ICSH vs XBIL: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

US Treasury 6 Month Bill ETF

XBILBNasdaq

Overlap

No data

Expense ratio

ICSH −0.07pt a year

ICSH0.08%XBIL0.15%

Avg volume · 30D

ICSH 16.1×the volume

ICSH1.64MXBIL102K

3Y return · a year

ICSH +0.5pt

ICSH+4.9%XBIL+4.4%

ICSH vs XBIL Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%ICSH+3.7%XBIL

Expense ratio: ICSH 0.08%, better; XBIL 0.15%
Fund size: ICSH $8.97B; XBIL $792M
1Y total return: ICSH +3.6%; XBIL +3.7%, better
Yield (12M): ICSH 4.13%, better; XBIL 4.00%
Holdings: ICSH 408; XBIL 2
Avg volume (30D): ICSH 1.64M sh, better; XBIL 102K sh
NAV per share: ICSH $50.47; XBIL $50.01
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, XBIL, with each pillar’s weight
Pillar	ICSH	XBIL
Cost30% weight	A89Higher	B66
Mission25% weight	A100	A100
Risk15% weight	C53Higher	C47
Tradability15% weight	A76Higher	C53
Holdings10% weight	A95Higher	D36
Durability5% weight	A90Higher	B62

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and XBIL 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 XBIL 27th 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 27BGSYInvesco Ultra Short Duration ETFScore 66
Rank 27BXBILUS Treasury 6 Month Bill ETFScore 66
Rank 30BCGUICapital Group Ultra Short Income ETFScore 65

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

XBILBUS Treasury 6 Month Bill 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.

XBIL Most cash-parking ETFs hold a basket of bills. XBIL holds one: the newest 6-month Treasury, rolled every month. Pinpoint exposure to a single spot on the yield curve, in a wrapper that pays monthly.

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.

XBIL The Fund seeks to track, before fees and expenses, the price and yield performance of the ICE BofA US 6-Month Treasury Bill Index. It is a passively managed ETF.

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.

XBIL Single-bond design. It holds the most recently auctioned ("on the run") 6-month bill and rolls automatically each month, so exposure stays pinned to that point on the curve.businesswire.com
Interest lands monthly instead of as a single lump at the bill's maturity, and shares trade in fractions of traditional bond sizing.businesswire.com
Sits further out the curve than 0-3 month bill funds like BIL and CLIP, capturing the 6-month rate rather than resetting every few weeks.
Part of a full single-security Treasury lineup from F/m, so the same mechanism exists at 3-month, 12-month and longer tenors if you want a different rung.fminvest.com ustreasuryetf.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.

XBIL At 0.15% a year it runs a hair above the typical fund in its group, and rivals like XONE (0.03%) and VBIL (0.06%) charge considerably less for short Treasury exposure.
Six months of maturity carries a bit more price sensitivity to rate moves than the 0-3 month bill funds it shares a shelf with.
A mid-sized, moderately traded fund rather than one of the category's behemoths, which can show up as wider bid-ask spreads.

Full ICSH profile⁠

Full XBIL profile⁠

ICSH vs XBIL Holdings

How ICSH and XBIL 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 XBIL.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and XBIL, widest gap first
Country	More in ICSHMore in XBIL	ICSH	XBIL
United States	XBIL +24.6 points	75.4%	100.0%
Canada	ICSH +4.5 points	4.5%	0.0%
United Kingdom	ICSH +3.3 points	3.3%	0.0%
Australia	ICSH +3.1 points	3.1%	0.0%
Sweden	ICSH +3.1 points	3.1%	0.0%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Japan	ICSH +1.4 points	1.4%	0.0%
Luxembourg	ICSH +1.3 points	1.3%	0.0%
Other countries (10)	ICSH +5.4 points	5.4%	0.0%

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

Concentration

Weight in the 10 largest Holdings

ICSH10.0%
XBIL100.0%

Securities held

ICSH407
XBIL1

Asset class

ICSH: Fixed Income
XBIL: Fixed Income

Holdings

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

All 251 ICSH holdings⁠All 2 XBIL 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 XBIL Cost

Overpaying XBIL vs ICSH

$1,448

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

ICSH 0.08%
$1,689
XBIL 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
XBIL 0.15%
Overpaying

Year by year

Year	ICSH	XBIL	Overpaying
10	$147	$274	$127
20	$575	$1,071	$496
30	$1,689	$3,137	$1,448

Expense ratio

0.08%ICSH, cheaper
0.15%XBIL

ICSH0.08%XBIL0.15%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

XBIL 23rd cheapest of 78 funds

ICSH vs XBIL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%, better; XBIL 4.00%
Payout (12M): ICSH $2.08; XBIL $2.00
Last payment: ICSH $0.17; XBIL $0.17
Ex-dividend: ICSH Oct 1, 2026; XBIL Oct 27, 2026
Paid on: ICSH Oct 6, 2026; XBIL Oct 28, 2026
Frequency: ICSH Monthly; XBIL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

XBILMonthly · 44 paymentsAll XBIL payments⁠

ICSH vs XBIL 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%XBIL 0.3%, better
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87, betterXBIL −0.52
Worst fallMax drawdown, 5 years: ICSH −0.7%XBIL −0.1%since Mar 2023
Market sensitivityBeta, 5 years: ICSH 0.04XBIL 0.02; Market = 1

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