VBTIX vs. ICSH
VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both funds - VBTIX is a Total Bond Market fund managed by Vanguard, while ICSH is a Ultrashort Bond fund actively managed by iShares. Over the past 10 years, VBTIX returned 1.54%/yr vs 2.78%/yr for ICSH. At a 0.23 correlation, their price movements are largely independent. VBTIX charges 0.04%/yr vs 0.08%/yr for ICSH.
Performance
VBTIX vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, VBTIX achieves a 0.43% return, which is significantly lower than ICSH's 1.53% return. Over the past 10 years, VBTIX has underperformed ICSH with an annualized return of 1.54%, while ICSH has yielded a comparatively higher 2.78% annualized return.
VBTIX
- 1D
- 0.52%
- 1M
- 0.55%
- YTD
- 0.43%
- 6M
- 0.97%
- 1Y
- 4.48%
- 3Y*
- 4.06%
- 5Y*
- 0.06%
- 10Y*
- 1.54%
ICSH
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 1.53%
- 6M
- 1.81%
- 1Y
- 4.32%
- 3Y*
- 5.16%
- 5Y*
- 3.69%
- 10Y*
- 2.78%
VBTIX vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 0.43% | 7.18% | 1.27% | 5.75% | -13.15% | -1.95% | 7.75% | 8.74% | -0.24% | 3.56% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.53% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between VBTIX 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 | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.23 |
Over the past year, VBTIX and ICSH have become more correlated (0.43) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
VBTIX vs. ICSH — Risk / Return Rank
VBTIX
ICSH
VBTIX vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) 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.
| VBTIX | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.73 | ||
| Sortino ratioReturn per unit of downside risk | -25.59 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 6.59 | -5.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 43.88 | -42.17 |
| Martin ratioReturn relative to average drawdown | 4.95 | 290.20 | -285.25 |
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Drawdowns
VBTIX vs. ICSH - Drawdown Comparison
The maximum VBTIX drawdown since its inception was -18.90%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for VBTIX and ICSH.
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Drawdown Indicators
| VBTIX | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.90% | -3.94% | -14.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -0.10% | -2.79% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -0.10% | -5.89% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -0.73% | -17.40% |
Max Drawdown (10Y)Largest decline over 10 years | -18.90% | -3.94% | -14.96% |
Current DrawdownCurrent decline from peak | -2.25% | 0.00% | -2.25% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -0.08% | -2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.01% | +0.99% |
Volatility
VBTIX vs. ICSH - Volatility Comparison
Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) has a higher volatility of 1.33% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that VBTIX'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.
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Volatility by Period
| VBTIX | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 0.13% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 0.29% | +2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 0.39% | +3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 0.48% | +5.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 1.06% | +3.93% |
VBTIX vs. ICSH - Expense Ratio Comparison
VBTIX has a 0.04% 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
VBTIX vs. ICSH - Dividend Comparison
VBTIX's dividend yield for the trailing twelve months is around 3.99%, 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% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 3.99% | 3.88% | 3.69% | 3.12% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.56% | 2.54% | 2.84% |
Frequently Asked Questions
VBTIX 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.
VBTIX has higher volatility (1.33%) compared to ICSH (0.13%). In terms of maximum drawdown, VBTIX dropped -18.90% vs ICSH's -3.94%.
ICSH currently has the higher Sharpe Ratio (10.98 vs 1.26), 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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