XME vs. ICSH
XME (SPDR S&P Metals & Mining ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. XME is passively managed, while ICSH is actively managed. Over the past 10 years, XME returned 19.14%/yr vs 2.79%/yr for ICSH. At a 0.04 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.08%/yr for ICSH.
Performance
XME vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, XME achieves a 16.50% return, which is significantly higher than ICSH's 1.57% return. Over the past 10 years, XME has outperformed ICSH with an annualized return of 19.14%, while ICSH has yielded a comparatively lower 2.79% annualized return.
XME
- 1D
- 0.16%
- 1M
- 4.36%
- YTD
- 16.50%
- 6M
- 19.83%
- 1Y
- 85.37%
- 3Y*
- 35.28%
- 5Y*
- 22.93%
- 10Y*
- 19.14%
ICSH
- 1D
- 0.04%
- 1M
- 0.36%
- YTD
- 1.57%
- 6M
- 1.81%
- 1Y
- 4.36%
- 3Y*
- 5.16%
- 5Y*
- 3.70%
- 10Y*
- 2.79%
XME vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XME SPDR S&P Metals & Mining ETF | 16.50% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.57% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between XME and ICSH is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.04 |
The correlation between XME and ICSH shifts across timeframes, from 0.04 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XME vs. ICSH — Risk / Return Rank
XME
ICSH
XME vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.
| XME | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.70 | ||
| Sortino ratioReturn per unit of downside risk | -24.91 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 6.64 | -5.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 44.30 | -40.50 |
| Martin ratioReturn relative to average drawdown | 9.44 | 292.98 | -283.54 |
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Drawdowns
XME vs. ICSH - Drawdown Comparison
The maximum XME drawdown since its inception was -85.89%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for XME and ICSH.
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Drawdown Indicators
| XME | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -3.94% | -81.95% |
Max Drawdown (1Y)Largest decline over 1 year | -22.60% | -0.10% | -22.50% |
Max Drawdown (3Y)Largest decline over 3 years | -30.47% | -0.10% | -30.37% |
Max Drawdown (5Y)Largest decline over 5 years | -37.27% | -0.73% | -36.54% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -3.94% | -57.75% |
Current DrawdownCurrent decline from peak | -9.18% | 0.00% | -9.18% |
Average DrawdownAverage peak-to-trough decline | -44.08% | -0.08% | -44.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 0.01% | +9.06% |
Volatility
XME vs. ICSH - Volatility Comparison
SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 15.14% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that XME'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
| XME | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.14% | 0.13% | +15.01% |
Volatility (6M)Calculated over the trailing 6-month period | 28.15% | 0.30% | +27.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 0.40% | +35.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.83% | 0.48% | +32.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.93% | 1.06% | +31.87% |
XME vs. ICSH - Expense Ratio Comparison
XME has a 0.35% expense ratio, which is higher than ICSH's 0.08% expense ratio.
Dividends
XME vs. ICSH - Dividend Comparison
XME's dividend yield for the trailing twelve months is around 0.32%, less than ICSH's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 4.33% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
XME SPDR S&P Metals & Mining ETF | 0.32% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
XME and ICSH have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XME has higher volatility (15.14%) compared to ICSH (0.13%). In terms of maximum drawdown, XME dropped -85.89% vs ICSH's -3.94%.
On 10-year performance, XME leads with 19.14% vs 2.79% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 19.14% return vs 2.79%. 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 0.35% for XME.
ICSH has the higher dividend yield at 4.33%, compared with 0.32% for XME.
XME is categorized as Materials, while ICSH is Ultrashort Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XME and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (11.08 vs 2.38), 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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