DHSB vs. CSHP

Last updated Jun 24, 2026

DHSB (Day Hagan Smart Buffer ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - DHSB is a Derivative Income fund actively managed by Day Hagan, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, DHSB returned 8.92% vs 3.94% for CSHP. At a correlation of -0.04, they often move in opposite directions. DHSB charges 0.68%/yr vs 0.20%/yr for CSHP.

Performance

DHSB vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Day Hagan Smart Buffer ETF (DHSB) 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, DHSB achieves a 3.71% return, which is significantly higher than CSHP's 1.83% return.

DHSB

• 1D: -0.32%
• 1M: 0.13%
• YTD: 3.71%
• 6M: 3.51%
• 1Y: 8.92%
• 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)

DHSB vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
DHSB Day Hagan Smart Buffer ETF	3.71%	4.73%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.83%	3.58%

Correlation

The correlation between DHSB and CSHP is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.04

Return for Risk

DHSB vs. CSHP — Risk / Return Rank

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

DHSB

DHSB Risk / Return Rank: 59
DHSB Sharpe Ratio Rank: 46
DHSB Sortino Ratio Rank: 50
DHSB Omega Ratio Rank: 61
DHSB Calmar Ratio Rank: 60
DHSB Martin Ratio Rank: 77

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.

DHSB vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Day Hagan Smart Buffer ETF (DHSB) 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.

	DHSB	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.48	11.09	-9.61
Sortino ratio: Return per unit of downside risk	2.25	27.60	-25.34
Omega ratio: Gain probability vs. loss probability	1.34	6.46	-5.12
Calmar ratio: Return relative to maximum drawdown	2.70	65.45	-62.75
Martin ratio: Return relative to average drawdown	13.58	381.67	-368.09

DHSB vs. CSHP - Sharpe Ratio Comparison

The current DHSB Sharpe Ratio is 1.48, which is lower than the CSHP Sharpe Ratio of 11.09. The chart below compares the historical Sharpe Ratios of DHSB 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

DHSB vs. CSHP - Drawdown Comparison

The maximum DHSB drawdown since its inception was -7.65%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for DHSB and CSHP.

Drawdown Indicators

	DHSB	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-7.65%	-0.08%	-7.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-0.06%	-3.26%
Current Drawdown Current decline from peak	-0.98%	-0.04%	-0.94%
Average Drawdown Average peak-to-trough decline	-0.87%	-0.00%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.01%	+0.65%

Volatility

DHSB vs. CSHP - Volatility Comparison

Day Hagan Smart Buffer ETF (DHSB) has a higher volatility of 2.50% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that DHSB'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

	DHSB	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	0.16%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	5.53%	0.27%	+5.26%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	0.36%	+5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.66%	0.41%	+8.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.66%	0.41%	+8.25%

DHSB vs. CSHP - Expense Ratio Comparison

DHSB has a 0.68% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

DHSB vs. CSHP - Dividend Comparison

DHSB's dividend yield for the trailing twelve months is around 1.20%, less than CSHP's 3.91% yield.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%
DHSB Day Hagan Smart Buffer ETF	1.20%	1.25%	0.00%

Frequently Asked Questions

Can I hold both DHSB and CSHP in my portfolio?

DHSB and CSHP 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, DHSB or CSHP?

DHSB has higher volatility (2.50%) compared to CSHP (0.16%). In terms of maximum drawdown, DHSB dropped -7.65% vs CSHP's -0.08%.

Which ETF is better, DHSB or CSHP?

On 1-year performance, DHSB leads with 8.92% vs 3.94% for CSHP. 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, DHSB or CSHP?

Over the 1-year period, DHSB has performed better with a 8.92% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DHSB or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.68% for DHSB.

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

CSHP has the higher dividend yield at 3.91%, compared with 1.20% for DHSB.

What is the main difference between DHSB and CSHP?

DHSB is categorized as Derivative Income, while CSHP is Ultrashort Bond. They also come from different issuers: Day Hagan and iShares. Their fees differ too: 0.68% for DHSB and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.09 vs 1.48), 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.