CBTA vs. CSHP
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - CBTA is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. CBTA is passively managed, while CSHP is actively managed. Over the past year, CBTA returned -34.84% vs 3.90% for CSHP. At a correlation of -0.07, they often move in opposite directions. CBTA charges 0.69%/yr vs 0.20%/yr for CSHP.
Performance
CBTA vs. CSHP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBTA achieves a -24.25% return, which is significantly lower than CSHP's 2.04% return.
CBTA
- 1D
- 2.08%
- 1M
- 0.70%
- 6M
- -29.23%
- YTD
- -24.25%
- 1Y
- -34.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- 0.16%
- 1M
- 0.33%
- 6M
- 1.92%
- YTD
- 2.04%
- 1Y
- 3.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTA vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -24.25% | 11.82% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 2.04% | 3.11% |
Correlation
The correlation between CBTA 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 7, 2025 | -0.07 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CBTA vs. CSHP — Risk / Return Rank
CBTA
CSHP
CBTA vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) 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.
| CBTA | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.26 | ||
| Sortino ratioReturn per unit of downside risk | -13.26 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 4.20 | -3.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 16.91 | -17.78 |
| Martin ratioReturn relative to average drawdown | -1.48 | 167.20 | -168.68 |
Loading charts...
Drawdowns
CBTA vs. CSHP - Drawdown Comparison
The maximum CBTA drawdown since its inception was -39.83%, which is greater than CSHP's maximum drawdown of -0.23%. Use the drawdown chart below to compare losses from any high point for CBTA and CSHP.
Loading charts...
Drawdown Indicators
| CBTA | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.83% | -0.23% | -39.60% |
Max Drawdown (1Y)Largest decline over 1 year | -39.83% | -0.23% | -39.60% |
Current DrawdownCurrent decline from peak | -36.74% | -0.07% | -36.67% |
Average DrawdownAverage peak-to-trough decline | -15.05% | -0.01% | -15.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.52% | 0.02% | +23.50% |
Volatility
CBTA vs. CSHP - Volatility Comparison
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has a higher volatility of 6.11% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.46%. This indicates that CBTA'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.
Loading charts...
Volatility by Period
| CBTA | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.11% | 0.46% | +5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 23.10% | 0.51% | +22.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.37% | 0.55% | +28.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.23% | 0.51% | +26.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.23% | 0.51% | +26.72% |
CBTA vs. CSHP - Expense Ratio Comparison
CBTA has a 0.69% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
CBTA vs. CSHP - Dividend Comparison
CBTA's dividend yield for the trailing twelve months is around 1.18%, less than CSHP's 4.01% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.18% | 0.89% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 4.01% | 5.39% | 1.96% |
Frequently Asked Questions
CBTA 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.
CBTA has higher volatility (6.11%) compared to CSHP (0.46%). In terms of maximum drawdown, CBTA dropped -39.83% vs CSHP's -0.23%.
On 1-year performance, CSHP leads with 3.90% vs -34.84% for CBTA. 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 -34.84%. 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 0.69% for CBTA.
CSHP has the higher dividend yield at 4.01%, compared with 1.18% for CBTA.
CBTA is categorized as Defined Outcome, while CSHP is Ultrashort Bond. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBTA and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (7.07 vs -1.19), 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.
Find the right allocation for CBTA and CSHP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer