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ICSH vs MMKT

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Texas Capital Government Money Market ETF

MMKTCNYSE

Overlap

No data

Expense ratio

ICSH −0.12pt a year

ICSH0.08%MMKT0.20%

Avg volume · 30D

ICSH 313.0×the volume

ICSH1.64MMMKT5.25K

ICSH vs MMKT Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%ICSH+3.5%MMKT

Oct 31, 2025 to Oct 30, 2026. ICSH +3.6%. MMKT +3.5%. Use the arrow keys to read each point.0%1%2%Oct 2025Apr 2026Oct 2026
Expense ratio
ICSH 0.08%, better
MMKT 0.20%
Fund size
ICSH $8.97B
MMKT $68M
1Y total return
ICSH +3.6%, better
MMKT +3.5%
Yield (12M)
ICSH 4.13%, better
MMKT 3.63%
Holdings
ICSH 408
MMKT 30
Avg volume (30D)
ICSH 1.64M sh, better
MMKT 5.25K sh
NAV per share
ICSH $50.47
MMKT $100.22
52W range

ETF.net Grade

ICSH: Cost 89, Risk 53, Mission 100, Tradability 76, Holdings 95, Durability 90. MMKT: Cost 38, Risk 39, Mission 100, Tradability 36, Holdings 35, Durability 36.
Pillar letters and Scores for ICSH, MMKT, with each pillar’s weight
PillarICSHMMKT
Cost30% weightA89HigherD38
Mission25% weightA100A100
Risk15% weightC53HigherD39
Tradability15% weightA76HigherD36
Holdings10% weightA95HigherD35
Durability5% weightA90HigherD36

Rank among Cash & Ultra-Short Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ICSH and MMKT 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 MMKT 60th of 78 funds in the Cash & Ultra-Short Income Category.

  1. Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
  2. Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
  3. Rank 59BTLDRThe Laddered T-Bill ETFScore 53
  4. Rank 60CMMKTTexas Capital Government Money Market ETFScore 52
  5. Rank 61CVUSIVoya Ultra Short Income ETFScore 50

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

MMKTCTexas Capital Government Money Market ETF

In short

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.

MMKT Money markets went unchallenged by ETFs for three decades. MMKT was the first fund to run a government money market portfolio under Rule 2a-7 inside an ETF wrapper, with one twist: no fixed $1 share price.

Stated mandate

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.

MMKT The Fund seeks current interest income while maintaining liquidity and stability of principal. It invests primarily in high-quality U.S. government money market instruments and related repurchase agreements.

Why people hold it

  • 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.
  • MMKT The first ETF built to Rule 2a-7, the SEC rulebook behind government money market funds: at least 99.5% in cash, U.S. government paper and fully collateralized repos.globenewswire.cometf.comsec.gov
  • Cash-style exposure that lives in the brokerage account and trades intraday on the NYSE, rather than in a separate money fund with an end-of-day cutoff.globenewswire.comsec.gov
  • Pays income monthly, and the holdings match the mandate on paper: high-quality U.S. government money market instruments and related repurchase agreements, nothing exotic.

Worth knowing

  • 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.
  • MMKT No fixed $1 share price. NAV follows the market value of the holdings, and shares can trade a touch above or below it. Not a bank deposit, not FDIC insured.etf.comsec.gov
  • The 0.20% fee sits right at the category median, while SBIL and IQMM charge 0.15% and ICSH charges 0.08%.
  • Launched in 2024 and thinly traded, so spreads can run wider than at the cash-alternative giants, and the track record is still short.

Full ICSH profile⁠

Full MMKT profile⁠

ICSH vs MMKT Holdings

How ICSH and MMKT differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Countryby domicile75.4%
  • Asset classFixed Income100%

Sector

No Sector split for MMKT.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and MMKT, widest gap first
CountryMore in ICSHMore in MMKT
United StatesMMKT +24.6 points
CanadaICSH +4.5 points
United KingdomICSH +3.3 points
AustraliaICSH +3.1 points
SwedenICSH +3.1 points
New ZealandICSH +2.6 points
JapanICSH +1.4 points
LuxembourgICSH +1.3 points
Other countries (10)ICSH +5.4 points

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

Concentration

Weight in the 10 largest Holdings

  • ICSH10.0%
  • MMKT80.0%

Securities held

  • ICSH407
  • MMKT29

Asset class

ICSH
Fixed Income
MMKT
Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, MMKT 29.

All 251 ICSH holdings⁠All MMKT 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.

ICSH vs MMKT Cost

Overpaying MMKT vs ICSH

$2,466

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

  • ICSH 0.08%

    $1,689

  • MMKT 0.20%

    $4,155

$10,000
30 years

Cost over time

  • ICSH 0.08%
  • MMKT 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530MMKT $4,155ICSH $1,689

Year by year

YearICSHMMKTOverpaying
10$147$365$218
20$575$1,421$846
30$1,689$4,155$2,466

Expense ratio

  • 0.08%ICSH, cheaper
  • 0.20%MMKT
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

ICSH 10th cheapest of 78 funds

MMKT 45th cheapest of 78 funds

ICSH vs MMKT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
ICSH 4.13%, better
MMKT 3.63%
Payout (12M)
ICSH $2.08
MMKT $3.64
Last payment
ICSH $0.17
MMKT $0.07
Ex-dividend
ICSH Oct 1, 2026
MMKT Oct 30, 2026
Paid on
ICSH Oct 6, 2026
MMKT Pays Nov 2, 2026
Frequency
ICSH Monthly
MMKT Weekly

Distribution history

Per share, 2026, same scale for both

ICSHMonthly · 9 paymentsAll ICSH payments⁠
One bar per payment. 9 payments in 2026 YTD. Feb 2, 2026 $0.17; Mar 2, 2026 $0.16; Apr 1, 2026 $0.17; May 1, 2026 $0.17; Jun 1, 2026 $0.17; Jul 1, 2026 $0.17; Aug 3, 2026 $0.17; Sep 1, 2026 $0.17; Oct 1, 2026 $0.17. Use the arrow keys to read each point.$0$0.202026YTD
MMKTWeekly · 44 paymentsAll MMKT payments⁠
One bar per payment. 44 payments in 2026 YTD. Jan 2, 2026 $0.03; Jan 9, 2026 $0.03; Jan 16, 2026 $0.07; Jan 23, 2026 $0.09; Jan 30, 2026 $0.07; Feb 6, 2026 $0.07; Feb 13, 2026 $0.07; Feb 20, 2026 $0.07; Feb 27, 2026 $0.04; Mar 6, 2026 $0.07; Mar 13, 2026 $0.08; Mar 20, 2026 $0.07; Mar 27, 2026 $0.08; Apr 2, 2026 $0.06; Apr 10, 2026 $0.08; Apr 17, 2026 $0.07; Apr 24, 2026 $0.07; May 1, 2026 $0.06; May 8, 2026 $0.06; May 15, 2026 $0.07; May 22, 2026 $0.07; May 29, 2026 $0.07; Jun 5, 2026 $0.07; Jun 12, 2026 $0.07; Jun 18, 2026 $0.07; Jun 26, 2026 $0.07; Jul 2, 2026 $0.07; Jul 10, 2026 $0.07; Jul 17, 2026 $0.07; Jul 24, 2026 $0.07; Jul 31, 2026 $0.07; Aug 7, 2026 $0.07; Aug 14, 2026 $0.07; Aug 21, 2026 $0.07; Aug 28, 2026 $0.07; Sep 4, 2026 $0.07; Sep 11, 2026 $0.07; Sep 18, 2026 $0.07; Sep 25, 2026 $0.08; Oct 2, 2026 $0.07; Oct 9, 2026 $0.07; Oct 16, 2026 $0.07; Oct 23, 2026 $0.07; Oct 30, 2026 $0.07. Use the arrow keys to read each point.$0$0.202026YTD

ICSH vs MMKT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ICSH 0.4%MMKT 0.1%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
ICSH 0.87MMKT −2.61since Oct 2024
Worst fallMax drawdown, 5 years
ICSH −0.7%MMKT −0.04%since Sep 2024
Market sensitivityBeta, 5 years
ICSH 0.04MMKT 0.0008

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