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 -30.02% vs 3.94% for CSHP. At a correlation of -0.11, they often move in opposite directions. CBTA charges 0.69%/yr vs 0.20%/yr for CSHP.
Performance
CBTA vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, CBTA achieves a -25.50% return, which is significantly lower than CSHP's 1.83% return.
CBTA
- 1D
- -1.88%
- 1M
- -9.31%
- YTD
- -25.50%
- 6M
- -28.82%
- 1Y
- -30.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTA vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -25.50% | 11.82% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 3.11% |
Correlation
The correlation between CBTA and CSHP is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | -0.11 |
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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 | -12.12 | ||
| Sortino ratioReturn per unit of downside risk | -29.02 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 6.46 | -5.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 65.45 | -66.22 |
| Martin ratioReturn relative to average drawdown | -1.38 | 381.67 | -383.06 |
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Drawdowns
CBTA vs. CSHP - Drawdown Comparison
The maximum CBTA drawdown since its inception was -38.87%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for CBTA and CSHP.
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Drawdown Indicators
| CBTA | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.87% | -0.08% | -38.79% |
Max Drawdown (1Y)Largest decline over 1 year | -38.87% | -0.06% | -38.81% |
Current DrawdownCurrent decline from peak | -37.79% | -0.04% | -37.75% |
Average DrawdownAverage peak-to-trough decline | -13.99% | -0.00% | -13.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.73% | 0.01% | +21.72% |
Volatility
CBTA vs. CSHP - Volatility Comparison
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has a higher volatility of 6.69% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. 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.
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Volatility by Period
| CBTA | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.69% | 0.16% | +6.53% |
Volatility (6M)Calculated over the trailing 6-month period | 24.14% | 0.27% | +23.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.24% | 0.36% | +28.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.51% | 0.41% | +27.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.51% | 0.41% | +27.10% |
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 1.20%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.20% | 0.89% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
Frequently Asked Questions
CBTA and CSHP have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBTA has higher volatility (6.69%) compared to CSHP (0.16%). In terms of maximum drawdown, CBTA dropped -38.87% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -30.02% for CBTA. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. 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 3.94% return vs -30.02%. 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 3.91%, compared with 1.20% 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 (11.09 vs -1.03), 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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