DFII vs. CSHP

Last updated Jun 24, 2026

DFII (FT Vest Bitcoin Strategy & Target Income ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - DFII is a Cryptocurrency fund actively managed by First Trust, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, DFII returned -38.89% vs 3.94% for CSHP. At a correlation of -0.11, they often move in opposite directions. DFII charges 0.85%/yr vs 0.20%/yr for CSHP.

Performance

DFII vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy & Target Income ETF (DFII) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFII achieves a -28.19% return, which is significantly lower than CSHP's 1.83% return.

DFII

• 1D: -2.94%
• 1M: -17.11%
• YTD: -28.19%
• 6M: -28.07%
• 1Y: -38.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.03%
• 1M: 0.27%
• YTD: 1.83%
• 6M: 1.92%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFII vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	-28.19%	6.01%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.83%	3.04%

Correlation

The correlation between DFII and CSHP is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.11

Return for Risk

DFII vs. CSHP — Risk / Return Rank

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

DFII

DFII Risk / Return Rank: 2
DFII Sharpe Ratio Rank: 2
DFII Sortino Ratio Rank: 2
DFII Omega Ratio Rank: 2
DFII Calmar Ratio Rank: 2
DFII Martin Ratio Rank: 2

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
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.

DFII vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy & Target Income ETF (DFII) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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.

	DFII	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	11.09	-12.02
Sortino ratio: Return per unit of downside risk	-1.29	27.60	-28.89
Omega ratio: Gain probability vs. loss probability	0.85	6.46	-5.61
Calmar ratio: Return relative to maximum drawdown	-0.78	65.45	-66.23
Martin ratio: Return relative to average drawdown	-1.34	381.67	-383.01

DFII vs. CSHP - Sharpe Ratio Comparison

The current DFII Sharpe Ratio is -0.93, which is lower than the CSHP Sharpe Ratio of 11.09. The chart below compares the historical Sharpe Ratios of DFII and CSHP, 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

DFII vs. CSHP - Drawdown Comparison

The maximum DFII drawdown since its inception was -50.13%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for DFII and CSHP.

Drawdown Indicators

	DFII	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-50.13%	-0.08%	-50.05%
Max Drawdown (1Y) Largest decline over 1 year	-50.13%	-0.06%	-50.07%
Current Drawdown Current decline from peak	-48.40%	-0.04%	-48.36%
Average Drawdown Average peak-to-trough decline	-20.16%	-0.00%	-20.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.13%	0.01%	+29.12%

Volatility

DFII vs. CSHP - Volatility Comparison

FT Vest Bitcoin Strategy & Target Income ETF (DFII) has a higher volatility of 12.48% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that DFII's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFII	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	0.16%	+12.32%
Volatility (6M) Calculated over the trailing 6-month period	33.37%	0.27%	+33.10%
Volatility (1Y) Calculated over the trailing 1-year period	41.94%	0.36%	+41.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.20%	0.41%	+40.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.20%	0.41%	+40.79%

DFII vs. CSHP - Expense Ratio Comparison

DFII has a 0.85% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

DFII vs. CSHP - Dividend Comparison

DFII's dividend yield for the trailing twelve months is around 29.19%, more than CSHP's 3.91% yield.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%
DFII FT Vest Bitcoin Strategy & Target Income ETF	29.19%	15.51%	0.00%

Frequently Asked Questions

Can I hold both DFII and CSHP in my portfolio?

DFII and CSHP have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFII or CSHP?

DFII has higher volatility (12.48%) compared to CSHP (0.16%). In terms of maximum drawdown, DFII dropped -50.13% vs CSHP's -0.08%.

Which ETF is better, DFII or CSHP?

On 1-year performance, CSHP leads with 3.94% vs -38.89% for DFII. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFII or CSHP?

Over the 1-year period, CSHP has performed better with a 3.94% return vs -38.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFII or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.85% for DFII.

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

DFII has the higher dividend yield at 29.19%, compared with 3.91% for CSHP.

What is the main difference between DFII and CSHP?

DFII is categorized as Cryptocurrency, while CSHP is Ultrashort Bond. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.85% for DFII and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.09 vs -0.93), 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.