ICSH vs VNLA: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Janus Henderson Short Duration Income ETF

VNLABNYSE Arca

Overlap

No data

Expense ratio

ICSH −0.15pt a year

ICSH0.08%VNLA0.23%

Avg volume · 30D

ICSH 3.7×the volume

ICSH1.67MVNLA445K

5Y return · a year

VNLA +0.1pt

ICSH+4.0%VNLA+4.1%

ICSH vs VNLA Performance

Nov 4, 2021 – Nov 4, 2026

+21.5%ICSH+22.2%VNLA

Expense ratio: ICSH 0.08%, better; VNLA 0.23%
Fund size: ICSH $8.9B; VNLA $3.69B
1Y total return: ICSH +3.7%; VNLA +3.7%
Yield (12M): ICSH 4.12%; VNLA 4.71%, better
Holdings: ICSH 404; VNLA 400
Avg volume (30D): ICSH 1.67M sh, better; VNLA 445K sh
NAV per share: ICSH $50.30; VNLA $48.65
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, VNLA, with each pillar’s weight
Pillar	ICSH	VNLA
Cost30% weight	A89Higher	F24
Mission25% weight	A100	A100
Risk15% weight	C50	B55Higher
Tradability15% weight	A76Higher	B66
Holdings10% weight	A96Higher	B69
Durability5% weight	A91Higher	A82

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and VNLA 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 VNLA 34th 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 34BMINTPIMCO Enhanced Short Maturity Active Exchange-Traded FundScore 61
Rank 34BVNLAJanus Henderson Short Duration Income ETFScore 61
Rank 38BFTSMFirst Trust Enhanced Short Maturity ETFScore 60

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

VNLABJanus Henderson Short Duration 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.

VNLA A cash-plus ETF with a passport: active managers roam global investment-grade debt, keeping duration within 0-2 years of the 3-month T-bill index. In a category packed with bill trackers, this one tries to beat cash, not mirror it.

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.

VNLA VNLA seeks current income while emphasizing capital preservation and low volatility through an actively managed short-duration fixed-income strategy.

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.

VNLA Genuinely active: at least 80% in fixed income instruments, value hunted across sectors and geographies, duration held within 0-2 years of the 3-month T-bill index.sec.gov
0.23% net of a waiver through February 28, 2027 (0.25% gross), near the category median, which is modest for a globally managed credit strategy.
Running since 2016, one of the earliest active ultrashort bond ETFs, now a multi-billion-dollar fund that pays income monthly.sec.gov
Core is investment-grade debt rated Baa or higher, roughly 400 positions, so no single issuer carries the portfolio.sec.gov

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.

VNLA Costs more than the index bill trackers in the group (VBIL 0.06%, CLIP 0.07%, ICSH 0.08%), the price of an active manager making the calls.
Credit and non-US holdings mean the share price can move more than a pure Treasury bill fund. Low volatility is the stated aim, not a floor.sec.gov
The prospectus targets beating the 3-month T-bill index by a moderate amount over market cycles. That is an objective, and active calls can miss.sec.gov

Full ICSH profile⁠

Full VNLA profile⁠

ICSH vs VNLA Holdings

How ICSH and VNLA differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector12 Sectors0.0%
Countryby domicile90.0%
Asset classFixed Income100%

Sector

Sector weights in ICSH and VNLA, widest gap first
Sector	Gap	ICSH	VNLA
Energy	VNLA +66.7 points	0.0%	66.7%
Industrials	VNLA +33.3 points	0.0%	33.3%
Financial Company Commercial Paper	ICSH +25.1 points	25.1%	0.0%
Floating Rate	ICSH +17.9 points	17.9%	0.0%
Certificate of Deposit	ICSH +15.7 points	15.7%	0.0%
Tri-Party Repo	ICSH +10.4 points	10.4%	0.0%
Commercial Paper	ICSH +10.1 points	10.1%	0.0%
Asset Backed Commercial Paper	ICSH +9.2 points	9.2%	0.0%
Insurance Company Funding Agreement	ICSH +8.1 points	8.1%	0.0%
U.S. Treasury Debt	ICSH +3.1 points	3.1%	0.0%
Municipal Debt	ICSH +0.4 points	0.4%	0.0%
Investment Company	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in ICSH and VNLA, widest gap first
Country	Gap	ICSH	VNLA
Australia	VNLA +3.4 points	3.1%	6.5%
Sweden	ICSH +3.1 points	3.1%	0.0%
New Zealand	ICSH +2.2 points	2.6%	0.4%
Kuwait	VNLA +1.6 points	0.4%	2.0%
Canada	ICSH +1.5 points	4.5%	3.0%
Ireland	VNLA +1.3 points	0.4%	1.7%
Switzerland	VNLA +1.0 points	0.0%	1.0%
Luxembourg	ICSH +1.0 points	1.3%	0.3%
Other countries (13)	VNLA +0.3 points	84.7%	85.0%

Outside the US: ICSH 98% developed, 2% emerging. VNLA 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

ICSH10.1%
VNLA21.6%

Securities held

ICSH404
VNLA393

Asset class

ICSH: Fixed Income
VNLA: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 404 securities, VNLA 393.

All 249 ICSH holdings⁠All 386 VNLA 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 VNLA Cost

Overpaying VNLA vs ICSH

$3,070

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

ICSH 0.08%
$1,689
VNLA 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
VNLA 0.23%
Overpaying

Year by year

Year	ICSH	VNLA	Overpaying
10	$147	$419	$272
20	$575	$1,630	$1,055
30	$1,689	$4,759	$3,070

Expense ratio

0.08%ICSH, cheaper
0.23%VNLA

ICSH0.08%VNLA0.23%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

VNLA 58th cheapest of 78 funds

ICSH vs VNLA Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%; VNLA 4.71%, better
Payout (12M): ICSH $2.07; VNLA $2.29
Last payment: ICSH $0.18; VNLA $0.19
Ex-dividend: ICSH Nov 2, 2026; VNLA Oct 30, 2026
Paid on: ICSH Pays Nov 5, 2026; VNLA Pays Nov 5, 2026
Frequency: ICSH Monthly; VNLA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

VNLAMonthly · 46 paymentsAll VNLA payments⁠

ICSH vs VNLA Risk

Fall from peak · 5 years

ICSH
VNLA

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%, betterVNLA 0.8%
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87VNLA 1.22, better
Worst fallMax drawdown, 5 years: ICSH −0.7%, betterVNLA −1.6%
Market sensitivityBeta, 5 years: ICSH 0.04VNLA 0.10; Market = 1

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