ICSH vs RAVI: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Northern Trust Ultra-Short Fixed Income ETF

RAVIBNYSE Arca

Overlap

No data

Expense ratio

ICSH −0.17pt a year

ICSH0.08%RAVI0.25%

Avg volume · 30D

ICSH 17.6×the volume

ICSH1.64MRAVI93.4K

10Y return · a year

ICSH +0.1pt

ICSH+2.9%RAVI+2.8%

ICSH vs RAVI Performance

Oct 29, 2021 – Oct 30, 2026

+21.3%ICSH+20.5%RAVI

Expense ratio: ICSH 0.08%, better; RAVI 0.25%
Fund size: ICSH $8.97B; RAVI $1.61B
1Y total return: ICSH +3.6%; RAVI +3.8%, better
Yield (12M): ICSH 4.13%; RAVI 4.22%, better
Holdings: ICSH 408; RAVI 285
Avg volume (30D): ICSH 1.64M sh, better; RAVI 93.4K sh
NAV per share: ICSH $50.47; RAVI $75.26
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, RAVI, with each pillar’s weight
Pillar	ICSH	RAVI
Cost30% weight	A89Higher	F18
Mission25% weight	A100	A100
Risk15% weight	C53	C53
Tradability15% weight	A76Higher	B55
Holdings10% weight	A95Higher	A77
Durability5% weight	A90Higher	A78

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and RAVI 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 RAVI 43rd of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 40BULSTState Street Ultra Short Term Bond ETFScore 59
Rank 43BRAVINorthern Trust Ultra-Short Fixed Income ETFScore 58
Rank 44BCSHPiShares Dynamic Short-Term Active ETFScore 57

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

RAVIBNorthern Trust Ultra-Short Fixed Income 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.

RAVI Active ultra-short bond investing since 2012, before most rivals existed: Northern Trust managers buying corporate, foreign and emerging-market paper, duration generally under a year. 0.25%, net of a waiver through March 1, 2027.

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.

RAVI RAVI seeks maximum current income while preserving capital and liquidity.

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.

RAVI No index to track. Managers move across sectors by hand, keeping portfolio duration generally at a year or less and average maturity generally inside two years.flexshares.com sec.gov
Reaches past Treasury bills: the fund may invest without limitation in foreign issuers, developed and emerging markets alike, alongside US corporate and asset-backed paper.flexshares.com
Trading since 2012, which makes it one of the elder statesmen of ultra-short ETFs, with a record spanning zero rates, the 2022 hiking cycle and the years after.
Pays monthly, and the portfolio has stayed inside its stated ultra-short, capital-preservation mandate.

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.

RAVI At 0.25% (net of a waiver through March 1, 2027) it sits above the category median. Plain T-bill trackers like VBIL at 0.06% and CLIP at 0.07% cost a fraction.
This is not a money market fund. Corporate, foreign and asset-backed holdings mean the share price floats and credit risk is real, even at short maturities.flexshares.com
Volume is moderate rather than enormous next to the category's largest names, so spreads can widen; limit orders do more work here.

Full ICSH profile⁠

Full RAVI profile⁠

ICSH vs RAVI Holdings

How ICSH and RAVI differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile91.2%
Asset classFixed Income100%

Sector

No Sector split for RAVI.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and RAVI, widest gap first
Country	More in ICSHMore in RAVI	ICSH	RAVI
France	RAVI +3.2 points	1.2%	4.4%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Sweden	ICSH +2.5 points	3.1%	0.6%
United Kingdom	RAVI +2.1 points	3.3%	5.4%
Japan	RAVI +1.3 points	1.4%	2.7%
Spain	ICSH +1.0 points	1.0%	0.0%
Netherlands	ICSH +0.9 points	1.1%	0.2%
Kuwait	RAVI +0.9 points	0.4%	1.3%
Other countries (10)	ICSH +0.5 points	85.9%	85.4%

Outside the US: ICSH 98% developed, 2% emerging. RAVI 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

ICSH10.0%
RAVI15.8%

Securities held

ICSH407
RAVI252

Asset class

ICSH: Fixed Income
RAVI: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, RAVI 252.

All 251 ICSH holdings⁠All 285 RAVI 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 RAVI Cost

Overpaying RAVI vs ICSH

$3,470

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

ICSH 0.08%
$1,689
RAVI 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
RAVI 0.25%
Overpaying

Year by year

Year	ICSH	RAVI	Overpaying
10	$147	$455	$308
20	$575	$1,769	$1,194
30	$1,689	$5,159	$3,470

Expense ratio

0.08%ICSH, cheaper
0.25%RAVI

ICSH0.08%RAVI0.25%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

RAVI 62nd cheapest of 78 funds

ICSH vs RAVI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%; RAVI 4.22%, better
Payout (12M): ICSH $2.08; RAVI $3.18
Last payment: ICSH $0.17; RAVI $0.25
Ex-dividend: ICSH Oct 1, 2026; RAVI Oct 1, 2026
Paid on: ICSH Oct 6, 2026; RAVI Oct 7, 2026
Frequency: ICSH Monthly; RAVI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

RAVIMonthly · 45 paymentsAll RAVI payments⁠

ICSH vs RAVI Risk

Fall from peak · 5 years

ICSH
RAVI

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%RAVI 0.4%
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87RAVI 1.17, better
Worst fallMax drawdown, 5 years: ICSH −0.7%, betterRAVI −3.2%
Market sensitivityBeta, 5 years: ICSH 0.04RAVI 0.04; Market = 1

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