PTY vs. ICSH

Last updated Jun 9, 2026

PTY (PIMCO Corporate & Income Opportunity Fund) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both funds - PTY is a Corporate Bonds fund managed by FPA, while ICSH is a Ultrashort Bond fund actively managed by iShares. Over the past 10 years, PTY returned 8.37%/yr vs 2.77%/yr for ICSH. At a 0.09 correlation, their price movements are largely independent. PTY charges 1.19%/yr vs 0.08%/yr for ICSH.

Performance

PTY vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Corporate & Income Opportunity Fund (PTY) 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, PTY achieves a -3.69% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, PTY has outperformed ICSH with an annualized return of 8.37%, while ICSH has yielded a comparatively lower 2.77% annualized return.

PTY

• 1D: 0.00%
• 1M: -2.72%
• YTD: -3.69%
• 6M: -4.44%
• 1Y: -4.39%
• 3Y*: 6.93%
• 5Y*: -0.64%
• 10Y*: 8.37%

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)

PTY vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTY PIMCO Corporate & Income Opportunity Fund	-3.69%	-0.51%	19.87%	22.56%	-18.71%	0.40%	3.24%	35.36%	2.49%	26.63%
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%	1.63%

Correlation

The correlation between PTY and ICSH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013	0.09

The correlation between PTY and ICSH shifts across timeframes, from 0.09 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PTY vs. ICSH — Risk / Return Rank

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

PTY

PTY Risk / Return Rank: 2
PTY Sharpe Ratio Rank: 1
PTY Sortino Ratio Rank: 1
PTY Omega Ratio Rank: 1
PTY Calmar Ratio Rank: 2
PTY Martin Ratio Rank: 2

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.

PTY vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Corporate & Income Opportunity Fund (PTY) 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.

	PTY	ICSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	11.01	-11.41
Sortino ratio: Return per unit of downside risk	-0.48	27.36	-27.84
Omega ratio: Gain probability vs. loss probability	0.93	6.56	-5.64
Calmar ratio: Return relative to maximum drawdown	-0.29	43.67	-43.95
Martin ratio: Return relative to average drawdown	-0.57	288.81	-289.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTY vs. ICSH - Sharpe Ratio Comparison

The current PTY Sharpe Ratio is -0.41, which is lower than the ICSH Sharpe Ratio of 11.01. The chart below compares the historical Sharpe Ratios of PTY 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

	PTY	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	11.01	-11.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	7.62	-7.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	2.63	-2.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.93	-1.47

Drawdowns

PTY vs. ICSH - Drawdown Comparison

The maximum PTY drawdown since its inception was -60.86%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for PTY and ICSH.

Drawdown Indicators

	PTY	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-60.86%	-3.94%	-56.92%
Max Drawdown (1Y) Largest decline over 1 year	-15.44%	-0.10%	-15.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-0.10%	-15.94%
Max Drawdown (5Y) Largest decline over 5 years	-41.38%	-0.73%	-40.65%
Max Drawdown (10Y) Largest decline over 10 years	-46.55%	-3.94%	-42.61%
Current Drawdown Current decline from peak	-12.59%	-0.02%	-12.57%
Average Drawdown Average peak-to-trough decline	-8.61%	-0.08%	-8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.72%	0.01%	+7.71%

Volatility

PTY vs. ICSH - Volatility Comparison

PIMCO Corporate & Income Opportunity Fund (PTY) has a higher volatility of 2.70% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that PTY'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

	PTY	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	0.15%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	0.30%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	0.39%	+10.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	0.48%	+16.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	1.06%	+20.14%

PTY vs. ICSH - Expense Ratio Comparison

PTY has a 1.19% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

PTY vs. ICSH - Dividend Comparison

PTY's dividend yield for the trailing twelve months is around 12.03%, 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%
PTY PIMCO Corporate & Income Opportunity Fund	12.03%	11.05%	9.92%	10.77%	13.12%	9.16%	8.74%	8.37%	10.63%	9.48%	12.09%	11.92%

Frequently Asked Questions

Can I hold both PTY and ICSH in my portfolio?

PTY and ICSH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTY or ICSH?

PTY has higher volatility (2.70%) compared to ICSH (0.15%). In terms of maximum drawdown, PTY dropped -60.86% vs ICSH's -3.94%.

Which has better risk-adjusted returns?

ICSH currently has the higher Sharpe Ratio (11.01 vs -0.41), 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.