CSH2.L vs. CSWC

Last updated Jun 30, 2026

CSH2.L (Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc) is Money Market fund tracking the SONIA Compounded (GBP Hedged), while CSWC (Capital Southwest Corporation) is a stock. Over the past 10 years, CSH2.L returned 2.10%/yr vs 17.28%/yr for CSWC. At a correlation of -0.02, they often move in opposite directions.

Performance

CSH2.L vs. CSWC - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) and Capital Southwest Corporation (CSWC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CSH2.L is traded in GBp, while CSWC is traded in USD. To make them comparable, the CSWC values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CSH2.L achieves a 2.01% return, which is significantly lower than CSWC's 14.23% return. Over the past 10 years, CSH2.L has underperformed CSWC with an annualized return of 2.10%, while CSWC has yielded a comparatively higher 17.28% annualized return.

CSH2.L

• 1D: 0.01%
• 1M: 0.32%
• YTD: 2.01%
• 6M: 2.08%
• 1Y: 4.39%
• 3Y*: 4.97%
• 5Y*: 3.71%
• 10Y*: 2.10%

CSWC

• 1D: 1.28%
• 1M: 4.07%
• YTD: 14.23%
• 6M: 15.92%
• 1Y: 24.85%
• 3Y*: 16.84%
• 5Y*: 13.16%
• 10Y*: 17.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CSH2.L vs. CSWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc	2.01%	4.67%	5.61%	4.72%	1.54%	0.13%	0.30%	0.82%	0.70%	0.42%
CSWC Capital Southwest Corporation	14.23%	6.14%	3.93%	48.29%	-15.67%	58.89%	-4.45%	18.13%	37.20%	0.48%

Correlation

The correlation between CSH2.L and CSWC 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 (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 29, 2015	-0.02

Return for Risk

CSH2.L vs. CSWC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

CSWC

CSWC Risk / Return Rank: 71
CSWC Sharpe Ratio Rank: 76
CSWC Sortino Ratio Rank: 71
CSWC Omega Ratio Rank: 68
CSWC Calmar Ratio Rank: 69
CSWC Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CSH2.L vs. CSWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) and Capital Southwest Corporation (CSWC). 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.

	CSH2.L	CSWC	Difference
Sharpe ratio: Return per unit of total volatility	8.32	1.33	+6.99
Sortino ratio: Return per unit of downside risk	15.58	1.98	+13.60
Omega ratio: Gain probability vs. loss probability	4.73	1.24	+3.49
Calmar ratio: Return relative to maximum drawdown	27.75	1.66	+26.09
Martin ratio: Return relative to average drawdown	163.55	5.58	+157.97

CSH2.L vs. CSWC - Sharpe Ratio Comparison

The current CSH2.L Sharpe Ratio is 8.32, which is higher than the CSWC Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of CSH2.L and CSWC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CSH2.L vs. CSWC - Drawdown Comparison

The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum CSWC drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for CSH2.L and CSWC.

Drawdown Indicators

	CSH2.L	CSWC	Difference
Max Drawdown Largest peak-to-trough decline	-0.37%	-58.68%	+58.31%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-15.01%	+14.85%
Max Drawdown (3Y) Largest decline over 3 years	-0.29%	-27.36%	+27.07%
Max Drawdown (5Y) Largest decline over 5 years	-0.29%	-27.36%	+27.07%
Max Drawdown (10Y) Largest decline over 10 years	-0.37%	-58.68%	+58.31%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-12.82%	+12.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	4.47%	-4.44%

Volatility

CSH2.L vs. CSWC - Volatility Comparison

The current volatility for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) is 0.06%, while Capital Southwest Corporation (CSWC) has a volatility of 4.31%. This indicates that CSH2.L experiences smaller price fluctuations and is considered to be less risky than CSWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSH2.L	CSWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	4.31%	-4.25%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	14.06%	-13.86%
Volatility (1Y) Calculated over the trailing 1-year period	0.53%	18.74%	-18.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.56%	22.51%	-21.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	27.34%	-26.90%

Dividends

CSH2.L vs. CSWC - Dividend Comparison

CSH2.L has not paid dividends to shareholders, while CSWC's dividend yield for the trailing twelve months is around 10.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CSWC Capital Southwest Corporation	10.89%	11.56%	11.59%	10.21%	12.46%	10.13%	11.49%	13.07%	10.77%	7.01%	2.35%	216.86%

Frequently Asked Questions

Can I hold both CSH2.L and CSWC in my portfolio?

CSH2.L and CSWC 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.