RAVI vs. ICSH
RAVI (FlexShares Ultra-Short Income ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 10 years, RAVI returned 2.67%/yr vs 2.77%/yr for ICSH. At a 0.28 correlation, their price movements are largely independent. RAVI charges 0.25%/yr vs 0.08%/yr for ICSH.
Performance
RAVI vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, RAVI achieves a 1.64% return, which is significantly higher than ICSH's 1.51% return. Both investments have delivered pretty close results over the past 10 years, with RAVI having a 2.67% annualized return and ICSH not far ahead at 2.77%.
RAVI
- 1D
- -0.01%
- 1M
- 0.25%
- YTD
- 1.64%
- 6M
- 1.77%
- 1Y
- 4.35%
- 3Y*
- 5.16%
- 5Y*
- 3.53%
- 10Y*
- 2.67%
ICSH
- 1D
- -0.04%
- 1M
- 0.20%
- YTD
- 1.51%
- 6M
- 1.67%
- 1Y
- 4.20%
- 3Y*
- 5.09%
- 5Y*
- 3.69%
- 10Y*
- 2.77%
RAVI vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RAVI FlexShares Ultra-Short Income ETF | 1.64% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 2.06% | 3.49% | 1.65% | 1.22% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.51% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between RAVI and ICSH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.28 |
The correlation between RAVI and ICSH shifts across timeframes, from 0.28 (all time) to 0.43 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
RAVI vs. ICSH — Risk / Return Rank
RAVI
ICSH
RAVI vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Ultra-Short Income ETF (RAVI) 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.
| RAVI | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 5.22 | 5.64 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 37.38 | 42.62 | -5.24 |
| Martin ratioReturn relative to average drawdown | 214.13 | 244.74 | -30.61 |
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Drawdowns
RAVI vs. ICSH - Drawdown Comparison
The maximum RAVI drawdown since its inception was -3.72%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for RAVI and ICSH.
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Drawdown Indicators
| RAVI | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.72% | -3.94% | +0.22% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -0.10% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -0.10% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -3.28% | -0.73% | -2.55% |
Max Drawdown (10Y)Largest decline over 10 years | -3.72% | -3.94% | +0.22% |
Current DrawdownCurrent decline from peak | -0.03% | -0.09% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -0.08% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.02% | 0.00% |
Volatility
RAVI vs. ICSH - Volatility Comparison
The current volatility for FlexShares Ultra-Short Income ETF (RAVI) is 0.13%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.15%. This indicates that RAVI experiences smaller price fluctuations and is considered to be less risky 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
| RAVI | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.15% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.31% | 0.32% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 0.41% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.41% | 0.49% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 1.06% | +0.22% |
RAVI vs. ICSH - Expense Ratio Comparison
RAVI has a 0.25% expense ratio, which is higher than ICSH's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
RAVI vs. ICSH - Dividend Comparison
RAVI's dividend yield for the trailing twelve months is around 4.38%, which matches 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% |
RAVI FlexShares Ultra-Short Income ETF | 4.38% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% | 0.00% |
Frequently Asked Questions
RAVI and ICSH have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICSH has higher volatility (0.15%) compared to RAVI (0.13%). In terms of maximum drawdown, RAVI dropped -3.72% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.77% vs 2.67% for RAVI. 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 10-year period, ICSH has performed better with a 2.77% return vs 2.67%. 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 0.25% for RAVI.
RAVI has the higher dividend yield at 4.38%, compared with 4.34% for ICSH.
They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.25% for RAVI and 0.08% for ICSH.
RAVI currently has the higher Sharpe Ratio (10.72 vs 10.20), 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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