CSHI vs. TLT
CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. CSHI is actively managed, while TLT is passively managed. Over the past 3 years, CSHI returned 5.42%/yr vs -1.38%/yr for TLT. At a 0.03 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.15%/yr for TLT.
Performance
CSHI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, CSHI achieves a 2.31% return, which is significantly higher than TLT's 0.27% return.
CSHI
- 1D
- 0.06%
- 1M
- 0.31%
- YTD
- 2.31%
- 6M
- 2.56%
- 1Y
- 5.17%
- 3Y*
- 5.42%
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.24%
- 1M
- 1.54%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 2.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
CSHI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF | 2.31% | 5.05% | 5.66% | 6.21% | 1.39% |
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -10.60% |
Correlation
The correlation between CSHI and TLT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.03 |
The correlation between CSHI and TLT shifts across timeframes, from 0.03 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CSHI vs. TLT — Risk / Return Rank
CSHI
TLT
CSHI vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.47 | ||
| Sortino ratioReturn per unit of downside risk | +9.95 | ||
| Omega ratioGain probability vs. loss probability | 2.60 | 1.06 | +1.54 |
| Calmar ratioReturn relative to maximum drawdown | 24.49 | 0.38 | +24.11 |
| Martin ratioReturn relative to average drawdown | 131.09 | 0.92 | +130.17 |
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Drawdowns
CSHI vs. TLT - Drawdown Comparison
The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for CSHI and TLT.
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Drawdown Indicators
| CSHI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.69% | -48.35% | +46.66% |
Max Drawdown (1Y)Largest decline over 1 year | -0.21% | -7.58% | +7.37% |
Max Drawdown (3Y)Largest decline over 3 years | -1.69% | -19.18% | +17.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -40.12% | +40.12% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -13.84% | +13.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 3.14% | -3.10% |
Volatility
CSHI vs. TLT - Volatility Comparison
The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.33%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.83%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSHI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 2.83% | -2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 0.60% | 6.64% | -6.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.91% | 9.68% | -8.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.33% | 15.85% | -14.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 14.91% | -13.58% |
CSHI vs. TLT - Expense Ratio Comparison
CSHI has a 0.38% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
CSHI vs. TLT - Dividend Comparison
CSHI's dividend yield for the trailing twelve months is around 5.31%, more than TLT's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CSHI and TLT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to CSHI (0.33%). In terms of maximum drawdown, CSHI dropped -1.69% vs TLT's -48.35%.
On 3-year performance, CSHI leads with 5.42% vs -1.38% for TLT. On fees, TLT 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, CSHI has performed better with a 5.42% return vs -1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT 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 4.56% for TLT.
CSHI is categorized as Ultrashort Bond, while TLT is Government Bonds. They also come from different issuers: Neos and iShares. Their fees differ too: 0.38% for CSHI and 0.15% for TLT.
CSHI currently has the higher Sharpe Ratio (5.77 vs 0.30), 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.
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