CSHP vs. ULST

Last updated Jun 4, 2026

CSHP (iShares Enhanced Short-Term Bond Active ETF) and ULST (State Street Ultra Short Term Bond ETF) are both Ultrashort Bond funds. CSHP is actively managed, while ULST is passively managed. Over the past year, CSHP returned 3.96% vs 3.99% for ULST. At a correlation of -0.04, they often move in opposite directions. Both charge a 0.20% expense ratio.

Performance

CSHP vs. ULST - 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 Ultra Short Term Bond ETF (ULST). 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 ULST's 1.24% return.

CSHP

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

ULST

• 1D: -0.02%
• 1M: 0.33%
• YTD: 1.24%
• 6M: 1.57%
• 1Y: 3.99%
• 3Y*: 4.92%
• 5Y*: 3.51%
• 10Y*: 2.67%

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

CSHP vs. ULST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	4.10%	2.24%
ULST State Street Ultra Short Term Bond ETF	1.24%	4.80%	2.22%

Correlation

The correlation between CSHP and ULST is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	-0.04

Return for Risk

CSHP vs. ULST — 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

ULST

ULST Risk / Return Rank: 99
ULST Sharpe Ratio Rank: 98
ULST Sortino Ratio Rank: 99
ULST Omega Ratio Rank: 99
ULST Calmar Ratio Rank: 98
ULST Martin Ratio Rank: 99

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. ULST - 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 Ultra Short Term Bond ETF (ULST). 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	ULST	Difference
Sharpe ratio: Return per unit of total volatility	11.91	6.14	+5.77
Sortino ratio: Return per unit of downside risk	31.26	12.30	+18.96
Omega ratio: Gain probability vs. loss probability	7.44	2.77	+4.66
Calmar ratio: Return relative to maximum drawdown	65.71	16.92	+48.79
Martin ratio: Return relative to average drawdown	432.16	87.49	+344.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSHP vs. ULST - Sharpe Ratio Comparison

The current CSHP Sharpe Ratio is 11.91, which is higher than the ULST Sharpe Ratio of 6.14. The chart below compares the historical Sharpe Ratios of CSHP and ULST, 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

	CSHP	ULST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.91	6.14	+5.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	3.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.75	1.50	+9.25

Drawdowns

CSHP vs. ULST - Drawdown Comparison

The maximum CSHP drawdown since its inception was -0.08%, smaller than the maximum ULST drawdown of -6.20%. Use the drawdown chart below to compare losses from any high point for CSHP and ULST.

Drawdown Indicators

	CSHP	ULST	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-6.20%	+6.12%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.24%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-6.20%	—
Current Drawdown Current decline from peak	0.00%	-0.05%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.16%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.05%	-0.04%

Volatility

CSHP vs. ULST - Volatility Comparison

The current volatility for iShares Enhanced Short-Term Bond Active ETF (CSHP) is 0.07%, while State Street Ultra Short Term Bond ETF (ULST) has a volatility of 0.18%. This indicates that CSHP experiences smaller price fluctuations and is considered to be less risky than ULST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHP	ULST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.18%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	0.24%	0.43%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.65%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.40%	0.96%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.40%	1.45%	-1.05%

CSHP vs. ULST - Expense Ratio Comparison

Both CSHP and ULST have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CSHP vs. ULST - Dividend Comparison

CSHP's dividend yield for the trailing twelve months is around 3.92%, less than ULST's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ULST State Street Ultra Short Term Bond ETF	4.29%	4.46%	5.03%	4.45%	1.70%	0.54%	1.34%	2.56%	2.13%	1.21%	0.93%	0.37%

Frequently Asked Questions

Can I hold both CSHP and ULST in my portfolio?

CSHP and ULST have a correlation of 0.02, 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 ULST?

ULST has higher volatility (0.18%) compared to CSHP (0.07%). In terms of maximum drawdown, CSHP dropped -0.08% vs ULST's -6.20%.

Which ETF is better, CSHP or ULST?

On 1-year performance, ULST leads with 3.99% vs 3.96% for CSHP. Both ETFs have the same 0.20% expense ratio. On volatility, CSHP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHP or ULST?

Over the 1-year period, ULST has performed better with a 3.99% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHP or ULST?

CSHP and ULST have the same expense ratio: 0.20% per year.

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

ULST has the higher dividend yield at 4.29%, compared with 3.92% for CSHP.

What is the main difference between CSHP and ULST?

They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.91 vs 6.14), 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.