CSHP vs. SPTU

Last updated Jun 4, 2026

CSHP (iShares Enhanced Short-Term Bond Active ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds. CSHP is actively managed, while SPTU is passively managed. At a 0.21 correlation, their price movements are largely independent. CSHP charges 0.20%/yr vs 0.05%/yr for SPTU.

Performance

CSHP vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Enhanced Short-Term Bond Active ETF (CSHP) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSHP achieves a 1.63% return, which is significantly higher than SPTU's 1.48% return.

CSHP

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CSHP vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	0.90%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between CSHP and SPTU is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.21

Return for Risk

CSHP vs. SPTU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSHP

CSHP Risk / Return Rank: 100
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 100
CSHP Omega Ratio Rank: 100
CSHP Calmar Ratio Rank: 100
CSHP 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.

CSHP vs. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Short-Term Bond Active ETF (CSHP) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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.

	CSHP	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	11.91	—	—
Sortino ratio: Return per unit of downside risk	31.26	—	—
Omega ratio: Gain probability vs. loss probability	7.44	—	—
Calmar ratio: Return relative to maximum drawdown	65.71	—	—
Martin ratio: Return relative to average drawdown	432.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CSHP	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.75	11.82	-1.07

Drawdowns

CSHP vs. SPTU - Drawdown Comparison

The maximum CSHP drawdown since its inception was -0.08%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for CSHP and SPTU.

Drawdown Indicators

	CSHP	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-0.04%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	—	—

Volatility

Volatility by Period

	CSHP	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.32%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.40%	0.32%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.40%	0.32%	+0.08%

CSHP vs. SPTU - Expense Ratio Comparison

CSHP has a 0.20% expense ratio, which is higher than SPTU's 0.05% expense ratio. However, 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. SPTU - Dividend Comparison

CSHP's dividend yield for the trailing twelve months is around 3.92%, more than SPTU's 2.36% yield.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%

Frequently Asked Questions

Can I hold both CSHP and SPTU in my portfolio?

CSHP and SPTU have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CSHP or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CSHP or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.20% for CSHP.

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

CSHP has the higher dividend yield at 3.92%, compared with 2.36% for SPTU.

What is the main difference between CSHP and SPTU?

They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for CSHP and 0.05% for SPTU.