BILS vs. CSHI

Last updated Aug 6, 2026

BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both Ultrashort Bond funds. BILS is passively managed, while CSHI is actively managed. Over the past 3 years, BILS returned 4.58%/yr vs 5.41%/yr for CSHI. Their -0.04 correlation means they have often moved in opposite directions in the past. BILS charges 0.14%/yr vs 0.38%/yr for CSHI.

Performance

BILS vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BILS achieves a 2.05% return, which is significantly lower than CSHI's 3.02% return.

BILS

• 1D: 0.01%
• 1M: 0.31%
• 6M: 1.75%
• YTD: 2.05%
• 1Y: 3.78%
• 3Y*: 4.58%
• 5Y*: 3.43%
• 10Y*: —
• ALL TIME*: 2.91%

CSHI

• 1D: 0.02%
• 1M: 0.41%
• 6M: 2.63%
• YTD: 3.02%
• 1Y: 5.11%
• 3Y*: 5.41%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	$32.58M	$30.30M	$32.45M
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	$25.94M	$27.72M	$29.44M

BILS vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	2.05%	4.23%	5.17%	4.92%	0.96%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	3.02%	5.05%	5.66%	6.21%	1.39%

Correlation

The correlation between BILS and CSHI is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.00
Correlation (3Y) Balances recent behavior with more history.	-0.02
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	-0.04

Return for Risk

BILS vs. CSHI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BILS

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

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 99
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BILS vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BILS	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	17.38	6.19	+11.19
Sortino ratio: Return per unit of downside risk	83.66	11.32	+72.35
Omega ratio: Gain probability vs. loss probability	29.92	2.87	+27.06
Calmar ratio: Return relative to maximum drawdown	126.01	24.18	+101.84
Martin ratio: Return relative to average drawdown	1,183.65	142.59	+1,041.06

BILS vs. CSHI - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 17.38, which is higher than the CSHI Sharpe Ratio of 6.19. The chart below compares the historical Sharpe Ratios of BILS and CSHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BILS vs. CSHI - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum CSHI drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for BILS and CSHI.

Drawdown Indicators

	BILS	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-1.69%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.21%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-1.69%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.03%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.04%	-0.04%

Volatility

BILS vs. CSHI - Volatility Comparison

The current volatility for State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.06%, while NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) has a volatility of 0.10%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.10%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.57%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	0.83%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	1.31%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.29%	1.31%	-1.02%

BILS vs. CSHI - Expense Ratio Comparison

BILS has a 0.14% expense ratio, which is lower than CSHI's 0.38% expense ratio.

Dividends

BILS vs. CSHI - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.73%, less than CSHI's 4.83% yield.

Position	TTM	2025	2024	2023	2022
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	3.73%	4.08%	5.01%	4.98%	1.61%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.83%	5.11%	5.72%	6.15%	1.52%

Frequently Asked Questions

Can I hold both BILS and CSHI in my portfolio?

BILS and CSHI have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BILS or CSHI?

CSHI has higher volatility (0.10%) compared to BILS (0.06%). In terms of maximum drawdown, BILS dropped -0.41% vs CSHI's -1.69%.

Which ETF is better, BILS or CSHI?

On 3-year performance, CSHI leads with 5.41% vs 4.58% for BILS. On fees, BILS is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BILS or CSHI?

Over the 3-year period, CSHI has performed better with a 5.41% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or CSHI?

BILS is cheaper with a 0.14% expense ratio, compared with 0.38% for CSHI.

Which ETF pays a higher dividend yield, BILS or CSHI?

CSHI has the higher dividend yield at 4.83%, compared with 3.73% for BILS.

What is the main difference between BILS and CSHI?

They also come from different issuers: State Street and Neos. Their fees differ too: 0.14% for BILS and 0.38% for CSHI.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (17.38 vs 6.19), 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.