BITB vs. CSHP
BITB (Bitwise Bitcoin ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while CSHP is a Ultrashort Bond fund actively managed by iShares. BITB is passively managed, while CSHP is actively managed. Over the past year, BITB returned -39.79% vs 3.94% for CSHP. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
BITB vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, BITB achieves a -28.85% return, which is significantly lower than CSHP's 1.83% return.
BITB
- 1D
- -3.23%
- 1M
- -17.74%
- YTD
- -28.85%
- 6M
- -28.92%
- 1Y
- -39.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITB vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITB Bitwise Bitcoin ETF | -28.85% | -6.47% | 44.30% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between BITB and CSHP is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.08 |
The correlation between BITB and CSHP shifts across timeframes, from -0.09 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BITB vs. CSHP — Risk / Return Rank
BITB
CSHP
BITB vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) 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.
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.
| BITB | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.99 | ||
| Sortino ratioReturn per unit of downside risk | -28.85 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 6.46 | -5.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 65.45 | -66.22 |
| Martin ratioReturn relative to average drawdown | -1.30 | 381.67 | -382.98 |
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Drawdowns
BITB vs. CSHP - Drawdown Comparison
The maximum BITB drawdown since its inception was -52.04%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BITB and CSHP.
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Drawdown Indicators
| BITB | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.04% | -0.08% | -51.96% |
Max Drawdown (1Y)Largest decline over 1 year | -52.04% | -0.06% | -51.98% |
Current DrawdownCurrent decline from peak | -50.43% | -0.04% | -50.39% |
Average DrawdownAverage peak-to-trough decline | -16.85% | -0.00% | -16.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.56% | 0.01% | +30.55% |
Volatility
BITB vs. CSHP - Volatility Comparison
Bitwise Bitcoin ETF (BITB) has a higher volatility of 13.08% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that BITB'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.
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Volatility by Period
| BITB | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.08% | 0.16% | +12.92% |
Volatility (6M)Calculated over the trailing 6-month period | 34.58% | 0.27% | +34.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.20% | 0.36% | +43.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.00% | 0.41% | +49.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.00% | 0.41% | +49.59% |
BITB vs. CSHP - Expense Ratio Comparison
Both BITB and CSHP have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BITB vs. CSHP - Dividend Comparison
BITB has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITB Bitwise Bitcoin ETF | 0.00% | 0.00% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
Frequently Asked Questions
BITB and CSHP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITB has higher volatility (13.08%) compared to CSHP (0.16%). In terms of maximum drawdown, BITB dropped -52.04% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -39.79% for BITB. Both ETFs have the same 0.20% expense ratio. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.94% return vs -39.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITB and CSHP have the same expense ratio: 0.20% per year.
CSHP has the higher dividend yield at 3.91%, compared with 0.00% for BITB.
BITB is categorized as Cryptocurrency, while CSHP is Ultrashort Bond. They also come from different issuers: Bitwise Asset Management and iShares.
CSHP currently has the higher Sharpe Ratio (11.09 vs -0.90), 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.
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