VGSH vs. ICSH
VGSH (Vanguard Short-Term Treasury ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. VGSH is passively managed, while ICSH is actively managed. Over the past 10 years, VGSH returned 1.71%/yr vs 2.77%/yr for ICSH. At a 0.26 correlation, their price movements are largely independent. VGSH charges 0.03%/yr vs 0.08%/yr for ICSH.
Performance
VGSH vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.36% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, VGSH has underperformed ICSH with an annualized return of 1.71%, while ICSH has yielded a comparatively higher 2.77% annualized return.
VGSH
- 1D
- 0.00%
- 1M
- -0.20%
- YTD
- 0.36%
- 6M
- 0.76%
- 1Y
- 3.41%
- 3Y*
- 4.14%
- 5Y*
- 1.79%
- 10Y*
- 1.71%
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%
VGSH vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.36% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
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 VGSH and ICSH is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.26 |
Over the past year, VGSH and ICSH have become more correlated (0.53) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
VGSH vs. ICSH — Risk / Return Rank
VGSH
ICSH
VGSH vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) 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.
| VGSH | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.31 | ||
| Sortino ratioReturn per unit of downside risk | -22.92 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 6.56 | -4.99 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 43.67 | -39.79 |
| Martin ratioReturn relative to average drawdown | 15.29 | 288.81 | -273.51 |
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
| VGSH | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 11.01 | -8.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 7.62 | -6.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.09 | 2.63 | -1.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.01 | 1.93 | -0.92 |
Drawdowns
VGSH vs. ICSH - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for VGSH and ICSH.
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Drawdown Indicators
| VGSH | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -3.94% | -1.76% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -0.10% | -0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.10% | -0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -0.73% | -4.93% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | -3.94% | -1.76% |
Current DrawdownCurrent decline from peak | -0.41% | -0.02% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -0.08% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.01% | +0.21% |
Volatility
VGSH vs. ICSH - Volatility Comparison
Vanguard Short-Term Treasury ETF (VGSH) has a higher volatility of 0.35% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that VGSH'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
| VGSH | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.15% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 0.89% | 0.30% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 0.39% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 0.48% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 1.06% | +0.52% |
VGSH vs. ICSH - Expense Ratio Comparison
VGSH has a 0.03% 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
VGSH vs. ICSH - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.88%, 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% |
VGSH Vanguard Short-Term Treasury ETF | 3.88% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
VGSH and ICSH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGSH has higher volatility (0.35%) compared to ICSH (0.15%). In terms of maximum drawdown, VGSH dropped -5.70% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.77% vs 1.71% for VGSH. On fees, VGSH is cheaper at 0.03% 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 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.08% for ICSH.
ICSH has the higher dividend yield at 4.34%, compared with 3.88% for VGSH.
VGSH is categorized as Government Bonds, while ICSH is Ultrashort Bond. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VGSH and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (11.01 vs 2.69), 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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