CSHP vs. CATF

Last updated Aug 6, 2026

CSHP (iShares Enhanced Short-Term Bond Active ETF) and CATF (American Century California Municipal Bond ETF) are both exchange-traded funds - CSHP is a Ultrashort Bond fund actively managed by iShares, while CATF is a Municipal Bonds fund actively managed by American Century. Both are actively managed. Over the past year, CSHP returned 3.81% vs 5.36% for CATF. Their -0.16 correlation means they have often moved in opposite directions in the past. CSHP charges 0.20%/yr vs 0.27%/yr for CATF.

Performance

CSHP vs. CATF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Enhanced Short-Term Bond Active ETF (CSHP) and American Century California Municipal Bond ETF (CATF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHP achieves a 2.18% return, which is significantly higher than CATF's 0.92% return.

CSHP

• 1D: -0.46%
• 1M: 0.11%
• 6M: 1.83%
• YTD: 2.18%
• 1Y: 3.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.18%

CATF

• 1D: 0.18%
• 1M: -1.31%
• 6M: -0.27%
• YTD: 0.92%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CATF American Century California Municipal Bond ETF	$262.84K	$215.88K	$267.18K
CSHP iShares Enhanced Short-Term Bond Active ETF	$3.43M	$6.98M	$2.63M

CSHP vs. CATF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	2.18%	4.10%	2.24%
CATF American Century California Municipal Bond ETF	0.92%	3.78%	0.62%

Correlation

The correlation between CSHP and CATF is -0.10, 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.	-0.10
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	-0.16

Return for Risk

CSHP vs. CATF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSHP

CSHP Risk / Return Rank: 97
CSHP Sharpe Ratio Rank: 96
CSHP Sortino Ratio Rank: 96
CSHP Omega Ratio Rank: 98
CSHP Calmar Ratio Rank: 97
CSHP Martin Ratio Rank: 98

CATF

CATF Risk / Return Rank: 58
CATF Sharpe Ratio Rank: 63
CATF Sortino Ratio Rank: 65
CATF Omega Ratio Rank: 70
CATF Calmar Ratio Rank: 47
CATF Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSHP vs. CATF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Short-Term Bond Active ETF (CSHP) and American Century California Municipal Bond ETF (CATF). 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.

	CSHP	CATF	Difference
Sharpe ratio: Return per unit of total volatility	3.08	1.70	+1.37
Sortino ratio: Return per unit of downside risk	4.87	2.45	+2.41
Omega ratio: Gain probability vs. loss probability	2.36	1.34	+1.03
Calmar ratio: Return relative to maximum drawdown	8.25	1.94	+6.30
Martin ratio: Return relative to average drawdown	56.11	6.01	+50.10

CSHP vs. CATF - Sharpe Ratio Comparison

The current CSHP Sharpe Ratio is 3.08, which is higher than the CATF Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of CSHP and CATF, 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

CSHP vs. CATF - Drawdown Comparison

The maximum CSHP drawdown since its inception was -0.46%, smaller than the maximum CATF drawdown of -4.83%. Use the drawdown chart below to compare losses from any high point for CSHP and CATF.

Drawdown Indicators

	CSHP	CATF	Difference
Max Drawdown Largest peak-to-trough decline	-0.46%	-4.83%	+4.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-2.77%	+2.31%
Current Drawdown Current decline from peak	-0.46%	-1.55%	+1.09%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.23%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.89%	-0.82%

Volatility

CSHP vs. CATF - Volatility Comparison

iShares Enhanced Short-Term Bond Active ETF (CSHP) has a higher volatility of 1.19% compared to American Century California Municipal Bond ETF (CATF) at 1.11%. This indicates that CSHP's price experiences larger fluctuations and is considered to be riskier than CATF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHP	CATF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.11%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.23%	2.45%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	3.16%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.93%	4.25%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	4.25%	-3.32%

CSHP vs. CATF - Expense Ratio Comparison

CSHP has a 0.20% expense ratio, which is lower than CATF's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CSHP vs. CATF - Dividend Comparison

CSHP's dividend yield for the trailing twelve months is around 4.11%, more than CATF's 3.33% yield.

Position	TTM	2025	2024
CATF American Century California Municipal Bond ETF	3.33%	3.40%	1.32%
CSHP iShares Enhanced Short-Term Bond Active ETF	4.11%	5.39%	1.96%

Frequently Asked Questions

Can I hold both CSHP and CATF in my portfolio?

CSHP and CATF 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, CSHP or CATF?

CSHP has higher volatility (1.19%) compared to CATF (1.11%). In terms of maximum drawdown, CSHP dropped -0.46% vs CATF's -4.83%.

Which ETF is better, CSHP or CATF?

On 1-year performance, CATF leads with 5.36% vs 3.81% for CSHP. On fees, CSHP is cheaper at 0.20% 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, CSHP or CATF?

Over the 1-year period, CATF has performed better with a 5.36% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHP or CATF?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.27% for CATF.

Which ETF pays a higher dividend yield, CSHP or CATF?

CSHP has the higher dividend yield at 4.11%, compared with 3.33% for CATF.

What is the main difference between CSHP and CATF?

CSHP is categorized as Ultrashort Bond, while CATF is Municipal Bonds. They also come from different issuers: iShares and American Century. Their fees differ too: 0.20% for CSHP and 0.27% for CATF.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (3.08 vs 1.70), 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.