CSHI vs. VPU

Last updated Jun 13, 2026

CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and VPU (Vanguard Utilities ETF) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index. CSHI is actively managed, while VPU is passively managed. Over the past 3 years, CSHI returned 5.42%/yr vs 13.65%/yr for VPU. At a 0.12 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.09%/yr for VPU.

Performance

CSHI vs. VPU - 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 Utilities ETF (VPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.31% return, which is significantly lower than VPU's 4.93% return.

CSHI

• 1D: 0.06%
• 1M: 0.27%
• YTD: 2.31%
• 6M: 2.56%
• 1Y: 5.17%
• 3Y*: 5.42%
• 5Y*: —
• 10Y*: —

VPU

• 1D: 1.15%
• 1M: -0.86%
• YTD: 4.93%
• 6M: 5.15%
• 1Y: 12.62%
• 3Y*: 13.65%
• 5Y*: 9.17%
• 10Y*: 9.06%

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

CSHI vs. VPU - 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%
VPU Vanguard Utilities ETF	4.93%	16.46%	23.04%	-7.45%	-5.53%

Correlation

The correlation between CSHI and VPU is -0.00, 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	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.12

The correlation between CSHI and VPU shifts across timeframes, from -0.00 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

CSHI vs. VPU - Sectors Allocation Comparison

Sectors	CSHI	VPU
Technology	35.6%	-
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	0.2%
Consumer Defensive	4.9%	-
Energy	3.5%	0.5%
Utilities	2.3%	99.3%
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

CSHI vs. VPU — 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: 98
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

VPU

VPU Risk / Return Rank: 26
VPU Sharpe Ratio Rank: 26
VPU Sortino Ratio Rank: 24
VPU Omega Ratio Rank: 25
VPU Calmar Ratio Rank: 31
VPU Martin Ratio Rank: 24

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. VPU - 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 Utilities ETF (VPU). 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	VPU	Difference
Sharpe ratio: Return per unit of total volatility	5.77	0.83	+4.94
Sortino ratio: Return per unit of downside risk	10.45	1.20	+9.25
Omega ratio: Gain probability vs. loss probability	2.60	1.15	+1.45
Calmar ratio: Return relative to maximum drawdown	24.49	1.34	+23.15
Martin ratio: Return relative to average drawdown	131.09	2.91	+128.18

CSHI vs. VPU - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 5.77, which is higher than the VPU Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of CSHI and VPU, 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. VPU - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum VPU drawdown of -46.31%. Use the drawdown chart below to compare losses from any high point for CSHI and VPU.

Drawdown Indicators

	CSHI	VPU	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-46.31%	+44.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-8.90%	+8.69%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-17.34%	+15.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.42%	—
Current Drawdown Current decline from peak	0.00%	-5.69%	+5.69%
Average Drawdown Average peak-to-trough decline	-0.03%	-7.78%	+7.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	4.10%	-4.06%

Volatility

CSHI vs. VPU - Volatility Comparison

The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.33%, while Vanguard Utilities ETF (VPU) has a volatility of 5.55%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than VPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	VPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	5.55%	-5.22%
Volatility (6M) Calculated over the trailing 6-month period	0.60%	11.52%	-10.92%
Volatility (1Y) Calculated over the trailing 1-year period	0.91%	14.41%	-13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	17.07%	-15.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	19.13%	-17.80%

CSHI vs. VPU - Expense Ratio Comparison

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

Dividends

CSHI vs. VPU - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 5.31%, more than VPU's 2.64% 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%
VPU Vanguard Utilities ETF	2.64%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both CSHI and VPU in my portfolio?

CSHI and VPU have a correlation of -0.00, 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 VPU?

VPU has higher volatility (5.55%) compared to CSHI (0.33%). In terms of maximum drawdown, CSHI dropped -1.69% vs VPU's -46.31%.

Which ETF is better, CSHI or VPU?

On 3-year performance, VPU leads with 13.65% vs 5.42% for CSHI. On fees, VPU is cheaper at 0.09% 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 VPU?

Over the 3-year period, VPU has performed better with a 13.65% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHI or VPU?

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

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

CSHI has the higher dividend yield at 5.31%, compared with 2.64% for VPU.

What is the main difference between CSHI and VPU?

CSHI is categorized as Ultrashort Bond, while VPU is Utilities Equities. They also come from different issuers: Neos and Vanguard. Their fees differ too: 0.38% for CSHI and 0.09% for VPU.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.77 vs 0.83), 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.