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 -35.68% vs 4.19% for CSHP. Their -0.04 correlation means they have often moved in opposite directions in the past. 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 -20.22% return, which is significantly lower than CSHP's 2.53% return.
BTCC
- 1D
- -0.34%
- 1M
- 5.11%
- 6M
- -11.21%
- YTD
- -20.22%
- 1Y
- -35.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -19.41%
CSHP
- 1D
- 0.15%
- 1M
- 0.50%
- 6M
- 2.23%
- YTD
- 2.53%
- 1Y
- 4.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $242.21K | $239.26K | $255.92K | |
| $14.42M | $7.30M | $2.63M |
BTCC vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCC Grayscale Bitcoin Covered Call ETF | -20.22% | -6.05% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 2.53% | 3.09% |
Correlation
The correlation between BTCC and CSHP is -0.01, 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. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | -0.04 |
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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 | -4.72 | ||
| Sortino ratioReturn per unit of downside risk | -8.04 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 2.79 | -1.97 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 10.90 | -11.71 |
| Martin ratioReturn relative to average drawdown | -1.27 | 68.37 | -69.64 |
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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 -0.39%. 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% | -0.39% | -44.01% |
Max Drawdown (1Y)Largest decline over 1 year | -44.40% | -0.39% | -44.01% |
Current DrawdownCurrent decline from peak | -38.98% | -0.12% | -38.86% |
Average DrawdownAverage peak-to-trough decline | -18.58% | -0.01% | -18.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.12% | 0.06% | +28.06% |
Volatility
BTCC vs. CSHP - Volatility Comparison
Grayscale Bitcoin Covered Call ETF (BTCC) has a higher volatility of 5.09% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 1.11%. 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 | 5.09% | 1.11% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 27.56% | 1.12% | +26.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.35% | 1.15% | +33.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 0.86% | +30.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.30% | 0.86% | +30.44% |
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 90.87%, more than CSHP's 4.10% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTCC Grayscale Bitcoin Covered Call ETF | 90.87% | 63.86% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 4.10% | 5.39% | 1.96% |
Frequently Asked Questions
BTCC and CSHP have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTCC has higher volatility (5.09%) compared to CSHP (1.11%). In terms of maximum drawdown, BTCC dropped -44.40% vs CSHP's -0.39%.
On 1-year performance, CSHP leads with 4.19% vs -35.68% for BTCC. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 1.11%. 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 4.19% return vs -35.68%. 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 90.87%, compared with 4.10% 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 (3.67 vs -1.04), 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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