CSHI vs. CBOX

Last updated Aug 1, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while CBOX is a Options Trading fund actively managed by Calamos. Both are actively managed. Their -0.07 correlation means they have often moved in opposite directions in the past. CSHI charges 0.38%/yr vs 0.14%/yr for CBOX.

Performance

CSHI vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CSHI

• 1D: 0.02%
• 1M: 0.37%
• 6M: 2.63%
• YTD: 2.96%
• 1Y: 5.06%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.44%

CBOX

• 1D: 0.00%
• 1M: 0.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	$23.44M	$27.08M	$29.26M

CSHI vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	1.32%
CBOX Calamos Tax-Aware Collateral ETF	1.12%

Correlation

The correlation between CSHI and CBOX is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	-0.07

Return for Risk

CSHI vs. CBOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 99
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

CBOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSHI vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) and Calamos Tax-Aware Collateral ETF (CBOX). 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.

	CSHI	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	5.98	—	—
Sortino ratio: Return per unit of downside risk	10.90	—	—
Omega ratio: Gain probability vs. loss probability	2.76	—	—
Calmar ratio: Return relative to maximum drawdown	23.98	—	—
Martin ratio: Return relative to average drawdown	141.06	—	—

Drawdowns

CSHI vs. CBOX - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum CBOX drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for CSHI and CBOX.

Drawdown Indicators

	CSHI	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-2.90%	+1.21%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	—	—
Current Drawdown Current decline from peak	0.00%	-2.30%	+2.30%
Average Drawdown Average peak-to-trough decline	-0.03%	-1.47%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	—	—

Volatility

Volatility by Period

	CSHI	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	7.83%	-6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	7.83%	-6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	7.83%	-6.52%

CSHI vs. CBOX - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than CBOX's 0.14% expense ratio.

Dividends

CSHI vs. CBOX - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.83%, while CBOX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%	0.00%	0.00%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.83%	5.11%	5.72%	6.15%	1.52%

Frequently Asked Questions

Can I hold both CSHI and CBOX in my portfolio?

CSHI and CBOX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CSHI or CBOX?

On fees, CBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CSHI or CBOX?

CBOX is cheaper with a 0.14% expense ratio, compared with 0.38% for CSHI.

Which ETF pays a higher dividend yield, CSHI or CBOX?

CSHI has the higher dividend yield at 4.83%, compared with 0.00% for CBOX.

What is the main difference between CSHI and CBOX?

CSHI is categorized as Ultrashort Bond, while CBOX is Options Trading. They also come from different issuers: Neos and Calamos. Their fees differ too: 0.38% for CSHI and 0.14% for CBOX.