CSHI vs. IWMI

Last updated Jun 4, 2026

CSHI (Neos Enhanced Income Cash Alternative ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund tracking the NONE, while IWMI is a Derivative Income fund actively managed by Neos. CSHI is passively managed, while IWMI is actively managed. Over the past year, CSHI returned 5.25% vs 34.38% for IWMI. At a 0.32 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.68%/yr for IWMI.

Performance

CSHI vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Cash Alternative ETF (CSHI) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.26% return, which is significantly lower than IWMI's 13.36% return.

CSHI

• 1D: 0.02%
• 1M: 0.37%
• YTD: 2.26%
• 6M: 2.59%
• 1Y: 5.25%
• 3Y*: 5.45%
• 5Y*: —
• 10Y*: —

IWMI

• 1D: -1.02%
• 1M: 3.18%
• YTD: 13.36%
• 6M: 13.24%
• 1Y: 34.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CSHI vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CSHI Neos Enhanced Income Cash Alternative ETF	2.26%	5.05%	2.95%
IWMI NEOS Russell 2000 High Income ETF	13.36%	14.97%	6.61%

Correlation

The correlation between CSHI and IWMI is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 26, 2024	0.32

CSHI vs. IWMI - Sectors Allocation Comparison

Sectors	CSHI	IWMI
Technology	35.6%	15.1%
Financial Services	11.8%	16.0%
Communication Services	11.2%	2.4%
Consumer Cyclical	10.1%	8.6%
Healthcare	8.5%	17.9%
Industrials	8.3%	16.6%
Consumer Defensive	4.9%	2.6%
Energy	3.5%	6.5%
Utilities	2.3%	3.1%
Real Estate	1.9%	6.3%
Basic Materials	1.8%	5.0%

Return for Risk

CSHI vs. IWMI — 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: 98
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

IWMI

IWMI Risk / Return Rank: 73
IWMI Sharpe Ratio Rank: 69
IWMI Sortino Ratio Rank: 69
IWMI Omega Ratio Rank: 66
IWMI Calmar Ratio Rank: 79
IWMI Martin Ratio Rank: 83

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. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Cash Alternative ETF (CSHI) and NEOS Russell 2000 High Income ETF (IWMI). 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.

	CSHI	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	6.16	2.33	+3.83
Sortino ratio: Return per unit of downside risk	11.83	3.25	+8.59
Omega ratio: Gain probability vs. loss probability	2.75	1.41	+1.35
Calmar ratio: Return relative to maximum drawdown	29.16	4.11	+25.05
Martin ratio: Return relative to average drawdown	154.18	17.09	+137.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSHI vs. IWMI - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 6.16, which is higher than the IWMI Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of CSHI and IWMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CSHI	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.16	2.33	+3.83
Sharpe Ratio (All Time) Calculated using the full available price history	4.18	1.04	+3.14

Drawdowns

CSHI vs. IWMI - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for CSHI and IWMI.

Drawdown Indicators

	CSHI	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-23.88%	+22.19%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-8.40%	+8.22%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	—	—
Current Drawdown Current decline from peak	0.00%	-1.02%	+1.02%
Average Drawdown Average peak-to-trough decline	-0.03%	-4.12%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	2.02%	-1.99%

Volatility

CSHI vs. IWMI - Volatility Comparison

The current volatility for Neos Enhanced Income Cash Alternative ETF (CSHI) is 0.11%, while NEOS Russell 2000 High Income ETF (IWMI) has a volatility of 4.31%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	4.31%	-4.20%
Volatility (6M) Calculated over the trailing 6-month period	0.52%	10.74%	-10.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.86%	14.84%	-13.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	17.89%	-16.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	17.89%	-16.57%

CSHI vs. IWMI - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is lower than IWMI's 0.68% expense ratio.

Dividends

CSHI vs. IWMI - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.90%, less than IWMI's 13.52% yield.

Position	TTM	2025	2024	2023	2022
CSHI Neos Enhanced Income Cash Alternative ETF	4.90%	5.11%	5.72%	6.15%	1.52%
IWMI NEOS Russell 2000 High Income ETF	13.52%	14.05%	8.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSHI and IWMI in my portfolio?

CSHI and IWMI have a correlation of 0.28, 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 IWMI?

IWMI has higher volatility (4.31%) compared to CSHI (0.11%). In terms of maximum drawdown, CSHI dropped -1.69% vs IWMI's -23.88%.

Which ETF is better, CSHI or IWMI?

On 1-year performance, IWMI leads with 34.38% vs 5.25% for CSHI. 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 IWMI?

Over the 1-year period, IWMI has performed better with a 34.38% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHI or IWMI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.68% for IWMI.

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

IWMI has the higher dividend yield at 13.52%, compared with 4.90% for CSHI.

What is the main difference between CSHI and IWMI?

CSHI is categorized as Ultrashort Bond, while IWMI is Derivative Income. Their fees differ too: 0.38% for CSHI and 0.68% for IWMI.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (6.16 vs 2.33), 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.