BTC vs. CSHP
BTC (Grayscale Bitcoin Mini Trust ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, BTC returned -38.61% vs 3.96% for CSHP. At a 0.08 correlation, their price movements are largely independent. BTC charges 0.15%/yr vs 0.20%/yr for CSHP.
Performance
BTC vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -25.36% return, which is significantly lower than CSHP's 1.63% return.
BTC
- 1D
- -2.73%
- 1M
- -18.40%
- YTD
- -25.36%
- 6M
- -29.74%
- 1Y
- -38.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.63%
- 6M
- 1.93%
- 1Y
- 3.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -25.36% | -7.50% | 44.64% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.63% | 4.10% | 2.03% |
Correlation
The correlation between BTC and CSHP is -0.08, 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 | -0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024 | 0.08 |
The correlation between BTC and CSHP shifts across timeframes, from -0.08 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTC vs. CSHP — Risk / Return Rank
BTC
CSHP
BTC vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.
| BTC | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.79 | ||
| Sortino ratioReturn per unit of downside risk | -32.48 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 7.44 | -6.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 65.71 | -66.49 |
| Martin ratioReturn relative to average drawdown | -1.36 | 432.16 | -433.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTC | 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 | -0.00 | 10.75 | -10.75 |
Drawdowns
BTC vs. CSHP - Drawdown Comparison
The maximum BTC drawdown since its inception was -49.34%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BTC and CSHP.
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Drawdown Indicators
| BTC | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.34% | -0.08% | -49.26% |
Max Drawdown (1Y)Largest decline over 1 year | -49.34% | -0.06% | -49.28% |
Current DrawdownCurrent decline from peak | -47.98% | 0.00% | -47.98% |
Average DrawdownAverage peak-to-trough decline | -16.61% | -0.00% | -16.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.38% | 0.01% | +28.37% |
Volatility
BTC vs. CSHP - Volatility Comparison
Grayscale Bitcoin Mini Trust ETF (BTC) has a higher volatility of 9.40% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that BTC'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
| BTC | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.40% | 0.07% | +9.33% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 0.24% | +34.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 0.33% | +43.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.30% | 0.40% | +47.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.30% | 0.40% | +47.90% |
BTC vs. CSHP - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is lower than CSHP's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BTC vs. CSHP - Dividend Comparison
BTC has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.92%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.92% | 5.39% | 1.96% |
Frequently Asked Questions
BTC and CSHP have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC has higher volatility (9.40%) compared to CSHP (0.07%). In terms of maximum drawdown, BTC dropped -49.34% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.96% vs -38.61% for BTC. On fees, BTC is cheaper at 0.15% 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.
Over the 1-year period, CSHP has performed better with a 3.96% return vs -38.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTC is cheaper with a 0.15% expense ratio, compared with 0.20% for CSHP.
CSHP has the higher dividend yield at 3.92%, compared with 0.00% for BTC.
BTC is categorized as Cryptocurrency, while CSHP is Ultrashort Bond. They also come from different issuers: Grayscale and iShares. Their fees differ too: 0.15% for BTC and 0.20% for CSHP.
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.
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