BNDI vs. CSHI

Last updated Jun 24, 2026

BNDI (Neos Enhanced Income Aggregate Bond ETF) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both exchange-traded funds - BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos, while CSHI is a Ultrashort Bond fund actively managed by Neos. Both are actively managed. Over the past 3 years, BNDI returned 4.85%/yr vs 5.40%/yr for CSHI. At a 0.12 correlation, their price movements are largely independent. BNDI charges 0.58%/yr vs 0.38%/yr for CSHI.

Performance

BNDI vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Aggregate Bond ETF (BNDI) 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, BNDI achieves a 1.50% return, which is significantly lower than CSHI's 2.39% return.

BNDI

• 1D: 0.00%
• 1M: 0.63%
• YTD: 1.50%
• 6M: 1.56%
• 1Y: 6.13%
• 3Y*: 4.85%
• 5Y*: —
• 10Y*: —

CSHI

• 1D: -0.02%
• 1M: 0.27%
• YTD: 2.39%
• 6M: 2.58%
• 1Y: 5.11%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —

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

BNDI vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	1.50%	7.95%	1.74%	6.89%	-2.88%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.39%	5.05%	5.66%	6.21%	1.39%

Correlation

The correlation between BNDI and CSHI is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.12

The correlation between BNDI and CSHI shifts across timeframes, from 0.10 (3 years) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BNDI vs. CSHI — Risk / Return Rank

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

BNDI

BNDI Risk / Return Rank: 45
BNDI Sharpe Ratio Rank: 43
BNDI Sortino Ratio Rank: 46
BNDI Omega Ratio Rank: 42
BNDI Calmar Ratio Rank: 47
BNDI Martin Ratio Rank: 48

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 98
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

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.

BNDI vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) 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.

	BNDI	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	1.45	5.73	-4.28
Sortino ratio: Return per unit of downside risk	2.21	10.36	-8.14
Omega ratio: Gain probability vs. loss probability	1.26	2.59	-1.33
Calmar ratio: Return relative to maximum drawdown	2.24	24.19	-21.96
Martin ratio: Return relative to average drawdown	7.76	129.69	-121.93

BNDI vs. CSHI - Sharpe Ratio Comparison

The current BNDI Sharpe Ratio is 1.45, which is lower than the CSHI Sharpe Ratio of 5.73. The chart below compares the historical Sharpe Ratios of BNDI 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

BNDI vs. CSHI - Drawdown Comparison

The maximum BNDI drawdown since its inception was -7.25%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for BNDI and CSHI.

Drawdown Indicators

	BNDI	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-7.25%	-1.69%	-5.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-0.21%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	-1.69%	-4.14%
Current Drawdown Current decline from peak	-0.64%	-0.02%	-0.62%
Average Drawdown Average peak-to-trough decline	-1.72%	-0.03%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.04%	+0.75%

Volatility

BNDI vs. CSHI - Volatility Comparison

Neos Enhanced Income Aggregate Bond ETF (BNDI) has a higher volatility of 1.43% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.33%. This indicates that BNDI's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDI	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	0.33%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	0.60%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	0.90%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.18%	1.33%	+4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.18%	1.33%	+4.85%

BNDI vs. CSHI - Expense Ratio Comparison

BNDI has a 0.58% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

BNDI vs. CSHI - Dividend Comparison

BNDI's dividend yield for the trailing twelve months is around 6.30%, more than CSHI's 5.31% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	6.30%	5.69%	5.54%	5.17%	1.68%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	5.31%	5.11%	5.72%	6.15%	1.52%

Frequently Asked Questions

Can I hold both BNDI and CSHI in my portfolio?

BNDI and CSHI have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDI or CSHI?

BNDI has higher volatility (1.43%) compared to CSHI (0.33%). In terms of maximum drawdown, BNDI dropped -7.25% vs CSHI's -1.69%.

Which ETF is better, BNDI or CSHI?

On 3-year performance, CSHI leads with 5.40% vs 4.85% for BNDI. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDI or CSHI?

Over the 3-year period, CSHI has performed better with a 5.40% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDI or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.58% for BNDI.

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

BNDI has the higher dividend yield at 6.30%, compared with 5.31% for CSHI.

What is the main difference between BNDI and CSHI?

BNDI is categorized as Intermediate Core-Plus Bond, while CSHI is Ultrashort Bond. Their fees differ too: 0.58% for BNDI and 0.38% for CSHI.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.73 vs 1.45), 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.