CSHI vs. IAUM

Last updated Jun 13, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while IAUM is a Gold fund tracking the LBMA Gold Price PM. CSHI is actively managed, while IAUM is passively managed. Over the past 3 years, CSHI returned 5.42%/yr vs 29.28%/yr for IAUM. At a 0.04 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.09%/yr for IAUM.

Performance

CSHI vs. IAUM - 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 iShares Gold Trust Micro (IAUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.31% return, which is significantly higher than IAUM's -2.40% return.

CSHI

• 1D: 0.06%
• 1M: 0.27%
• YTD: 2.31%
• 6M: 2.56%
• 1Y: 5.17%
• 3Y*: 5.42%
• 5Y*: —
• 10Y*: —

IAUM

• 1D: 0.10%
• 1M: -9.51%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

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

CSHI vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.31%	5.05%	5.66%	6.21%	1.39%
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	4.91%

Correlation

The correlation between CSHI and IAUM is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.04

CSHI vs. IAUM - Sectors Allocation Comparison

Sectors	CSHI	IAUM
Technology	35.6%	-
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	100.0%
Basic Materials	1.8%	-

Return for Risk

CSHI vs. IAUM — 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: 98
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

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. IAUM - 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 iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	5.77	0.90	+4.87
Sortino ratio: Return per unit of downside risk	10.45	1.26	+9.19
Omega ratio: Gain probability vs. loss probability	2.60	1.19	+1.41
Calmar ratio: Return relative to maximum drawdown	24.49	1.00	+23.50
Martin ratio: Return relative to average drawdown	131.09	2.87	+128.22

CSHI vs. IAUM - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.77, which is higher than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CSHI and IAUM, 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. IAUM - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum IAUM drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for CSHI and IAUM.

Drawdown Indicators

	CSHI	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-24.37%	+22.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-24.37%	+24.16%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-24.37%	+22.68%
Current Drawdown Current decline from peak	0.00%	-21.99%	+21.99%
Average Drawdown Average peak-to-trough decline	-0.03%	-5.38%	+5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	8.46%	-8.42%

Volatility

CSHI vs. IAUM - Volatility Comparison

The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.33%, while iShares Gold Trust Micro (IAUM) has a volatility of 7.71%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	7.71%	-7.38%
Volatility (6M) Calculated over the trailing 6-month period	0.60%	23.82%	-23.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.91%	27.06%	-26.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	18.05%	-16.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	18.05%	-16.72%

CSHI vs. IAUM - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

CSHI vs. IAUM - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 5.31%, while IAUM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	5.31%	5.11%	5.72%	6.15%	1.52%
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSHI and IAUM in my portfolio?

CSHI and IAUM have a correlation of 0.02, 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 IAUM?

IAUM has higher volatility (7.71%) compared to CSHI (0.33%). In terms of maximum drawdown, CSHI dropped -1.69% vs IAUM's -24.37%.

Which ETF is better, CSHI or IAUM?

On 3-year performance, IAUM leads with 29.28% vs 5.42% for CSHI. On fees, IAUM is cheaper at 0.09% per year. On volatility, CSHI has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHI or IAUM?

Over the 3-year period, IAUM has performed better with a 29.28% 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 IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.38% for CSHI.

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

CSHI has the higher dividend yield at 5.31%, compared with 0.00% for IAUM.

What is the main difference between CSHI and IAUM?

CSHI is categorized as Ultrashort Bond, while IAUM is Gold. They also come from different issuers: Neos and iShares. Their fees differ too: 0.38% for CSHI and 0.09% for IAUM.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.77 vs 0.90), 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.