CSHI vs. MUIIX

Last updated Jun 24, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 3 years, CSHI returned 5.40%/yr vs 4.55%/yr for MUIIX. At a correlation of -0.02, they often move in opposite directions. CSHI charges 0.38%/yr vs 0.35%/yr for MUIIX.

Performance

CSHI vs. MUIIX - 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 Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.39% return, which is significantly higher than MUIIX's 1.47% return.

CSHI

• 1D: -0.02%
• 1M: 0.27%
• YTD: 2.39%
• 6M: 2.58%
• 1Y: 5.11%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.47%
• 6M: 1.81%
• 1Y: 4.12%
• 3Y*: 4.55%
• 5Y*: 3.23%
• 10Y*: —

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

CSHI vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.39%	5.05%	5.66%	6.21%	1.39%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.47%	4.47%	4.94%	4.17%	1.14%

Correlation

The correlation between CSHI and MUIIX is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	-0.02

The correlation between CSHI and MUIIX shifts across timeframes, from -0.04 (3 years) to 0.08 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CSHI vs. MUIIX — 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

MUIIX

MUIIX Risk / Return Rank: 99
MUIIX Sharpe Ratio Rank: 98
MUIIX Sortino Ratio Rank: 100
MUIIX Omega Ratio Rank: 100
MUIIX Calmar Ratio Rank: 100
MUIIX Martin Ratio Rank: 100

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. MUIIX - 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 Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). 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	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	5.73	3.46	+2.27
Sortino ratio: Return per unit of downside risk	10.36	16.53	-6.17
Omega ratio: Gain probability vs. loss probability	2.59	7.73	-5.15
Calmar ratio: Return relative to maximum drawdown	24.19	41.33	-17.13
Martin ratio: Return relative to average drawdown	129.69	112.29	+17.40

CSHI vs. MUIIX - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.73, which is higher than the MUIIX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of CSHI and MUIIX, 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. MUIIX - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for CSHI and MUIIX.

Drawdown Indicators

	CSHI	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-1.20%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-0.10%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-1.20%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.20%	—
Current Drawdown Current decline from peak	-0.02%	-0.10%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.06%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.04%	0.00%

Volatility

CSHI vs. MUIIX - Volatility Comparison

The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.33%, while Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a volatility of 0.42%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than MUIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.42%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.60%	0.82%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.90%	1.20%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	1.59%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	1.43%	-0.10%

CSHI vs. MUIIX - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

CSHI vs. MUIIX - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 5.31%, more than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	5.31%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%

Frequently Asked Questions

Can I hold both CSHI and MUIIX in my portfolio?

CSHI and MUIIX have a correlation of 0.08, 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 MUIIX?

MUIIX has higher volatility (0.42%) compared to CSHI (0.33%). In terms of maximum drawdown, CSHI dropped -1.69% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.73 vs 3.46), 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.