CSHI vs. UGA

Last updated Jun 24, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. CSHI is actively managed, while UGA is passively managed. Over the past 3 years, CSHI returned 5.40%/yr vs 18.95%/yr for UGA. At a 0.05 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.75%/yr for UGA.

Performance

CSHI vs. UGA - 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 United States Gasoline Fund LP (UGA). 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 lower than UGA's 64.09% return.

CSHI

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

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

CSHI vs. UGA - 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%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	0.94%

Correlation

The correlation between CSHI and UGA is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.05

The correlation between CSHI and UGA shifts across timeframes, from -0.14 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CSHI vs. UGA — 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

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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. UGA - 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 United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	5.73	1.73	+4.00
Sortino ratio: Return per unit of downside risk	10.36	2.25	+8.11
Omega ratio: Gain probability vs. loss probability	2.59	1.30	+1.29
Calmar ratio: Return relative to maximum drawdown	24.19	3.17	+21.03
Martin ratio: Return relative to average drawdown	129.69	9.39	+120.30

CSHI vs. UGA - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.73, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CSHI and UGA, 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. UGA - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CSHI and UGA.

Drawdown Indicators

	CSHI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-86.59%	+84.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-18.96%	+18.75%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-26.68%	+24.99%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-0.02%	-18.05%	+18.03%
Average Drawdown Average peak-to-trough decline	-0.03%	-36.69%	+36.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	6.43%	-6.39%

Volatility

CSHI vs. UGA - Volatility Comparison

The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.33%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	9.24%	-8.91%
Volatility (6M) Calculated over the trailing 6-month period	0.60%	30.57%	-29.97%
Volatility (1Y) Calculated over the trailing 1-year period	0.90%	35.22%	-34.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	34.45%	-33.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	37.22%	-35.89%

CSHI vs. UGA - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

CSHI vs. UGA - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 5.31%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	5.31%	5.11%	5.72%	6.15%	1.52%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSHI and UGA in my portfolio?

CSHI and UGA have a correlation of -0.14, 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 UGA?

UGA has higher volatility (9.24%) compared to CSHI (0.33%). In terms of maximum drawdown, CSHI dropped -1.69% vs UGA's -86.59%.

Which ETF is better, CSHI or UGA?

On 3-year performance, UGA leads with 18.95% vs 5.40% for CSHI. On fees, CSHI is cheaper at 0.38% 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.

Which ETF has performed better, CSHI or UGA?

Over the 3-year period, UGA has performed better with a 18.95% 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 UGA?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.75% for UGA.

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

CSHI has the higher dividend yield at 5.31%, compared with 0.00% for UGA.

What is the main difference between CSHI and UGA?

CSHI is categorized as Ultrashort Bond, while UGA is Oil & Gas. They also come from different issuers: Neos and Concierge Technologies. Their fees differ too: 0.38% for CSHI and 0.75% for UGA.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.73 vs 1.73), 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.