOSP and ICSH.
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Drawdown Indicators
| OOSP | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.31% | -3.94% | +2.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -0.10% | -1.21% |
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 | -0.28% | 0.00% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -0.20% | -0.08% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.01% | +0.34% |
Volatility
OOSP vs. ICSH - Volatility Comparison
Obra Opportunistic Structured Products ETF (OOSP) has a higher volatility of 0.82% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that OOSP'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
| OOSP | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.13% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 0.29% | +1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 0.39% | +3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.33% | 0.48% | +2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.33% | 1.06% | +2.27% |
OOSP vs. ICSH - Expense Ratio Comparison
OOSP has a 0.90% expense ratio, which is higher than ICSH's 0.08% expense ratio.
Dividends
OOSP vs. ICSH - Dividend Comparison
OOSP's dividend yield for the trailing twelve months is around 6.48%, 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% |
OOSP Obra Opportunistic Structured Products ETF | 6.48% | 6.71% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OOSP 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.
OOSP has higher volatility (0.82%) compared to ICSH (0.13%). In terms of maximum drawdown, OOSP dropped -1.31% vs ICSH's -3.94%.
On 1-year performance, OOSP leads with 6.13% vs 4.32% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OOSP has performed better with a 6.13% return vs 4.32%. 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 OOSP.
OOSP has the higher dividend yield at 6.48%, compared with 4.34% for ICSH.
OOSP 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 OOSP and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (10.98 vs 1.75), 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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