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CSHI vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CSHI vs. QUAL

Last updated Jun 13, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. CSHI is actively managed, while QUAL is passively managed. Over the past 3 years, CSHI returned 5.42%/yr vs 19.30%/yr for QUAL. At a 0.32 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.15%/yr for QUAL.

Performance

CSHI vs. QUAL - 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 MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CSHI achieves a 2.31% return, which is significantly lower than QUAL's 9.44% return.

CSHI

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

QUAL

1D
0.47%
1M
2.14%
YTD
9.44%
6M
9.29%
1Y
22.87%
3Y*
19.30%
5Y*
11.97%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CSHI vs. QUAL - Yearly Performance Comparison

2026 (YTD)2025202420232022
CSHI
NEOS Enhanced Income 1-3 Month T-Bill ETF		2.31%5.05%5.66%6.21%1.39%
QUAL
iShares MSCI USA Quality Factor ETF		9.44%12.65%22.29%30.88%-2.48%

Correlation

The correlation between CSHI and QUAL is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Aug 30, 2022

0.32

CSHI vs. QUAL - Sectors Allocation Comparison

Sectors
CSHI
QUAL

Technology

35.6%
36.5%

Financial Services

11.8%
11.5%

Communication Services

11.2%
11.1%

Consumer Cyclical

10.1%
9.3%

Healthcare

8.5%
9.0%

Industrials

8.3%
8.2%

Consumer Defensive

4.9%
4.9%

Energy

3.5%
4.0%

Utilities

2.3%
1.9%

Real Estate

1.9%
1.8%

Basic Materials

1.8%
1.7%

Technology

CSHI
35.6%
QUAL
36.5%

Financial Services

CSHI
11.8%
QUAL
11.5%

Communication Services

CSHI
11.2%
QUAL
11.1%

Consumer Cyclical

CSHI
10.1%
QUAL
9.3%

Healthcare

CSHI
8.5%
QUAL
9.0%

Industrials

CSHI
8.3%
QUAL
8.2%

Consumer Defensive

CSHI
4.9%
QUAL
4.9%

Energy

CSHI
3.5%
QUAL
4.0%

Utilities

CSHI
2.3%
QUAL
1.9%

Real Estate

CSHI
1.9%
QUAL
1.8%

Basic Materials

CSHI
1.8%
QUAL
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

NEOS Enhanced Income 1-3 Month T-Bill ETF

iShares MSCI USA Quality Factor ETF

Often compared with CSHI:
CSHI vs. SGOVCSHI vs. BOXXCSHI vs. BUCKCSHI vs. BNDICSHI vs. HIGHCSHI vs. THTACSHI vs. PULS
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

CSHI vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CSHI
CSHI Risk / Return Rank: 9999
Overall Rank
CSHI Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CSHI Sortino Ratio Rank: 9999
Sortino Ratio Rank
CSHI Omega Ratio Rank: 9898
Omega Ratio Rank
CSHI Calmar Ratio Rank: 9999
Calmar Ratio Rank
CSHI Martin Ratio Rank: 9999
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5959
Overall Rank
QUAL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5656
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5353
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6767
Martin Ratio Rank
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. QUAL - 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 MSCI USA Quality Factor ETF (QUAL). 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.

CSHIQUALDifference
Sharpe ratioReturn per unit of total volatility
5.77
1.74

+4.04

Sortino ratioReturn per unit of downside risk
10.45
2.46

+7.99

Omega ratioGain probability vs. loss probability

2.60

1.31

+1.29

Calmar ratioReturn relative to maximum drawdown

24.49

2.32

+22.17

Martin ratioReturn relative to average drawdown

131.09

10.60

+120.49

CSHI vs. QUAL - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.77, which is higher than the QUAL Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of CSHI and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CSHI vs. QUAL - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for CSHI and QUAL.

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Drawdown Indicators

CSHIQUALDifference

Max Drawdown

Largest peak-to-trough decline

-1.69%

-34.06%

+32.37%

Max Drawdown (1Y)

Largest decline over 1 year

-0.21%

-9.03%

+8.82%

Max Drawdown (3Y)

Largest decline over 3 years

-1.69%

-18.00%

+16.31%

Max Drawdown (5Y)

Largest decline over 5 years

—

-28.23%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

0.00%

-0.19%

+0.19%

Average Drawdown

Average peak-to-trough decline

-0.03%

-4.10%

+4.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.04%

1.99%

-1.95%

Volatility

CSHI vs. QUAL - Volatility Comparison

The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.33%, while iShares MSCI USA Quality Factor ETF (QUAL) has a volatility of 3.63%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CSHIQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.33%

3.63%

-3.30%

Volatility (6M)

Calculated over the trailing 6-month period

0.60%

9.43%

-8.83%

Volatility (1Y)

Calculated over the trailing 1-year period

0.91%

12.10%

-11.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.33%

17.36%

-16.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.33%

18.11%

-16.78%

CSHI vs. QUAL - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

CSHI vs. QUAL - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 5.31%, more than QUAL's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
CSHI
NEOS Enhanced Income 1-3 Month T-Bill ETF		5.31%5.11%5.72%6.15%1.52%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

CSHI and QUAL have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.63%) compared to CSHI (0.33%). In terms of maximum drawdown, CSHI dropped -1.69% vs QUAL's -34.06%.

On 3-year performance, QUAL leads with 19.30% vs 5.42% for CSHI. On fees, QUAL is cheaper at 0.15% 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.

Over the 3-year period, QUAL has performed better with a 19.30% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.38% for CSHI.

CSHI has the higher dividend yield at 5.31%, compared with 0.87% for QUAL.

CSHI is categorized as Ultrashort Bond, while QUAL is Large Cap Blend Equities. They also come from different issuers: Neos and iShares. Their fees differ too: 0.38% for CSHI and 0.15% for QUAL.

CSHI currently has the higher Sharpe Ratio (5.77 vs 1.74), 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.

Portfolio Optimizer

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