CSHI vs. VBIL

Last updated Jun 24, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both Ultrashort Bond funds. CSHI is actively managed, while VBIL is passively managed. Over the past year, CSHI returned 5.11% vs 3.91% for VBIL. At a correlation of -0.04, they often move in opposite directions. CSHI charges 0.38%/yr vs 0.07%/yr for VBIL.

Performance

CSHI vs. VBIL - 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 Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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 higher than VBIL's 1.71% return.

CSHI

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

VBIL

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.71%
• 6M: 1.81%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CSHI vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.39%	4.49%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.71%	3.73%

Correlation

The correlation between CSHI and VBIL is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.04

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: 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

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 1-3 Month T-Bill 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.

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	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	5.73	18.07	-12.35
Sortino ratio: Return per unit of downside risk	10.36	111.81	-101.45
Omega ratio: Gain probability vs. loss probability	2.59	39.66	-37.07
Calmar ratio: Return relative to maximum drawdown	24.19	296.41	-272.22
Martin ratio: Return relative to average drawdown	129.69	1,960.46	-1,830.77

CSHI vs. VBIL - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.73, which is lower than the VBIL Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of CSHI and VBIL, 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. 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	-0.21%	-0.01%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	—	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.00%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.00%	+0.04%

Volatility

CSHI vs. VBIL - Volatility Comparison

NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) has a higher volatility of 0.33% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. 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	0.33%	0.05%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	0.60%	0.16%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	0.90%	0.22%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	0.30%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	0.30%	+1.03%

CSHI vs. VBIL - Expense Ratio Comparison

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

Dividends

CSHI vs. VBIL - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 5.31%, more than VBIL's 3.65% yield.

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%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSHI and VBIL in my portfolio?

CSHI and VBIL have a correlation of -0.05, 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 VBIL?

CSHI has higher volatility (0.33%) compared to VBIL (0.05%). In terms of maximum drawdown, CSHI dropped -1.69% vs VBIL's -0.09%.

Which ETF is better, CSHI or VBIL?

On 1-year performance, CSHI leads with 5.11% vs 3.91% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHI or VBIL?

Over the 1-year period, CSHI has performed better with a 5.11% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHI or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.38% for CSHI.

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

CSHI has the higher dividend yield at 5.31%, compared with 3.65% for VBIL.

What is the main difference between CSHI and VBIL?

They also come from different issuers: Neos and Vanguard. Their fees differ too: 0.38% for CSHI and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 vs 5.73), 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.