ICSH vs SPY
ICSH vs SPY
iShares Ultra Short Duration Bond Active ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
ICSH has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | ICSH | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.08% | 0.09% | |
| AUM | $8.1B | $789.1B | |
| Dividend Yield | 4.33% | 1.01% | |
| Holdings | 377 | 505 | |
| YTD Return | -0.04% | +9.93% | |
| 1Y Return | +1.64% | +19.50% | |
| 3Y Return (annualized) | +4.23% | +19.33% | |
| 5Y Return (annualized) | +3.29% | +12.82% | |
| Volatility (annualized) | 10.3% | 15.3% | |
| Max Drawdown | -23.3% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Dec 11, 2013 | Jan 22, 1993 |
ICSH vs SPY Performance
iShares Ultra Short Duration Bond Active ETF (ICSH) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ICSH returned +1.64% while SPY returned +19.50%. Year to date, ICSH is down 0.04% versus a gain of 9.93% for SPY.
Over three years, ICSH compounded at +4.23% per year against +19.33% for SPY; over five years the annualized figures are +3.29% and +12.82% respectively. Across the full 13-year window we track, SPY has the edge at +8.74% annualized vs +2.13%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.3% for ICSH. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -23.3% for ICSH and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.06. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ICSH charges 0.08% per year while SPY charges 0.09%. On a $10,000 position that is $8 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, ICSH currently yields 4.33% against 1.01% for SPY.
Holdings Overlap
ICSH and SPY share 0 holdings out of 632 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ICSH or SPY?
ICSH has an expense ratio of 0.08% while SPY charges 0.09%. ICSH is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, ICSH or SPY?
Over the past year ICSH returned +1.64% vs +19.50% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), ICSH annualized +2.13% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, ICSH or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.3% for ICSH. Worst drawdown: ICSH -23.3% vs SPY -56.5%.
Should I hold both ICSH and SPY?
ICSH and SPY have a monthly-return correlation of 0.06, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ICSH and SPY?
ICSH and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 632 unique securities.
Which pays a higher dividend, ICSH or SPY?
ICSH yields 4.33% while SPY yields 1.01%, so ICSH currently pays the higher dividend yield.
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