CVSB vs ICSH: Grades, Fees and Holdings Compared

Calvert Ultra-Short Investment Grade ETF

CVSBBNYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.16pt a year

CVSB0.24%ICSH0.08%

Avg volume · 30D

ICSH 42.3×the volume

CVSB39.7KICSH1.68M

3Y return · a year

CVSB +0.3pt

CVSB+5.2%ICSH+4.9%

CVSB vs ICSH Performance

Nov 7, 2025 – Nov 9, 2026

+3.8%CVSB+3.7%ICSH

Expense ratio: CVSB 0.24%; ICSH 0.08%, better
Fund size: CVSB $284M; ICSH $8.9B
1Y total return: CVSB +3.8%, better; ICSH +3.7%
Yield (12M): CVSB 4.25%, better; ICSH 4.12%
Holdings: CVSB 286; ICSH 400
Avg volume (30D): CVSB 39.7K sh; ICSH 1.68M sh, better
NAV per share: CVSB $50.54; ICSH $50.35
52W range

ETF.net Grade

Pillar letters and Scores for CVSB, ICSH, with each pillar’s weight
Pillar	CVSB	ICSH
Cost30% weight	F24	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C51	C52Higher
Tradability15% weight	D38	A74Higher
Holdings10% weight	A70	A95Higher
Durability5% weight	B56	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CVSB and ICSH are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

ICSH ranks 1st and CVSB 51st of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 81
Rank 51BBUXXStrive Enhanced Income Short Maturity ETFScore 55
Rank 51BCVSBCalvert Ultra-Short Investment Grade ETFScore 55
Rank 51BEMNTPIMCO Enhanced Short Maturity Active ESG Exchange-Traded FundScore 55

Our read on each fund

ETF.net Research

CVSBBCalvert Ultra-Short Investment Grade ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

CVSB Parking cash usually means a plain-vanilla ultra-short bond fund. CVSB does that job through Calvert's responsible-investment criteria: an actively managed, investment-grade short-bond portfolio from the Morgan Stanley stable that pays monthly.

ICSH BlackRock's active cash-parking sleeve, live since 2013: roughly 250 ultra-short investment-grade bonds and money market instruments, run for current income with preservation of capital, at 0.08% a year.

Stated mandate

CVSB The Fund seeks to maximize income while preserving capital through short-term bonds and other income-producing securities. Normally, at least 80% of net assets are invested in investment-grade short-term fixed, variable, and floating-rate securities.

ICSH The fund seeks current income consistent with preservation of capital through actively managed exposure to ultra-short-term investment-grade bonds and money market instruments.

Why people hold it

CVSB One of the few cash-alternative ETFs built around responsible-investment criteria, with Calvert's ESG research shaping the credit list and Morgan Stanley Investment Management as adviser.calvert.com morganstanley.com
Actively managed, not index-bound: the team can shift across fixed, variable and floating-rate paper, with at least 80% of net assets in investment-grade short-term securities.
Pays monthly, so income arrives on a regular cadence rather than in quarterly lumps.

ICSH At 0.08% a year it undercuts the typical cash-alternative ETF, which charges about 0.20%, and comes in below top-rated rivals like FLUD and JPST.
Actively managed rather than a fixed ladder: the team picks across ultra-short investment-grade bonds and money market instruments, spread over roughly 250 positions.ishares.com
Trading since 2013 and now a multi-billion-dollar fund that changes hands actively, giving it one of the longer records in the cash-alternative aisle.
Sits in the top quartile of its cash-alternative peer group, helped by high-quality holdings and low cost.

Worth knowing

CVSB At 0.24% a year it runs above the cash-alternative median and well above the category's cheapest large names (ICSH at 0.08%, JPST at 0.18%).
Small and thinly traded next to the giants of the ultra-short shelf, so spreads can be wider and fills less predictable.
Short bonds are not cash. The fund seeks to preserve capital, but it is a bond portfolio whose share price moves with rates and credit, not a stable-value money market fund.

ICSH Not a money market fund. The share price floats, and preservation of capital is the stated aim, not a promise.ishares.com
It holds investment-grade corporate paper alongside money market instruments, so it carries credit risk a Treasury-bill-only fund does not.ishares.com
It pays monthly, but the amount rides short-term rates, and as an active fund its results can drift from its 6-month T-bill reference index either way.

Full CVSB profile⁠

Full ICSH profile⁠

CVSB vs ICSH Holdings

How CVSB and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile83.4%
Asset classBonds100%

Sector

CVSB and ICSH share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in CVSB and ICSH, widest gap first
Country	Gap	CVSB	ICSH
United States	CVSB +12.7 points	86.3%	73.6%
Australia	ICSH +3.9 points	0.0%	3.9%
Sweden	ICSH +3.3 points	0.0%	3.3%
New Zealand	ICSH +2.4 points	0.0%	2.4%
Japan	ICSH +1.4 points	0.0%	1.4%
Germany	ICSH +1.3 points	0.0%	1.3%
Switzerland	ICSH +1.2 points	0.5%	1.7%
Ireland	CVSB +1.2 points	1.2%	0.0%
Other countries (11)	ICSH +0.3 points	12.1%	12.4%

Outside the US: ICSH 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

CVSB26.3%
ICSH10.1%

Securities held

CVSB273
ICSH400

Asset class

CVSB: Bonds
ICSH: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CVSB holds 273 securities, ICSH 400.

All 295 CVSB holdings⁠All 250 ICSH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CVSB vs ICSH Cost

Overpaying CVSB vs ICSH

$3,270

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CVSB 0.24%
$4,959
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

CVSB 0.24%
ICSH 0.08%
Overpaying

Year by year

Year	CVSB	ICSH	Overpaying
10	$437	$147	$290
20	$1,699	$575	$1,124
30	$4,959	$1,689	$3,270

Expense ratio

0.24%CVSB
0.08%ICSH, cheaper

ICSH0.08%CVSB0.24%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

ICSH 10th cheapest of 78 funds

CVSB 60th cheapest of 78 funds

CVSB vs ICSH Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CVSB 4.25%, better; ICSH 4.12%
Payout (12M): CVSB $2.15; ICSH $2.07
Last payment: CVSB $0.19; ICSH $0.18
Ex-dividend: CVSB Oct 30, 2026; ICSH Nov 2, 2026
Paid on: CVSB Nov 5, 2026; ICSH Nov 5, 2026
Frequency: CVSB Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CVSBMonthly · 45 paymentsAll CVSB payments⁠

ICSHMonthly · 46 paymentsAll ICSH payments⁠

CVSB vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CVSB 0.6%ICSH 0.4%, better
Return per unit of riskSharpe ratio, 3 years: CVSB 1.36, betterICSH 0.87
Worst fallMax drawdown, 5 years: CVSB −0.6%since Feb 2023ICSH −0.7%
Market sensitivityBeta, 5 years: CVSB 0.05ICSH 0.04; Market = 1

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