PSDYX vs. ICSH

Last updated Jun 3, 2026

PSDYX (Putnam Ultra Short Duration Income Fund) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds. Over the past 10 years, PSDYX returned 2.53%/yr vs 2.76%/yr for ICSH. At a 0.10 correlation, their price movements are largely independent. PSDYX charges 0.30%/yr vs 0.08%/yr for ICSH.

Performance

PSDYX vs. ICSH - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PSDYX having a 1.43% return and ICSH slightly higher at 1.45%. Over the past 10 years, PSDYX has underperformed ICSH with an annualized return of 2.53%, while ICSH has yielded a comparatively higher 2.76% annualized return.

PSDYX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.43%
• 6M: 1.82%
• 1Y: 4.39%
• 3Y*: 4.87%
• 5Y*: 3.37%
• 10Y*: 2.53%

ICSH

• 1D: 0.03%
• 1M: 0.30%
• YTD: 1.45%
• 6M: 1.83%
• 1Y: 4.38%
• 3Y*: 5.20%
• 5Y*: 3.67%
• 10Y*: 2.76%

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

PSDYX vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSDYX Putnam Ultra Short Duration Income Fund	1.43%	4.99%	5.25%	4.78%	0.61%	0.07%	1.50%	2.86%	1.95%	1.40%
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 PSDYX and ICSH is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013	0.10

The correlation between PSDYX and ICSH shifts across timeframes, from 0.10 (all time) to 0.22 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PSDYX vs. ICSH — Risk / Return Rank

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

PSDYX

PSDYX Risk / Return Rank: 98
PSDYX Sharpe Ratio Rank: 94
PSDYX Sortino Ratio Rank: 99
PSDYX Omega Ratio Rank: 99
PSDYX Calmar Ratio Rank: 98
PSDYX Martin Ratio Rank: 99

ICSH

ICSH Risk / Return Rank: 100
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.

PSDYX vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Ultra Short Duration Income Fund (PSDYX) 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.

	PSDYX	ICSH	Difference
Sharpe ratio Return per unit of total volatility	3.18	11.29	-8.11
Sortino ratio Return per unit of downside risk	10.05	28.60	-18.54
Omega ratio Gain probability vs. loss probability	3.30	6.82	-3.52
Calmar ratio Return relative to maximum drawdown	9.81	44.50	-34.69
Martin ratio Return relative to average drawdown	48.48	299.13	-250.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSDYX vs. ICSH - Sharpe Ratio Comparison

The current PSDYX Sharpe Ratio is 3.18, which is lower than the ICSH Sharpe Ratio of 11.29. The chart below compares the historical Sharpe Ratios of PSDYX 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

	PSDYX	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	11.29	-8.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.61	7.63	-5.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.41	2.62	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	2.19	1.94	+0.25

Drawdowns

PSDYX vs. ICSH - Drawdown Comparison

The maximum PSDYX drawdown since its inception was -2.58%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for PSDYX and ICSH.

Drawdown Indicators

	PSDYX	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-2.58%	-3.94%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.49%	-0.10%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-0.10%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-0.80%	-0.73%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-2.58%	-3.94%	+1.36%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.08%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.01%	+0.09%

Volatility

PSDYX vs. ICSH - Volatility Comparison

Putnam Ultra Short Duration Income Fund (PSDYX) has a higher volatility of 0.38% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.16%. This indicates that PSDYX'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

	PSDYX	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.16%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	0.98%	0.30%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	0.39%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.30%	0.48%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	1.06%	0.00%

PSDYX vs. ICSH - Expense Ratio Comparison

PSDYX has a 0.30% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

PSDYX vs. ICSH - Dividend Comparison

PSDYX's dividend yield for the trailing twelve months is around 4.40%, 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%
PSDYX Putnam Ultra Short Duration Income Fund	4.40%	4.65%	4.81%	3.65%	1.30%	0.37%	1.09%	2.51%	2.23%	1.29%	0.88%	0.57%

Frequently Asked Questions

Can I hold both PSDYX and ICSH in my portfolio?

PSDYX and ICSH have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSDYX or ICSH?

PSDYX has higher volatility (0.38%) compared to ICSH (0.16%). In terms of maximum drawdown, PSDYX dropped -2.58% vs ICSH's -3.94%.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.29 vs 3.18), 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.