BAGY vs. CSHP

Last updated Jun 4, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, BAGY returned -37.04% vs 3.96% for CSHP. At a correlation of -0.09, they often move in opposite directions. BAGY charges 0.65%/yr vs 0.20%/yr for CSHP.

Performance

BAGY vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAGY achieves a -21.90% return, which is significantly lower than CSHP's 1.63% return.

BAGY

• 1D: -2.73%
• 1M: -20.28%
• YTD: -21.90%
• 6M: -24.70%
• 1Y: -37.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BAGY vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-21.90%	-8.88%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	2.75%

Correlation

The correlation between BAGY and CSHP is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	-0.09

BAGY vs. CSHP - Sectors Allocation Comparison

Sectors	BAGY	CSHP
Financial Services	26.5%	0.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BAGY vs. CSHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BAGY

BAGY Risk / Return Rank: 2
BAGY Sharpe Ratio Rank: 2
BAGY Sortino Ratio Rank: 2
BAGY Omega Ratio Rank: 2
BAGY Calmar Ratio Rank: 2
BAGY Martin Ratio Rank: 2

CSHP

CSHP Risk / Return Rank: 100
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 100
CSHP Omega Ratio Rank: 100
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BAGY vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) and iShares Enhanced Short-Term Bond Active ETF (CSHP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BAGY	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	11.91	-12.79
Sortino ratio: Return per unit of downside risk	-1.20	31.26	-32.45
Omega ratio: Gain probability vs. loss probability	0.86	7.44	-6.58
Calmar ratio: Return relative to maximum drawdown	-0.78	65.71	-66.49
Martin ratio: Return relative to average drawdown	-1.41	432.16	-433.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAGY vs. CSHP - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -0.89, which is lower than the CSHP Sharpe Ratio of 11.91. The chart below compares the historical Sharpe Ratios of BAGY and CSHP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BAGY	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	11.91	-12.79
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	10.75	-11.41

Drawdowns

BAGY vs. CSHP - Drawdown Comparison

The maximum BAGY drawdown since its inception was -47.52%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BAGY and CSHP.

Drawdown Indicators

	BAGY	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-47.52%	-0.08%	-47.44%
Max Drawdown (1Y) Largest decline over 1 year	-47.52%	-0.06%	-47.46%
Current Drawdown Current decline from peak	-45.06%	0.00%	-45.06%
Average Drawdown Average peak-to-trough decline	-19.61%	-0.00%	-19.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.28%	0.01%	+26.27%

Volatility

BAGY vs. CSHP - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a higher volatility of 9.89% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that BAGY's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	0.07%	+9.82%
Volatility (6M) Calculated over the trailing 6-month period	33.39%	0.24%	+33.15%
Volatility (1Y) Calculated over the trailing 1-year period	41.93%	0.33%	+41.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.86%	0.40%	+40.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.86%	0.40%	+40.46%

BAGY vs. CSHP - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

BAGY vs. CSHP - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 58.25%, more than CSHP's 3.92% yield.

Position	TTM	2025	2024
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.25%	30.16%	0.00%
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%

Frequently Asked Questions

Can I hold both BAGY and CSHP in my portfolio?

BAGY and CSHP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAGY or CSHP?

BAGY has higher volatility (9.89%) compared to CSHP (0.07%). In terms of maximum drawdown, BAGY dropped -47.52% vs CSHP's -0.08%.

Which ETF is better, BAGY or CSHP?

On 1-year performance, CSHP leads with 3.96% vs -37.04% for BAGY. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or CSHP?

Over the 1-year period, CSHP has performed better with a 3.96% return vs -37.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.65% for BAGY.

Which ETF pays a higher dividend yield, BAGY or CSHP?

BAGY has the higher dividend yield at 58.25%, compared with 3.92% for CSHP.

What is the main difference between BAGY and CSHP?

BAGY is categorized as Derivative Income, while CSHP is Ultrashort Bond. They also come from different issuers: Amplify and iShares. Their fees differ too: 0.65% for BAGY and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.91 vs -0.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.