TIP vs. ICSH
TIP (iShares TIPS Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. TIP is passively managed, while ICSH is actively managed. Over the past 10 years, TIP returned 2.45%/yr vs 2.77%/yr for ICSH. At a 0.18 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.08%/yr for ICSH.
Performance
TIP vs. ICSH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TIP achieves a 0.95% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, TIP has underperformed ICSH with an annualized return of 2.45%, while ICSH has yielded a comparatively higher 2.77% annualized return.
TIP
- 1D
- -0.11%
- 1M
- -0.90%
- YTD
- 0.95%
- 6M
- 0.97%
- 1Y
- 4.81%
- 3Y*
- 3.70%
- 5Y*
- 0.88%
- 10Y*
- 2.45%
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%
TIP vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 0.95% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
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 TIP and ICSH is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.18 |
Over the past year, TIP and ICSH have become more correlated (0.43) than their long-term average of 0.18, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TIP vs. ICSH — Risk / Return Rank
TIP
ICSH
TIP vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.57 | ||
| Sortino ratioReturn per unit of downside risk | -25.16 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 6.56 | -5.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 43.67 | -41.22 |
| Martin ratioReturn relative to average drawdown | 7.37 | 288.81 | -281.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TIP | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.43 | 11.01 | -9.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 7.62 | -7.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 2.63 | -2.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 1.93 | -1.36 |
Drawdowns
TIP vs. ICSH - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for TIP and ICSH.
Loading charts...
Drawdown Indicators
| TIP | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -3.94% | -10.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -0.10% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -0.10% | -4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -0.73% | -13.78% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -3.94% | -10.57% |
Current DrawdownCurrent decline from peak | -0.90% | -0.02% | -0.88% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -0.08% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 0.01% | +0.64% |
Volatility
TIP vs. ICSH - Volatility Comparison
iShares TIPS Bond ETF (TIP) has a higher volatility of 1.01% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that TIP'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.
Loading charts...
Volatility by Period
| TIP | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.15% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 0.30% | +2.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 0.39% | +2.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 0.48% | +5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 1.06% | +4.68% |
TIP vs. ICSH - Expense Ratio Comparison
TIP has a 0.18% 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
TIP vs. ICSH - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.78%, 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% |
TIP iShares TIPS Bond ETF | 3.78% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
TIP and ICSH have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIP has higher volatility (1.01%) compared to ICSH (0.15%). In terms of maximum drawdown, TIP dropped -14.57% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.77% vs 2.45% for TIP. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.15%. 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 2.45%. 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 0.18% for TIP.
ICSH has the higher dividend yield at 4.34%, compared with 3.78% for TIP.
TIP is categorized as Inflation-Protected Bonds, while ICSH is Ultrashort Bond. Their fees differ too: 0.18% for TIP and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (11.01 vs 1.43), 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.
Find the right allocation for TIP and ICSH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer