CSHI vs. YCS
CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CSHI is a Ultrashort Bond fund actively managed by Neos, while YCS is a Leveraged Currency fund tracking the JPY/USD 4:00 p.m. ET Cross Rate. CSHI is actively managed, while YCS is passively managed. Over the past 3 years, CSHI returned 5.41%/yr vs 17.44%/yr for YCS. Their 0.00 correlation means their historical movements had little consistent relationship. CSHI charges 0.38%/yr vs 0.95%/yr for YCS.
Performance
CSHI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, CSHI achieves a 3.02% return, which is significantly lower than YCS's 5.40% return.
CSHI
- 1D
- 0.02%
- 1M
- 0.41%
- 6M
- 2.63%
- YTD
- 3.02%
- 1Y
- 5.11%
- 3Y*
- 5.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.44%
YCS
- 1D
- -0.02%
- 1M
- -4.94%
- 6M
- 4.42%
- YTD
- 5.40%
- 1Y
- 22.68%
- 3Y*
- 17.44%
- 5Y*
- 22.89%
- 10Y*
- 13.35%
- ALL TIME*
- 6.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $25.94M | $27.72M | $29.44M | |
| $2.59M | $2.15M | $1.60M |
CSHI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF | 3.02% | 5.05% | 5.66% | 6.21% | 1.39% |
YCS ProShares UltraShort Yen | 5.40% | 9.04% | 35.41% | 28.70% | -10.24% |
Correlation
The correlation between CSHI and YCS is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.00 |
The correlation between CSHI and YCS shifts across timeframes, from -0.16 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CSHI vs. YCS — Risk / Return Rank
CSHI
YCS
CSHI vs. YCS - 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 ProShares UltraShort Yen (YCS). 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 | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.80 | ||
| Sortino ratioReturn per unit of downside risk | +9.52 | ||
| Omega ratioGain probability vs. loss probability | 2.87 | 1.27 | +1.59 |
| Calmar ratioReturn relative to maximum drawdown | 24.18 | 2.69 | +21.49 |
| Martin ratioReturn relative to average drawdown | 142.59 | 9.73 | +132.86 |
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Drawdowns
CSHI vs. YCS - Drawdown Comparison
The maximum CSHI drawdown since its inception was -1.69%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CSHI and YCS.
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Drawdown Indicators
| CSHI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.69% | -49.56% | +47.87% |
Max Drawdown (1Y)Largest decline over 1 year | -0.21% | -8.48% | +8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -1.69% | -23.05% | +21.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.34% | +7.34% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -19.75% | +19.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 2.34% | -2.30% |
Volatility
CSHI vs. YCS - Volatility Comparison
The current volatility for NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is 0.10%, while ProShares UltraShort Yen (YCS) has a volatility of 5.95%. This indicates that CSHI experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSHI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 5.95% | -5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 0.57% | 11.87% | -11.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.83% | 16.43% | -15.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.31% | 21.21% | -19.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.31% | 18.61% | -17.30% |
CSHI vs. YCS - Expense Ratio Comparison
CSHI has a 0.38% expense ratio, which is lower than YCS's 0.95% expense ratio.
Dividends
CSHI vs. YCS - Dividend Comparison
CSHI's dividend yield for the trailing twelve months is around 4.83%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF | 4.83% | 5.11% | 5.72% | 6.15% | 1.52% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CSHI and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.95%) compared to CSHI (0.10%). In terms of maximum drawdown, CSHI dropped -1.69% vs YCS's -49.56%.
On 3-year performance, YCS leads with 17.44% vs 5.41% for CSHI. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YCS has performed better with a 17.44% return vs 5.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHI is cheaper with a 0.38% expense ratio, compared with 0.95% for YCS.
CSHI has the higher dividend yield at 4.83%, compared with 0.00% for YCS.
CSHI is categorized as Ultrashort Bond, while YCS is Leveraged Currency. They also come from different issuers: Neos and ProShares. Their fees differ too: 0.38% for CSHI and 0.95% for YCS.
CSHI currently has the higher Sharpe Ratio (6.19 vs 1.39), 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.
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