CSHP vs. TLT
CSHP (iShares Enhanced Short-Term Bond Active ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - CSHP is a Ultrashort Bond fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. CSHP is actively managed, while TLT is passively managed. Over the past year, CSHP returned 4.19% vs -2.12% for TLT. Their -0.13 correlation means they have often moved in opposite directions in the past. CSHP charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
CSHP vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, CSHP achieves a 2.53% return, which is significantly higher than TLT's -3.18% return.
CSHP
- 1D
- 0.15%
- 1M
- 0.50%
- 6M
- 2.23%
- YTD
- 2.53%
- 1Y
- 4.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.37%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.42M | $7.30M | $2.63M | |
| $2.39B | $2.06B | $2.20B |
CSHP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 2.53% | 4.10% | 2.24% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -5.36% |
Correlation
The correlation between CSHP and TLT is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | -0.13 |
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Return for Risk
CSHP vs. TLT — Risk / Return Rank
CSHP
TLT
CSHP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Short-Term Bond Active ETF (CSHP) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.91 | ||
| Sortino ratioReturn per unit of downside risk | +6.91 | ||
| Omega ratioGain probability vs. loss probability | 2.79 | 0.97 | +1.82 |
| Calmar ratioReturn relative to maximum drawdown | 10.90 | -0.28 | +11.17 |
| Martin ratioReturn relative to average drawdown | 68.37 | -0.59 | +68.96 |
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Drawdowns
CSHP vs. TLT - Drawdown Comparison
The maximum CSHP drawdown since its inception was -0.39%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for CSHP and TLT.
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Drawdown Indicators
| CSHP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.39% | -48.35% | +47.96% |
Max Drawdown (1Y)Largest decline over 1 year | -0.39% | -7.74% | +7.35% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.12% | -42.17% | +42.05% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -14.00% | +13.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 3.60% | -3.54% |
Volatility
CSHP vs. TLT - Volatility Comparison
The current volatility for iShares Enhanced Short-Term Bond Active ETF (CSHP) is 1.11%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that CSHP experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSHP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 2.51% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.12% | 6.84% | -5.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.15% | 9.24% | -8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.86% | 15.74% | -14.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.86% | 14.83% | -13.97% |
CSHP vs. TLT - Expense Ratio Comparison
CSHP has a 0.20% expense ratio, which is higher than TLT's 0.15% 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. TLT - Dividend Comparison
CSHP's dividend yield for the trailing twelve months is around 4.10%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 4.10% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CSHP and TLT have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to CSHP (1.11%). In terms of maximum drawdown, CSHP dropped -0.39% vs TLT's -48.35%.
On 1-year performance, CSHP leads with 4.19% vs -2.12% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, CSHP has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 4.19% return vs -2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.20% for CSHP.
TLT has the higher dividend yield at 4.75%, compared with 4.10% for CSHP.
CSHP is categorized as Ultrashort Bond, while TLT is Government Bonds. Their fees differ too: 0.20% for CSHP and 0.15% for TLT.
CSHP currently has the higher Sharpe Ratio (3.67 vs -0.23), 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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