SPTU vs. ICSH

Last updated Apr 12, 2026

SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds — SPTU tracks the ICE BofA US Treasury Bill Index while ICSH tracks the ICE BofA US 6-Month Treasury Bill Index (USD). Both are passively managed. At 0.22, their price movements are largely independent. SPTU charges 0.05%/yr vs 0.08%/yr for ICSH.

Performance

SPTU vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) 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, SPTU achieves a 0.97% return, which is significantly higher than ICSH's 0.91% return.

SPTU

• 1D: 0.02%
• 1M: 0.31%
• YTD: 0.97%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICSH

• 1D: 0.02%
• 1M: 0.32%
• YTD: 0.91%
• 6M: 1.89%
• 1Y: 4.53%
• 3Y*: 5.20%
• 5Y*: 3.58%
• 10Y*: 2.74%

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

SPTU vs. ICSH - Yearly Performance Comparison

	2026 (YTD)	2025
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	0.97%	0.92%
ICSH iShares Ultra Short Duration Bond Active ETF	0.91%	1.01%

Correlation

The correlation between SPTU and ICSH is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.22

Return for Risk

SPTU vs. ICSH — Risk / Return Rank

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

ICSH

ICSH Risk / Return Rank: 100
ICSH Sharpe Ratio Rank: 100
ICSH Sortino Ratio Rank: 100
ICSH Omega Ratio Rank: 100
ICSH Calmar Ratio Rank: 100
ICSH Martin Ratio Rank: 100

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.

SPTU vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPTU	ICSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	11.47	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	7.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.12	1.91	+10.21

Drawdowns

SPTU vs. ICSH - Drawdown Comparison

The maximum SPTU drawdown since its inception was -0.04%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for SPTU and ICSH.

Drawdown Indicators

	SPTU	ICSH	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-3.94%	+3.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-3.94%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.08%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	SPTU	ICSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.40%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.48%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	1.06%	-0.74%

SPTU vs. ICSH - Expense Ratio Comparison

SPTU has a 0.05% expense ratio, which is lower than ICSH's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPTU vs. ICSH - Dividend Comparison

SPTU's dividend yield for the trailing twelve months is around 1.76%, less than ICSH's 4.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.76%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICSH iShares Ultra Short Duration Bond Active ETF	4.42%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%