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VTIPX vs. ICSH
Performance
Return for Risk
Dividends
Drawdowns
Volatility

VTIPX vs. ICSH

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) and iShares Ultra Short Duration Bond Active ETF (ICSH).

VTIPX is managed by Vanguard. It was launched on Oct 16, 2012. ICSH is a passively managed fund by iShares that tracks the performance of the ICE BofA US 6-Month Treasury Bill Index (USD). It was launched on Dec 11, 2013.

Performance

VTIPX vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) and iShares Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

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VTIPX vs. ICSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTIPX
Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares		0.93%5.96%4.65%4.51%-2.93%5.21%4.85%4.74%0.49%0.72%
ICSH
iShares Ultra Short Duration Bond Active ETF		0.74%4.96%5.52%5.58%0.97%0.16%1.61%3.17%2.25%1.63%

Returns By Period

In the year-to-date period, VTIPX achieves a 0.93% return, which is significantly higher than ICSH's 0.74% return. Over the past 10 years, VTIPX has outperformed ICSH with an annualized return of 2.97%, while ICSH has yielded a comparatively lower 2.71% annualized return.

VTIPX

1D
0.28%
1M
0.04%
YTD
0.93%
6M
1.25%
1Y
3.76%
3Y*
4.58%
5Y*
3.40%
10Y*
2.97%

ICSH

1D
0.02%
1M
0.12%
YTD
0.74%
6M
1.89%
1Y
4.40%
3Y*
5.21%
5Y*
3.55%
10Y*
2.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares

iShares Ultra Short Duration Bond Active ETF

Often compared with VTIPX:
VTIPX vs. VTIPVTIPX vs. VTSPXVTIPX vs. SPYVTIPX vs. SPYXVTIPX vs. SCHDVTIPX vs. SPYGVTIPX vs. BRK-B
Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV

VTIPX vs. ICSH - Expense Ratio Comparison

VTIPX has a 0.14% 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%.

VTIPX
Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares
ICSH
iShares Ultra Short Duration Bond Active ETF

Return for Risk

VTIPX vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTIPX
VTIPX Risk / Return Rank: 9595
Overall Rank
VTIPX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
VTIPX Sortino Ratio Rank: 9696
Sortino Ratio Rank
VTIPX Omega Ratio Rank: 9494
Omega Ratio Rank
VTIPX Calmar Ratio Rank: 9898
Calmar Ratio Rank
VTIPX Martin Ratio Rank: 9696
Martin Ratio Rank
ICSH
ICSH Risk / Return Rank: 100100
Overall Rank
ICSH Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
ICSH Sortino Ratio Rank: 100100
Sortino Ratio Rank
ICSH Omega Ratio Rank: 100100
Omega Ratio Rank
ICSH Calmar Ratio Rank: 100100
Calmar Ratio Rank
ICSH Martin Ratio Rank: 100100
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VTIPX vs. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) 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.

VTIPXICSHDifference

Sharpe ratio

Return per unit of total volatility

2.19

10.86

-8.67

Sortino ratio

Return per unit of downside risk

3.29

25.58

-22.28

Omega ratio

Gain probability vs. loss probability

1.47

6.41

-4.94

Calmar ratio

Return relative to maximum drawdown

4.39

45.33

-40.94

Martin ratio

Return relative to average drawdown

14.13

283.87

-269.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTIPX vs. ICSH - Sharpe Ratio Comparison

The current VTIPX Sharpe Ratio is 2.19, which is lower than the ICSH Sharpe Ratio of 10.86. The chart below compares the historical Sharpe Ratios of VTIPX and ICSH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

VTIPXICSHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.19

10.86

-8.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.28

7.40

-6.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.34

2.55

-1.21

Sharpe Ratio (All Time)

Calculated using the full available price history

1.00

1.90

-0.90

Correlation

The correlation between VTIPX and ICSH is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VTIPX vs. ICSH - Dividend Comparison

VTIPX's dividend yield for the trailing twelve months is around 3.50%, less than ICSH's 4.46% yield.

TTM20252024202320222021202020192018201720162015
VTIPX
Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares		3.50%3.70%2.60%2.76%6.74%4.59%1.11%1.88%2.37%1.50%0.55%0.00%
ICSH
iShares Ultra Short Duration Bond Active ETF		4.46%4.55%5.24%4.78%1.66%0.42%1.21%2.61%2.20%1.36%0.88%0.54%

Drawdowns

VTIPX vs. ICSH - Drawdown Comparison

The maximum VTIPX drawdown since its inception was -5.36%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for VTIPX and ICSH.

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Drawdown Indicators

VTIPXICSHDifference

Max Drawdown

Largest peak-to-trough decline

-5.36%

-3.94%

-1.42%

Max Drawdown (1Y)

Largest decline over 1 year

-0.95%

-0.10%

-0.85%

Max Drawdown (5Y)

Largest decline over 5 years

-5.36%

-0.73%

-4.63%

Max Drawdown (10Y)

Largest decline over 10 years

-5.36%

-3.94%

-1.42%

Current Drawdown

Current decline from peak

-0.32%

0.00%

-0.32%

Average Drawdown

Average peak-to-trough decline

-1.13%

-0.08%

-1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.30%

0.02%

+0.28%

Volatility

VTIPX vs. ICSH - Volatility Comparison

Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) has a higher volatility of 0.62% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.16%. This indicates that VTIPX'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

VTIPXICSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.62%

0.16%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

0.96%

0.26%

+0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

1.81%

0.41%

+1.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.66%

0.48%

+2.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.22%

1.06%

+1.16%