CSHI vs. VRIG

Last updated Jun 4, 2026

CSHI (Neos Enhanced Income Cash Alternative ETF) and VRIG (Invesco Variable Rate Investment Grade ETF) are both Ultrashort Bond funds. CSHI is passively managed, while VRIG is actively managed. Over the past 3 years, CSHI returned 5.45%/yr vs 5.98%/yr for VRIG. At a 0.11 correlation, their price movements are largely independent. CSHI charges 0.38%/yr vs 0.30%/yr for VRIG.

Performance

CSHI vs. VRIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Cash Alternative ETF (CSHI) and Invesco Variable Rate Investment Grade ETF (VRIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHI achieves a 2.26% return, which is significantly higher than VRIG's 1.81% return.

CSHI

• 1D: 0.02%
• 1M: 0.37%
• YTD: 2.26%
• 6M: 2.59%
• 1Y: 5.25%
• 3Y*: 5.45%
• 5Y*: —
• 10Y*: —

VRIG

• 1D: 0.02%
• 1M: 0.39%
• YTD: 1.81%
• 6M: 2.20%
• 1Y: 4.99%
• 3Y*: 5.98%
• 5Y*: 4.42%
• 10Y*: —

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

CSHI vs. VRIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSHI Neos Enhanced Income Cash Alternative ETF	2.26%	5.05%	5.66%	6.21%	1.46%
VRIG Invesco Variable Rate Investment Grade ETF	1.81%	5.05%	6.81%	7.37%	1.13%

Correlation

The correlation between CSHI and VRIG is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.11

CSHI vs. VRIG - Sectors Allocation Comparison

Sectors	CSHI	VRIG
Technology	35.6%	0.4%
Financial Services	11.8%	23.3%
Communication Services	11.2%	-
Consumer Cyclical	10.1%	3.0%
Healthcare	8.5%	-
Industrials	8.3%	0.0%
Consumer Defensive	4.9%	0.7%
Energy	3.5%	-
Utilities	2.3%	0.1%
Real Estate	1.9%	0.3%
Basic Materials	1.8%	0.8%

Return for Risk

CSHI vs. VRIG — 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

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 100
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 100
VRIG 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. VRIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Cash Alternative ETF (CSHI) and Invesco Variable Rate Investment Grade ETF (VRIG). 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	VRIG	Difference
Sharpe ratio: Return per unit of total volatility	6.16	10.15	-3.99
Sortino ratio: Return per unit of downside risk	11.83	24.59	-12.76
Omega ratio: Gain probability vs. loss probability	2.75	5.38	-2.63
Calmar ratio: Return relative to maximum drawdown	29.16	62.75	-33.59
Martin ratio: Return relative to average drawdown	154.18	320.64	-166.46
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. VRIG - Sharpe Ratio Comparison

The current CSHI Sharpe Ratio is 6.16, which is lower than the VRIG Sharpe Ratio of 10.15. The chart below compares the historical Sharpe Ratios of CSHI and VRIG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CSHI	VRIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.16	10.15	-3.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	3.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.18	0.91	+3.27

Drawdowns

CSHI vs. VRIG - Drawdown Comparison

The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum VRIG drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for CSHI and VRIG.

Drawdown Indicators

	CSHI	VRIG	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-13.04%	+11.35%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-0.08%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-1.69%	-0.78%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.28%	—
Current Drawdown Current decline from peak	0.00%	-0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.27%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.02%	+0.01%

Volatility

CSHI vs. VRIG - Volatility Comparison

Neos Enhanced Income Cash Alternative ETF (CSHI) and Invesco Variable Rate Investment Grade ETF (VRIG) have volatilities of 0.11% and 0.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHI	VRIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.11%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.52%	0.36%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	0.86%	0.49%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	1.29%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	3.80%	-2.48%

CSHI vs. VRIG - Expense Ratio Comparison

CSHI has a 0.38% expense ratio, which is higher than VRIG's 0.30% expense ratio.

Dividends

CSHI vs. VRIG - Dividend Comparison

CSHI's dividend yield for the trailing twelve months is around 4.90%, more than VRIG's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CSHI Neos Enhanced Income Cash Alternative ETF	4.90%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRIG Invesco Variable Rate Investment Grade ETF	4.79%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%

Frequently Asked Questions

Can I hold both CSHI and VRIG in my portfolio?

CSHI and VRIG have a correlation of 0.10, 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 VRIG?

VRIG has higher volatility (0.11%) compared to CSHI (0.11%). In terms of maximum drawdown, CSHI dropped -1.69% vs VRIG's -13.04%.

Which ETF is better, CSHI or VRIG?

On 3-year performance, VRIG leads with 5.98% vs 5.45% for CSHI. On fees, VRIG is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHI or VRIG?

Over the 3-year period, VRIG has performed better with a 5.98% return vs 5.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHI or VRIG?

VRIG is cheaper with a 0.30% expense ratio, compared with 0.38% for CSHI.

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

CSHI has the higher dividend yield at 4.90%, compared with 4.79% for VRIG.

What is the main difference between CSHI and VRIG?

They also come from different issuers: Neos and Invesco. Their fees differ too: 0.38% for CSHI and 0.30% for VRIG.

Which has better risk-adjusted returns?

VRIG currently has the higher Sharpe Ratio (10.15 vs 6.16), 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.