TBIL vs. ICSH
TBIL (US Treasury 3 Month Bill ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds - TBIL tracks the ICE BofA US Treasury Bill 3 Month Index while ICSH tracks the ICE BofA US 6-Month Treasury Bill Index (USD). Both are passively managed. Over the past 3 years, TBIL returned 4.64%/yr vs 5.20%/yr for ICSH. At a 0.19 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.08%/yr for ICSH.
Performance
TBIL vs. ICSH - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TBIL having a 1.49% return and ICSH slightly lower at 1.45%.
TBIL
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 1.49%
- 6M
- 1.78%
- 1Y
- 3.93%
- 3Y*
- 4.64%
- 5Y*
- —
- 10Y*
- —
ICSH
- 1D
- 0.00%
- 1M
- 0.34%
- YTD
- 1.45%
- 6M
- 1.79%
- 1Y
- 4.36%
- 3Y*
- 5.20%
- 5Y*
- 3.67%
- 10Y*
- 2.76%
TBIL vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 1.49% | 4.19% | 5.15% | 5.12% | 1.30% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.45% | 4.96% | 5.52% | 5.58% | 1.21% |
Correlation
The correlation between TBIL and ICSH is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.19 |
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Return for Risk
TBIL vs. ICSH — Risk / Return Rank
TBIL
ICSH
TBIL vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) 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.
| TBIL | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +29.93 | ||
| Omega ratioGain probability vs. loss probability | 17.16 | 6.79 | +10.37 |
| Calmar ratioReturn relative to maximum drawdown | 196.84 | 44.30 | +152.54 |
| Martin ratioReturn relative to average drawdown | 934.41 | 297.17 | +637.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBIL | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 13.78 | 11.22 | +2.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 7.64 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 14.07 | 1.93 | +12.13 |
Drawdowns
TBIL vs. ICSH - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for TBIL and ICSH.
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Drawdown Indicators
| TBIL | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -3.94% | +3.84% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.10% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -0.10% | +0.08% |
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 | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.08% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
TBIL vs. ICSH - Volatility Comparison
The current volatility for US Treasury 3 Month Bill ETF (TBIL) is 0.08%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.15%. This indicates that TBIL 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
| TBIL | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.15% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.30% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 0.39% | -0.10% |
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% |
TBIL vs. ICSH - Expense Ratio Comparison
TBIL has a 0.15% 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
TBIL vs. ICSH - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 3.82%, less 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% |
TBIL US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBIL and ICSH have a correlation of 0.27, 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 TBIL (0.08%). In terms of maximum drawdown, TBIL dropped -0.10% vs ICSH's -3.94%.
On 3-year performance, ICSH leads with 5.20% vs 4.64% for TBIL. 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 3-year period, ICSH has performed better with a 5.20% return vs 4.64%. 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 0.15% for TBIL.
ICSH has the higher dividend yield at 4.34%, compared with 3.82% for TBIL.
TBIL tracks ICE BofA US Treasury Bill 3 Month Index, while ICSH tracks ICE BofA US 6-Month Treasury Bill Index (USD). They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for TBIL and 0.08% for ICSH.
TBIL currently has the higher Sharpe Ratio (13.78 vs 11.22), 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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