ICSH vs VUSB: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

No data

Expense ratio

ICSH −0.02pt a year

ICSH0.08%VUSB0.10%

Avg volume · 30D

VUSB 1.2×the volume

ICSH1.64MVUSB1.97M

5Y return · a year

ICSH +0.2pt

ICSH+3.9%VUSB+3.7%

ICSH vs VUSB Performance

Oct 29, 2021 – Oct 30, 2026

+21.3%ICSH+20.0%VUSB

Expense ratio: ICSH 0.08%, better; VUSB 0.10%
Fund size: ICSH $8.97B; VUSB $9.9B
1Y total return: ICSH +3.6%; VUSB +3.7%, better
Yield (12M): ICSH 4.13%; VUSB 4.27%, better
Holdings: ICSH 408; VUSB 1348
Avg volume (30D): ICSH 1.64M sh; VUSB 1.97M sh, better
NAV per share: ICSH $50.47; VUSB $49.62
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, VUSB, with each pillar’s weight
Pillar	ICSH	VUSB
Cost30% weight	A89Higher	A84
Mission25% weight	A100	A100
Risk15% weight	C53	C53
Tradability15% weight	A76Higher	B66
Holdings10% weight	A95Higher	A90
Durability5% weight	A90Higher	A89

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and VUSB 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 VUSB 3rd 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 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 4ATBLLInvesco Short Term Treasury ETFScore 80

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

VUSBAVanguard Ultra-Short Bond 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.

VUSB Vanguard's first actively managed bond ETF, run by its in-house fixed income team and priced at 0.10%. It holds investment-grade paper maturing inside two years: a step past a money fund, well short of a real bond fund.

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.

VUSB The fund seeks current income with limited price volatility while investing in diversified high- and medium-quality fixed-income securities. It expects to maintain a dollar-weighted average maturity of 0–2 years.

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.

VUSB At 0.10%, it costs half the typical ultra-short bond ETF and undercuts the other leaders in the group: SHV, PULS, FLDR and DUSB all charge 0.15%.
Active, not adventurous. The managers buy investment-grade bonds (A3-or-better high quality plus BBB-tier medium quality) and hold average maturity to zero-to-two years.vanguard.com
Income lands monthly, sourced from roughly 170 bonds, so no single issuer drives the outcome.
A multi-billion-dollar fund that trades actively, and the same portfolio team also runs a similar Vanguard ultra-short fund.vanguard.com

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.

VUSB This is not a money market fund. No fixed $1 share price, and the market price can trade above or below the value of the holdings.vanguard.com
The mandate allows BBB-tier credit, a notch of risk a Treasury-only neighbor like SHV doesn't take.vanguard.com
Bonds this short reprice with short-term rates, so the monthly payout drifts up and down instead of holding a set level.vanguard.com

Full ICSH profile⁠

Full VUSB profile⁠

ICSH vs VUSB Holdings

How ICSH and VUSB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile89.2%
Asset classFixed Income100%

Sector

No Sector split for VUSB.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and VUSB, widest gap first
Country	More in ICSHMore in VUSB	ICSH	VUSB
Sweden	ICSH +3.0 points	3.1%	0.1%
Canada	VUSB +2.7 points	4.5%	7.2%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Kuwait	VUSB +2.1 points	0.4%	2.5%
Germany	VUSB +1.7 points	0.0%	1.7%
Australia	ICSH +1.5 points	3.1%	1.6%
United States	VUSB +1.5 points	75.4%	76.9%
Luxembourg	ICSH +1.2 points	1.3%	0.1%
Other countries (17)	VUSB +0.3 points	9.7%	10.0%

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

Concentration

Weight in the 10 largest Holdings

ICSH10.0%
VUSB11.2%

Securities held

ICSH407
VUSB1,342

Asset class

ICSH: Fixed Income
VUSB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, VUSB 1,342.

All 251 ICSH holdings⁠All VUSB 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 VUSB Cost

Overpaying VUSB vs ICSH

$417

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

ICSH 0.08%
$1,689
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
VUSB 0.10%
Overpaying

Year by year

Year	ICSH	VUSB	Overpaying
10	$147	$183	$36
20	$575	$717	$142
30	$1,689	$2,106	$417

Expense ratio

0.08%ICSH, cheaper
0.10%VUSB

ICSH0.08%VUSB0.10%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

VUSB 13th cheapest of 78 funds

ICSH vs VUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%; VUSB 4.27%, better
Payout (12M): ICSH $2.08; VUSB $2.12
Last payment: ICSH $0.17; VUSB $0.18
Ex-dividend: ICSH Oct 1, 2026; VUSB Oct 1, 2026
Paid on: ICSH Oct 6, 2026; VUSB Oct 5, 2026
Frequency: ICSH Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

VUSBMonthly · 45 paymentsAll VUSB payments⁠

ICSH vs VUSB Risk

Fall from peak · 5 years

ICSH
VUSB

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%, betterVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87, betterVUSB 0.86
Worst fallMax drawdown, 5 years: ICSH −0.7%, betterVUSB −1.7%
Market sensitivityBeta, 5 years: ICSH 0.04VUSB 0.10; Market = 1

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