CSH2.L vs. FEDF.L
CSH2.L (Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc) and FEDF.L (Amundi USD Fed Funds Rate UCITS ETF Acc) are both Money Market funds from Amundi - CSH2.L tracks the SONIA Compounded (GBP Hedged) while FEDF.L tracks the Solactive Fed Funds Effective Rate Total Return Index. Both are passively managed. Over the past 10 years, CSH2.L returned 2.09%/yr vs 2.66%/yr for FEDF.L. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.10% expense ratio.
Performance
CSH2.L vs. FEDF.L - Performance Comparison
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Different Trading Currencies
CSH2.L is traded in GBp, while FEDF.L is traded in USD. To make them comparable, the FEDF.L 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 1.93% return, which is significantly lower than FEDF.L's 3.84% return. Over the past 10 years, CSH2.L has underperformed FEDF.L with an annualized return of 2.09%, while FEDF.L has yielded a comparatively higher 2.66% annualized return.
CSH2.L
- 1D
- 0.01%
- 1M
- 0.33%
- YTD
- 1.93%
- 6M
- 1.99%
- 1Y
- 4.35%
- 3Y*
- 4.97%
- 5Y*
- 3.70%
- 10Y*
- 2.09%
FEDF.L
- 1D
- 0.11%
- 1M
- 2.07%
- YTD
- 3.84%
- 6M
- 4.33%
- 1Y
- 6.43%
- 3Y*
- 3.38%
- 5Y*
- 4.68%
- 10Y*
- 2.66%
CSH2.L vs. FEDF.L - 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 | 1.93% | 4.67% | 5.61% | 4.72% | 1.54% | 0.13% | 0.30% | 0.82% | 0.70% | 0.42% |
FEDF.L Amundi USD Fed Funds Rate UCITS ETF Acc | 3.84% | -3.17% | 7.07% | -0.16% | 13.68% | 0.92% | -2.67% | -1.76% | 7.77% | -7.80% |
Correlation
The correlation between CSH2.L and FEDF.L 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 (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015 | 0.04 |
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Return for Risk
CSH2.L vs. FEDF.L — Risk / Return Rank
CSH2.L
FEDF.L
CSH2.L vs. FEDF.L - 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 Amundi USD Fed Funds Rate UCITS ETF Acc (FEDF.L). 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 | FEDF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.16 | ||
| Sortino ratioReturn per unit of downside risk | +13.78 | ||
| Omega ratioGain probability vs. loss probability | 4.49 | 1.17 | +3.32 |
| Calmar ratioReturn relative to maximum drawdown | 27.47 | 1.24 | +26.23 |
| Martin ratioReturn relative to average drawdown | 160.87 | 3.41 | +157.46 |
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Drawdowns
CSH2.L vs. FEDF.L - Drawdown Comparison
The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum FEDF.L drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for CSH2.L and FEDF.L.
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Drawdown Indicators
| CSH2.L | FEDF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.37% | -19.27% | +18.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.16% | -5.17% | +5.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -9.85% | +9.56% |
Max Drawdown (5Y)Largest decline over 5 years | -0.29% | -15.75% | +15.46% |
Max Drawdown (10Y)Largest decline over 10 years | -0.37% | -19.27% | +18.90% |
Current DrawdownCurrent decline from peak | 0.00% | -4.13% | +4.13% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -7.81% | +7.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 1.88% | -1.85% |
Volatility
CSH2.L vs. FEDF.L - Volatility Comparison
The current volatility for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) is 0.06%, while Amundi USD Fed Funds Rate UCITS ETF Acc (FEDF.L) has a volatility of 1.47%. This indicates that CSH2.L experiences smaller price fluctuations and is considered to be less risky than FEDF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSH2.L | FEDF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 1.47% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 0.23% | 4.99% | -4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.53% | 6.62% | -6.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.56% | 8.48% | -7.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.44% | 8.92% | -8.48% |
CSH2.L vs. FEDF.L - Expense Ratio Comparison
Both CSH2.L and FEDF.L have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CSH2.L vs. FEDF.L - Dividend Comparison
Neither CSH2.L nor FEDF.L has paid dividends to shareholders.
Frequently Asked Questions
CSH2.L and FEDF.L 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.
Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CSH2.L and FEDF.L have the same expense ratio: 0.10% per year.
CSH2.L tracks SONIA Compounded (GBP Hedged), while FEDF.L tracks Solactive Fed Funds Effective Rate Total Return Index.
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