CSHI vs. PAAA

Last updated Aug 1, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and PAAA (PGIM AAA CLO ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while PAAA is a CLO fund actively managed by PGIM. Both are actively managed. Over the past 3 years, CSHI returned 5.40%/yr vs 6.48%/yr for PAAA. Their 0.12 correlation means their historical movements had little consistent relationship. CSHI charges 0.38%/yr vs 0.19%/yr for PAAA.

Performance

CSHI vs. PAAA - 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 PGIM AAA CLO ETF (PAAA). 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 PAAA's 2.76% return.

CSHI

• 1D: 0.02%
• 1M: 0.37%
• 6M: 2.63%
• YTD: 2.96%
• 1Y: 5.06%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.44%

PAAA

• 1D: 0.02%
• 1M: 0.39%
• 6M: 2.20%
• YTD: 2.76%
• 1Y: 5.00%
• 3Y*: 6.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.48%

*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
PAAA PGIM AAA CLO ETF	$115.54M	$105.02M	$101.96M

CSHI vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.96%	5.05%	5.66%	2.60%
PAAA PGIM AAA CLO ETF	2.76%	5.37%	7.47%	3.83%

Correlation

The correlation between CSHI and PAAA is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023	0.12

Return for Risk

CSHI vs. PAAA — 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

PAAA

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

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. PAAA - 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 PGIM AAA CLO ETF (PAAA). 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	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	5.98	10.73	-4.75
Sortino ratio: Return per unit of downside risk	10.90	20.88	-9.98
Omega ratio: Gain probability vs. loss probability	2.76	6.51	-3.75
Calmar ratio: Return relative to maximum drawdown	23.98	28.82	-4.85
Martin ratio: Return relative to average drawdown	141.06	178.72	-37.66

CSHI vs. PAAA - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.98, which is lower than the PAAA Sharpe Ratio of 10.73. The chart below compares the historical Sharpe Ratios of CSHI and PAAA, 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. PAAA - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for CSHI and PAAA.

Drawdown Indicators

	CSHI	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-1.04%	-0.65%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-0.17%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-1.04%	-0.65%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.02%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.03%	+0.01%

Volatility

CSHI vs. PAAA - Volatility Comparison

NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) and PGIM AAA CLO ETF (PAAA) have volatilities of 0.11% and 0.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.11%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.57%	0.36%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	0.47%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	0.95%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	0.95%	+0.36%

CSHI vs. PAAA - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than PAAA's 0.19% expense ratio.

Dividends

CSHI vs. PAAA - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.83%, less than PAAA's 5.23% 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%
PAAA PGIM AAA CLO ETF	5.23%	5.12%	5.88%	2.76%	0.00%

Frequently Asked Questions

Can I hold both CSHI and PAAA in my portfolio?

CSHI and PAAA have a correlation of 0.22, 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 PAAA?

PAAA has higher volatility (0.11%) compared to CSHI (0.11%). In terms of maximum drawdown, CSHI dropped -1.69% vs PAAA's -1.04%.

Which ETF is better, CSHI or PAAA?

On 3-year performance, PAAA leads with 6.48% vs 5.40% for CSHI. On fees, PAAA is cheaper at 0.19% 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 PAAA?

Over the 3-year period, PAAA has performed better with a 6.48% return vs 5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHI or PAAA?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.38% for CSHI.

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

PAAA has the higher dividend yield at 5.23%, compared with 4.83% for CSHI.

What is the main difference between CSHI and PAAA?

CSHI is categorized as Ultrashort Bond, while PAAA is CLO. They also come from different issuers: Neos and PGIM. Their fees differ too: 0.38% for CSHI and 0.19% for PAAA.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.73 vs 5.98), 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.