CSHI vs. SPY

Last updated Jun 9, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while SPY is a S&P 500 fund tracking the S&P 500 Index. CSHI is actively managed, while SPY is passively managed. Over the past 3 years, CSHI returned 5.40%/yr vs 21.35%/yr for SPY. At a 0.32 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.09%/yr for SPY.

Performance

CSHI vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.22% return, which is significantly lower than SPY's 8.70% return.

CSHI

• 1D: 0.12%
• 1M: 0.23%
• YTD: 2.22%
• 6M: 2.51%
• 1Y: 5.13%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.23%
• 1M: 0.22%
• YTD: 8.70%
• 6M: 8.75%
• 1Y: 24.79%
• 3Y*: 21.35%
• 5Y*: 13.42%
• 10Y*: 15.27%

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

CSHI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.22%	5.05%	5.66%	6.21%	1.46%
SPY State Street SPDR S&P 500 ETF	8.70%	17.72%	24.89%	26.18%	-3.13%

Correlation

The correlation between CSHI and SPY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.32

CSHI vs. SPY - Sectors Allocation Comparison

Sectors	CSHI	SPY
Technology	35.6%	35.9%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.5%	8.4%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

CSHI vs. SPY — 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: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

SPY

SPY Risk / Return Rank: 69
SPY Sharpe Ratio Rank: 70
SPY Sortino Ratio Rank: 67
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	5.80	2.06	+3.73
Sortino ratio: Return per unit of downside risk	10.51	2.78	+7.73
Omega ratio: Gain probability vs. loss probability	2.61	1.38	+1.23
Calmar ratio: Return relative to maximum drawdown	25.71	2.80	+22.91
Martin ratio: Return relative to average drawdown	141.38	12.93	+128.45
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. SPY - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.80, which is higher than the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of CSHI and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.80	2.06	+3.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.15	0.58	+3.57

Drawdowns

CSHI vs. SPY - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CSHI and SPY.

Drawdown Indicators

	CSHI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-55.19%	+53.50%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-8.88%	+8.68%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-18.76%	+17.07%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.08%	-2.68%	+2.60%
Average Drawdown Average peak-to-trough decline	-0.03%	-9.04%	+9.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	1.92%	-1.88%

Volatility

CSHI vs. SPY - Volatility Comparison

The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.27%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.72%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	3.72%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	0.57%	9.31%	-8.74%
Volatility (1Y) Calculated over the trailing 1-year period	0.89%	12.10%	-11.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	17.09%	-15.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	17.96%	-16.63%

CSHI vs. SPY - Expense Ratio Comparison

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

Dividends

CSHI vs. SPY - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.91%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.91%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CSHI and SPY in my portfolio?

CSHI and SPY have a correlation of 0.37, 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 SPY?

SPY has higher volatility (3.72%) compared to CSHI (0.27%). In terms of maximum drawdown, CSHI dropped -1.69% vs SPY's -55.19%.

Which ETF is better, CSHI or SPY?

On 3-year performance, SPY leads with 21.35% vs 5.40% for CSHI. On fees, SPY is cheaper at 0.09% per year. On volatility, CSHI has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHI or SPY?

Over the 3-year period, SPY has performed better with a 21.35% 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 SPY?

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

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

CSHI has the higher dividend yield at 4.91%, compared with 1.00% for SPY.

What is the main difference between CSHI and SPY?

CSHI is categorized as Ultrashort Bond, while SPY is S&P 500. They also come from different issuers: Neos and State Street. Their fees differ too: 0.38% for CSHI and 0.09% for SPY.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.80 vs 2.06), 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.