CSHI vs. VBIL

Last updated Apr 1, 2026

Compare and contrast key facts about Neos Enhanced Income Cash Alternative ETF (CSHI) and Vanguard 0-3 Month Treasury Bill ETF (VBIL).

CSHI and VBIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CSHI is a passively managed fund by Neos that tracks the performance of the NONE. It was launched on Aug 29, 2022. VBIL is a passively managed fund by Vanguard that tracks the performance of the Bloomberg US Treasury Bills 0-3 Months Index. It was launched on Feb 7, 2025. Both CSHI and VBIL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CSHI vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Cash Alternative ETF (CSHI) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

CSHI vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CSHI Neos Enhanced Income Cash Alternative ETF	1.30%	4.45%
VBIL Vanguard 0-3 Month Treasury Bill ETF	0.86%	3.71%

Returns By Period

In the year-to-date period, CSHI achieves a 1.30% return, which is significantly higher than VBIL's 0.86% return.

CSHI

• 1D: 0.18%
• 1M: 0.57%
• YTD: 1.30%
• 6M: 2.57%
• 1Y: 5.43%
• 3Y*: 5.49%
• 5Y*: —
• 10Y*: —

VBIL

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.86%
• 6M: 1.88%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CSHI vs. VBIL - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than VBIL's 0.07% expense ratio.

CSHI

Neos Enhanced Income Cash Alternative ETF

VBIL

Vanguard 0-3 Month Treasury Bill ETF

Return for Risk

CSHI vs. VBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSHI

CSHI Risk / Return Rank: 97
CSHI Sharpe Ratio Rank: 97
CSHI Sortino Ratio Rank: 98
CSHI Omega Ratio Rank: 98
CSHI Calmar Ratio Rank: 92
CSHI Martin Ratio Rank: 98

VBIL

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

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. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Cash Alternative ETF (CSHI) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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	VBIL	Difference
Sharpe ratio Return per unit of total volatility	2.71	12.70	-9.99
Sortino ratio Return per unit of downside risk	4.01	29.61	-25.60
Omega ratio Gain probability vs. loss probability	2.01	12.58	-10.57
Calmar ratio Return relative to maximum drawdown	3.21	44.01	-40.80
Martin ratio Return relative to average drawdown	28.78	379.94	-351.16
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. VBIL - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 2.71, which is lower than the VBIL Sharpe Ratio of 12.70. The chart below compares the historical Sharpe Ratios of CSHI and VBIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CSHI	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	12.70	-9.99
Sharpe Ratio (All Time) Calculated using the full available price history	4.10	13.08	-8.99

Correlation

The correlation between CSHI and VBIL is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CSHI vs. VBIL - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.98%, more than VBIL's 3.67% yield.

	TTM	2025	2024	2023	2022
CSHI Neos Enhanced Income Cash Alternative ETF	4.98%	5.11%	5.72%	6.15%	1.52%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.67%	3.12%	0.00%	0.00%	0.00%

Drawdowns

CSHI vs. VBIL - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for CSHI and VBIL.

Drawdown Indicators

	CSHI	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-0.09%	-1.60%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-0.09%	-1.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	0.00%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.01%	+0.18%

Volatility

CSHI vs. VBIL - Volatility Comparison

Neos Enhanced Income Cash Alternative ETF (CSHI) has a higher volatility of 0.39% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.07%. This indicates that CSHI's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.07%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	0.68%	0.16%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	0.32%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.35%	0.31%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.35%	0.31%	+1.04%