BTCC vs. CSHP
BTCC (Grayscale Bitcoin Covered Call ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - BTCC 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, BTCC returned -37.83% vs 3.90% for CSHP. At a correlation of -0.06, they often move in opposite directions. BTCC charges 0.66%/yr vs 0.20%/yr for CSHP.
Performance
BTCC vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, BTCC achieves a -21.47% return, which is significantly lower than CSHP's 2.04% return.
BTCC
- 1D
- 3.01%
- 1M
- 0.33%
- 6M
- -25.83%
- YTD
- -21.47%
- 1Y
- -37.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- 0.16%
- 1M
- 0.33%
- 6M
- 1.92%
- YTD
- 2.04%
- 1Y
- 3.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTCC vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCC Grayscale Bitcoin Covered Call ETF | -21.47% | -6.05% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 2.04% | 3.09% |
Correlation
The correlation between BTCC and CSHP is -0.05, 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 | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | -0.06 |
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Return for Risk
BTCC vs. CSHP — Risk / Return Rank
BTCC
CSHP
BTCC vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) 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.
| BTCC | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.17 | ||
| Sortino ratioReturn per unit of downside risk | -13.05 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 4.20 | -3.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 16.91 | -17.76 |
| Martin ratioReturn relative to average drawdown | -1.43 | 167.20 | -168.62 |
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Drawdowns
BTCC vs. CSHP - Drawdown Comparison
The maximum BTCC drawdown since its inception was -44.40%, which is greater than CSHP's maximum drawdown of -0.23%. Use the drawdown chart below to compare losses from any high point for BTCC and CSHP.
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Drawdown Indicators
| BTCC | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.40% | -0.23% | -44.17% |
Max Drawdown (1Y)Largest decline over 1 year | -44.40% | -0.23% | -44.17% |
Current DrawdownCurrent decline from peak | -39.94% | -0.07% | -39.87% |
Average DrawdownAverage peak-to-trough decline | -17.69% | -0.01% | -17.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.56% | 0.02% | +26.54% |
Volatility
BTCC vs. CSHP - Volatility Comparison
Grayscale Bitcoin Covered Call ETF (BTCC) has a higher volatility of 8.23% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.46%. This indicates that BTCC'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
| BTCC | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 0.46% | +7.77% |
Volatility (6M)Calculated over the trailing 6-month period | 28.62% | 0.51% | +28.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.40% | 0.55% | +33.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.85% | 0.51% | +31.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.85% | 0.51% | +31.34% |
BTCC vs. CSHP - Expense Ratio Comparison
BTCC has a 0.66% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
BTCC vs. CSHP - Dividend Comparison
BTCC's dividend yield for the trailing twelve months is around 102.62%, more than CSHP's 4.01% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTCC Grayscale Bitcoin Covered Call ETF | 102.62% | 63.86% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 4.01% | 5.39% | 1.96% |
Frequently Asked Questions
BTCC and CSHP have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTCC has higher volatility (8.23%) compared to CSHP (0.46%). In terms of maximum drawdown, BTCC dropped -44.40% vs CSHP's -0.23%.
On 1-year performance, CSHP leads with 3.90% vs -37.83% for BTCC. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.46%. 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 3.90% return vs -37.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.66% for BTCC.
BTCC has the higher dividend yield at 102.62%, compared with 4.01% for CSHP.
BTCC is categorized as Cryptocurrency, while CSHP is Ultrashort Bond. They also come from different issuers: Grayscale and iShares. Their fees differ too: 0.66% for BTCC and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (7.07 vs -1.10), 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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