CSHI vs. HIGH

Last updated Aug 2, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and HIGH (Simplify Enhanced Income ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while HIGH is a Derivative Income fund actively managed by Simplify. Both are actively managed. Over the past 3 years, CSHI returned 5.40%/yr vs 2.43%/yr for HIGH. Their 0.18 correlation means their historical movements had little consistent relationship. CSHI charges 0.38%/yr vs 0.50%/yr for HIGH.

Performance

CSHI vs. HIGH - 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 Simplify Enhanced Income ETF (HIGH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.96% return, which is significantly higher than HIGH's -1.00% return.

CSHI

• 1D: 0.02%
• 1M: 0.35%
• 6M: 2.63%
• YTD: 2.96%
• 1Y: 5.17%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.44%

HIGH

• 1D: 0.30%
• 1M: -0.44%
• 6M: -0.14%
• YTD: -1.00%
• 1Y: -1.25%
• 3Y*: 2.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.43%

*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)
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	$23.44M	$27.08M	$29.26M
HIGH Simplify Enhanced Income ETF	$264.89K	$245.02K	$537.34K

CSHI vs. HIGH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.96%	5.05%	5.66%	6.21%	0.74%
HIGH Simplify Enhanced Income ETF	-1.00%	4.35%	1.52%	7.70%	0.47%

Correlation

The correlation between CSHI and HIGH is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.18

Return for Risk

CSHI vs. HIGH — 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

HIGH

HIGH Risk / Return Rank: 8
HIGH Sharpe Ratio Rank: 8
HIGH Sortino Ratio Rank: 7
HIGH Omega Ratio Rank: 7
HIGH Calmar Ratio Rank: 8
HIGH Martin Ratio Rank: 8

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. HIGH - 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 Simplify Enhanced Income ETF (HIGH). 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	HIGH	Difference
Sharpe ratio: Return per unit of total volatility	5.98	-0.21	+6.19
Sortino ratio: Return per unit of downside risk	10.90	-0.26	+11.16
Omega ratio: Gain probability vs. loss probability	2.76	0.97	+1.79
Calmar ratio: Return relative to maximum drawdown	23.98	-0.21	+24.19
Martin ratio: Return relative to average drawdown	141.06	-0.34	+141.40

CSHI vs. HIGH - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.98, which is higher than the HIGH Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of CSHI and HIGH, 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. HIGH - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum HIGH drawdown of -9.50%. Use the drawdown chart below to compare losses from any high point for CSHI and HIGH.

Drawdown Indicators

	CSHI	HIGH	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-9.50%	+7.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-7.08%	+6.87%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-9.50%	+7.81%
Current Drawdown Current decline from peak	0.00%	-7.69%	+7.69%
Average Drawdown Average peak-to-trough decline	-0.03%	-2.59%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	4.46%	-4.42%

Volatility

CSHI vs. HIGH - Volatility Comparison

The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.11%, while Simplify Enhanced Income ETF (HIGH) has a volatility of 2.16%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than HIGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	HIGH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	2.16%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	0.57%	3.90%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	7.23%	-6.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	9.46%	-8.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	9.46%	-8.15%

CSHI vs. HIGH - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is lower than HIGH's 0.50% expense ratio.

Dividends

CSHI vs. HIGH - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.83%, less than HIGH's 6.88% yield.

Position	TTM	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.83%	5.11%	5.72%	6.15%	1.52%
HIGH Simplify Enhanced Income ETF	6.88%	7.71%	8.34%	9.40%	0.62%

Frequently Asked Questions

Can I hold both CSHI and HIGH in my portfolio?

CSHI and HIGH have a correlation of 0.20, 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 HIGH?

HIGH has higher volatility (2.16%) compared to CSHI (0.11%). In terms of maximum drawdown, CSHI dropped -1.69% vs HIGH's -9.50%.

Which ETF is better, CSHI or HIGH?

On 3-year performance, CSHI leads with 5.40% vs 2.43% for HIGH. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHI or HIGH?

Over the 3-year period, CSHI has performed better with a 5.40% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHI or HIGH?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.50% for HIGH.

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

HIGH has the higher dividend yield at 6.88%, compared with 4.83% for CSHI.

What is the main difference between CSHI and HIGH?

CSHI is categorized as Ultrashort Bond, while HIGH is Derivative Income. They also come from different issuers: Neos and Simplify. Their fees differ too: 0.38% for CSHI and 0.50% for HIGH.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.98 vs -0.21), 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.