EVSB vs ICSH: Grades, Fees and Holdings Compared

Eaton Vance Ultra-Short Income ETF

EVSBBNYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

0.0%by weight

Expense ratio

ICSH −0.09pt a year

EVSB0.17%ICSH0.08%

Avg volume · 30D

ICSH 24.7×the volume

EVSB67.5KICSH1.67M

3Y return · a year

EVSB +0.4pt

EVSB+5.3%ICSH+4.9%

EVSB vs ICSH Performance

Nov 4, 2025 – Nov 4, 2026

+4.0%EVSB+3.7%ICSH

Expense ratio: EVSB 0.17%; ICSH 0.08%, better
Fund size: EVSB $374M; ICSH $8.9B
1Y total return: EVSB +4.0%, better; ICSH +3.7%
Yield (12M): EVSB 4.55%, better; ICSH 4.12%
Holdings: EVSB 320; ICSH 404
Avg volume (30D): EVSB 67.5K sh; ICSH 1.67M sh, better
NAV per share: EVSB $50.65; ICSH $50.30
52W range

ETF.net Grade

Pillar letters and Scores for EVSB, ICSH, with each pillar’s weight
Pillar	EVSB	ICSH
Cost30% weight	C54	A89Higher
Mission25% weight	A100	A100
Risk15% weight	B56Higher	C50
Tradability15% weight	C43	A76Higher
Holdings10% weight	A75	A96Higher
Durability5% weight	B57	A91Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. EVSB 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 EVSB 27th 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 82
Rank 27BCGUICapital Group Ultra Short Income ETFScore 66
Rank 27BEVSBEaton Vance Ultra-Short Income ETFScore 66
Rank 27BGSYInvesco Ultra Short Duration ETFScore 66

Our read on each fund

ETF.net Research

EVSBBEaton Vance Ultra-Short Income ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

EVSB Cash-parking with an active bond desk behind the wheel. Eaton Vance hunts investment-grade short, variable and floating-rate paper, keeps weighted-average duration at a year or less, and charges 0.17%, under the typical ultra-short ETF.

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

EVSB The Fund seeks to maximize income while preserving capital. It actively manages primarily investment-grade, short-term fixed, variable, and floating-rate securities, generally keeping weighted-average duration at one year or less.

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

EVSB Charges 0.17%, undercutting the typical ultra-short bond ETF. In an aisle where yield differences are measured in fractions of a point, the fee line does real work.
Active by design: managers shift among short fixed, variable and floating-rate investment-grade securities rather than tracking a fixed list, with duration generally held to one year or less.
Pays monthly, and the portfolio has stayed tightly aligned with the ultra-short mandate its filings describe.
Lands in the upper half of a crowded ultra-short cohort, holding its own against the index-tracking heavyweights that dominate the category.

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

EVSB Thinly traded and one of the smaller funds in the aisle next to VUSB and PULS, so bid-ask spreads can run wider and larger orders need more care.
Investment-grade credit, not Treasury bills: part of the income comes from taking credit and spread risk, and floating-rate coupons reset as short-term rates move.
Launched in 2023, giving it a shorter live record than the decade-plus veterans it competes with.

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 EVSB profile⁠

Full ICSH profile⁠

EVSB vs ICSH Holdings

How EVSB and ICSH differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of EVSB and 0.0% of ICSH.

Level by level

Sector13 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile85.7%

Sector

Sector weights in EVSB and ICSH, widest gap first
Sector	Gap	EVSB	ICSH
Corporate	EVSB +61.1 points	61.1%	0.0%
Securitized	EVSB +27.9 points	27.9%	0.0%
Financial Company Commercial Paper	ICSH +25.1 points	0.0%	25.1%
Floating Rate	ICSH +17.9 points	0.0%	17.9%
Certificate of Deposit	ICSH +15.7 points	0.0%	15.7%
Government	EVSB +11.0 points	11.0%	0.0%
Tri-Party Repo	ICSH +10.4 points	0.0%	10.4%
Commercial Paper	ICSH +10.1 points	0.0%	10.1%
Asset Backed Commercial Paper	ICSH +9.2 points	0.0%	9.2%
Insurance Company Funding Agreement	ICSH +8.1 points	0.0%	8.1%
U.S. Treasury Debt	ICSH +3.1 points	0.0%	3.1%
Municipal Debt	ICSH +0.4 points	0.0%	0.4%
Investment Company	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in EVSB and ICSH, widest gap first
Country	Gap	EVSB	ICSH
United States	EVSB +9.9 points	85.3%	75.4%
Australia	ICSH +3.1 points	0.0%	3.1%
Sweden	ICSH +3.1 points	0.0%	3.1%
New Zealand	ICSH +2.6 points	0.0%	2.6%
Japan	ICSH +1.4 points	0.0%	1.4%
Luxembourg	ICSH +1.3 points	0.0%	1.3%
Ireland	EVSB +1.2 points	1.6%	0.4%
Spain	EVSB +1.1 points	2.1%	1.0%
Other countries (12)	ICSH +0.9 points	10.9%	11.8%

Outside the US: ICSH 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

EVSB22.4%
ICSH10.1%

Securities held

EVSB307
ICSH404

Asset class

EVSB: Multi-Asset
ICSH: Fixed Income

Holdings

Only in EVSB307
In both0
Only in ICSH404

Only in EVSB

307 securities, 100% of EVSB by weight

United States 3.25% 06/276.87%
Msilf Government3.25%
United States 1.5% 01/272.41%
Bank of America Var 07/282.17%
JPMorgan Chase Var 01/281.84%
Wells Fargo & Var 05/281.83%
Citigroup Inc Var 02/281.26%
Banco Santander Var 03/281.10%
Societe Var 01/281.00%
Smithfield 4.25% 02/270.99%
Viatris Inc 2.3% 06/270.99%
Delta Air 4.75% 10/280.97%
Aviation 3.5% 11/270.96%
Goldman Sachs Var 03/280.95%
Truist Bank Var 07/280.90%
Bnp Paribas SA Var 09/280.85%
Epr Properties 4.5% 06/270.85%
Radian Group 4.875% 03/270.84%
American 5% 06/270.84%
United States 2.75% 04/270.80%
Citadel Lp 4.875% 01/270.78%
Db Master 4.03% 11/470.78%
Oracle Corp 4.55% 02/290.75%
Goldman Sachs Var 08/280.75%
Royal Bank of Var 07/290.74%
Synchrony 3.95% 12/270.70%
Nextera 4.685% 09/270.69%
Conagra 1.375% 11/270.67%
Las Vegas 5.9% 06/270.66%
Ally 4.75% 06/270.64%
Cvs Health 1.3% 08/270.62%
Banco Bilbao Var 09/280.60%
Jde Peet's 1.375% 01/270.60%
Wingspire 4.33% 09/330.59%
Equitable 3.95% 09/270.58%
JPMorgan Chase Var 05/280.57%
Barclays PLC Var 11/270.56%
Stellantis 1.711% 01/270.56%
Nmef Funding 4.64% 01/330.53%
Eqt Corp 3.9% 10/270.53%
Barclays PLC Var 09/280.52%
Jp Morgan Flt 03/560.51%
Truist Bank 4.728% 09/330.51%
Fells Point 3.046% 01/270.50%
Antares 3.75% 07/270.50%
Brookfield 3.9% 01/280.50%
Imperial 6.125% 07/270.50%
Vici 3.75% 02/270.50%
Digital 5.55% 01/280.50%
Fhlmc Remics Flt 04/540.49%

Only in ICSH

404 securities, 100% of ICSH by weight

Tri-Party Mizuho Securities Usa Ll1.53%
Tri-Party Citigroup Global Markets1.36%
Tri-Party Goldman Sachs & Co. Llc1.12%
Tri-Party Wells Fargo Securities L1.01%
Commerzbank AG (New York Branch) 06/23/20270.94%
Tri-Party Bofa Securities Inc.0.92%
Banco Bilbao Vizcaya Argentaria SA 03/10/20270.85%
Bpce SA 144A 05/06/20270.84%
Westpac Securities Nz Ltd 144A 06/09/20270.78%
Skandinaviska Enskilda Banken Ab 144A 05/10/20270.71%
Cooperatieve Rabobank Ua (New York 11/16/20260.70%
Britannia Funding Company Llc 144A 03/15/20270.67%
Svenska Handelsbanken Ab 144A 04/13/20270.67%
Mizuho Bank Ltd (New York Branch) 05/26/20270.65%
Northwestern Mutual Global Funding Mtn 144A 4.40% 03/30/20290.64%
Toyota Motor Credit Corp Mtn 4.25% 05/12/20280.63%
Cdp Financial Inc 144A 03/24/20270.63%
Sumitomo Mitsui Trust Bank Ltd (Ne 11/24/20260.61%
Morgan Stanley Private Bank Na 4.20% 11/17/20280.60%
Pacific Life Global Funding Ii Mtn 144A 4.30% 04/27/20290.60%
Salesforce Inc 4.50% 03/15/20280.60%
Bank of New Zealand 144A 04/16/20270.60%
Honeywell Aerospace Inc 3.90% 03/16/20280.59%
Athene Global Funding Mtn 144A 4.83% 05/09/20280.59%
New York Life Global Funding Mtn 144A 4.20% 04/20/20290.59%
Bank of New Zealand 144A 05/12/20270.59%
Bank of Nova Scotia 144A 05/20/20270.58%
Toronto-Dominion Bank (New York Br 09/17/20270.58%
Deutsche Bank AG (New York Branch) 05/05/20270.57%
Verto Capital Comp C 144A 01/19/20270.57%
Natixis (New York Branch) 05/12/20270.56%
Ubs AG (Stamford Branch) Mtn 4.29% 05/17/20270.56%
Canadian Imperial Bank of Commerce 02/05/20270.56%
Massmutual Global Funding Ii Mtn 144A 4.00% 01/22/20290.55%
Athene Global Funding Mtn 144A 4.81% 03/06/20280.54%
Tri-Party Bnp Paribas0.53%
Equitable America Global Funding Mtn 144A 4.30% 12/15/20280.52%
Cooperatieve Rabobank Ua (New York Mtn 4.37% 05/27/20270.52%
Federation Des Caisses Desjardins 144A 11/01/20270.52%
Rtx Corp 144A 12/18/20260.52%
JPMorgan Chase & Co Fxd-Frn 2.95% 02/24/20280.52%
Barclays Bank PLC (New York Branch 08/10/20270.51%
Treasury Note (2OLD) 4.13% 08/31/20280.50%
Crh America Finance Inc 144A 12/08/20260.49%
Mackinac Funding Co Llc 144A 03/08/20270.49%
Enbridge Inc 144A 11/06/20260.49%
Oversea-Chinese Banking Corporatio 144A 04/23/20270.48%
Ing Bank NV 144A 4.55% 07/07/20290.47%
Banco Santander SA 144A 05/04/20270.47%
Lloyds Bank Corporate Markets PLC 05/14/20270.47%

Weight gaps

EVSB and ICSH share no securities.

All 317 EVSB holdings⁠All 249 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.

EVSB vs ICSH Cost

Overpaying EVSB vs ICSH

$1,857

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

EVSB 0.17%
$3,546
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

EVSB 0.17%
ICSH 0.08%
Overpaying

Year by year

Year	EVSB	ICSH	Overpaying
10	$310	$147	$163
20	$1,211	$575	$636
30	$3,546	$1,689	$1,857

Expense ratio

0.17%EVSB
0.08%ICSH, cheaper

ICSH0.08%EVSB0.17%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

EVSB 33rd cheapest of 78 funds

EVSB vs ICSH Dividends

Last 12 months to Nov 4, 2026

Yield (12M): EVSB 4.55%, better; ICSH 4.12%
Payout (12M): EVSB $2.31; ICSH $2.07
Last payment: EVSB $0.20; ICSH $0.18
Ex-dividend: EVSB Oct 30, 2026; ICSH Nov 2, 2026
Paid on: EVSB Pays Nov 5, 2026; ICSH Pays Nov 5, 2026
Frequency: EVSB Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EVSBMonthly · 36 paymentsAll EVSB payments⁠

ICSHMonthly · 46 paymentsAll ICSH payments⁠

EVSB vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EVSB 0.6%ICSH 0.4%, better
Return per unit of riskSharpe ratio, 3 years: EVSB 1.48, betterICSH 0.87
Worst fallMax drawdown, 5 years: EVSB −0.3%since Oct 2023ICSH −0.7%
Market sensitivityBeta, 5 years: EVSB 0.01ICSH 0.04; Market = 1

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