CSHI vs. FLRN

Last updated Jul 12, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and FLRN (State Street SPDR Bloomberg Investment Grade Floating Rate ETF) are both Ultrashort Bond funds. CSHI is actively managed, while FLRN is passively managed. Over the past 3 years, CSHI returned 5.42%/yr vs 5.58%/yr for FLRN. At a 0.13 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.15%/yr for FLRN.

Performance

CSHI vs. FLRN - 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 State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.68% return, which is significantly higher than FLRN's 2.32% return.

CSHI

• 1D: 0.02%
• 1M: 0.42%
• 6M: 2.60%
• YTD: 2.68%
• 1Y: 5.12%
• 3Y*: 5.42%
• 5Y*: —
• 10Y*: —

FLRN

• 1D: 0.03%
• 1M: 0.38%
• 6M: 2.18%
• YTD: 2.32%
• 1Y: 4.65%
• 3Y*: 5.58%
• 5Y*: 4.29%
• 10Y*: 3.06%

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

CSHI vs. FLRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.68%	5.05%	5.66%	6.21%	1.39%
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF	2.32%	5.01%	6.32%	6.54%	1.38%

Correlation

The correlation between CSHI and FLRN is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.13

Return for Risk

CSHI vs. FLRN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

FLRN

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

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.

CSHI vs. FLRN - 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 State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN). 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	FLRN	Difference
Sharpe ratio: Return per unit of total volatility	6.03	6.80	-0.77
Sortino ratio: Return per unit of downside risk	10.99	12.28	-1.29
Omega ratio: Gain probability vs. loss probability	2.78	3.20	-0.42
Calmar ratio: Return relative to maximum drawdown	24.35	20.67	+3.68
Martin ratio: Return relative to average drawdown	140.04	122.30	+17.74

CSHI vs. FLRN - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 6.03, which is comparable to the FLRN Sharpe Ratio of 6.80. The chart below compares the historical Sharpe Ratios of CSHI and FLRN, 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

CSHI vs. FLRN - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum FLRN drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for CSHI and FLRN.

Drawdown Indicators

	CSHI	FLRN	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-14.64%	+12.95%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-0.23%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-1.43%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.64%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-1.81%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.04%	0.00%

Volatility

CSHI vs. FLRN - Volatility Comparison

NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) has a higher volatility of 0.21% compared to State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) at 0.17%. This indicates that CSHI's price experiences larger fluctuations and is considered to be riskier than FLRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	FLRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.17%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.59%	0.54%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.86%	0.69%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	1.69%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	4.20%	-2.88%

CSHI vs. FLRN - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than FLRN's 0.15% expense ratio.

Dividends

CSHI vs. FLRN - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.86%, more than FLRN's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.86%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF	4.44%	4.89%	5.67%	5.68%	1.95%	0.39%	1.22%	2.76%	2.39%	1.64%	1.06%	0.63%

Frequently Asked Questions

Can I hold both CSHI and FLRN in my portfolio?

CSHI and FLRN have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSHI or FLRN?

CSHI has higher volatility (0.21%) compared to FLRN (0.17%). In terms of maximum drawdown, CSHI dropped -1.69% vs FLRN's -14.64%.

Which ETF is better, CSHI or FLRN?

On 3-year performance, FLRN leads with 5.58% vs 5.42% for CSHI. On fees, FLRN is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHI or FLRN?

Over the 3-year period, FLRN has performed better with a 5.58% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHI or FLRN?

FLRN is cheaper with a 0.15% expense ratio, compared with 0.38% for CSHI.

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

CSHI has the higher dividend yield at 4.86%, compared with 4.44% for FLRN.

What is the main difference between CSHI and FLRN?

They also come from different issuers: Neos and State Street. Their fees differ too: 0.38% for CSHI and 0.15% for FLRN.

Which has better risk-adjusted returns?

FLRN currently has the higher Sharpe Ratio (6.80 vs 6.03), 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.