ULST vs. ICSH
ULST (State Street Ultra Short Term Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both Ultrashort Bond funds. ULST is passively managed, while ICSH is actively managed. Over the past 10 years, ULST returned 2.68%/yr vs 2.80%/yr for ICSH. Their 0.17 correlation means their historical movements had little consistent relationship. ULST charges 0.20%/yr vs 0.08%/yr for ICSH.
Performance
ULST vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.75% return, which is significantly lower than ICSH's 2.00% return. Both investments have delivered pretty close results over the past 10 years, with ULST having a 2.68% annualized return and ICSH not far ahead at 2.80%.
ULST
- 1D
- -0.01%
- 1M
- 0.22%
- 6M
- 1.36%
- YTD
- 1.75%
- 1Y
- 3.45%
- 3Y*
- 4.80%
- 5Y*
- 3.61%
- 10Y*
- 2.68%
- ALL TIME*
- 2.21%
ICSH
- 1D
- 0.00%
- 1M
- 0.24%
- 6M
- 1.65%
- YTD
- 2.00%
- 1Y
- 3.95%
- 3Y*
- 5.06%
- 5Y*
- 3.78%
- 10Y*
- 2.80%
- ALL TIME*
- 2.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.24M | $85.27M | $75.54M | |
| $2.38M | $2.82M | $3.86M |
ULST vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.75% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
ICSH iShares Ultra Short Duration Bond Active ETF | 2.00% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between ULST and ICSH is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.17 |
Over the past year, ULST and ICSH have become more correlated (0.47) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
ULST vs. ICSH — Risk / Return Rank
ULST
ICSH
ULST vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) 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.
| ULST | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.89 | ||
| Sortino ratioReturn per unit of downside risk | -10.42 | ||
| Omega ratioGain probability vs. loss probability | 2.65 | 5.20 | -2.55 |
| Calmar ratioReturn relative to maximum drawdown | 15.97 | 41.60 | -25.63 |
| Martin ratioReturn relative to average drawdown | 82.38 | 224.79 | -142.41 |
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Drawdowns
ULST vs. ICSH - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for ULST and ICSH.
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Drawdown Indicators
| ULST | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -3.94% | -2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -0.10% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -0.10% | -0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -0.73% | -0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -3.94% | -2.26% |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.08% | -0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.02% | +0.03% |
Volatility
ULST vs. ICSH - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.11%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.12%. This indicates that ULST 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
| ULST | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 0.12% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 0.33% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 0.42% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.97% | 0.49% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.43% | 1.05% | +0.38% |
ULST vs. ICSH - Expense Ratio Comparison
ULST has a 0.20% 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
ULST vs. ICSH - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.24%, which matches ICSH's 4.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 3.87% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
ULST State Street Ultra Short Term Bond ETF | 3.84% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
Frequently Asked Questions
ULST and ICSH have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICSH has higher volatility (0.12%) compared to ULST (0.11%). In terms of maximum drawdown, ULST dropped -6.20% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.80% vs 2.68% for ULST. 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 2.80% return vs 2.68%. 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 0.20% for ULST.
ICSH has the higher dividend yield at 3.87%, compared with 3.84% for ULST.
They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for ULST and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (9.70 vs 5.81), 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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