EPRF vs. CSHP

Last updated Jun 4, 2026

EPRF (Innovator S&P High Quality Preferred ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - EPRF is a Preferred Stock/Convertible Bonds fund tracking the S&P U.S. High Quality Preferred Stock Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. EPRF is passively managed, while CSHP is actively managed. Over the past year, EPRF returned 2.04% vs 3.96% for CSHP. At a correlation of -0.06, they often move in opposite directions. EPRF charges 0.47%/yr vs 0.20%/yr for CSHP.

Performance

EPRF vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator S&P High Quality Preferred ETF (EPRF) 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, EPRF achieves a -2.39% return, which is significantly lower than CSHP's 1.63% return.

EPRF

• 1D: -0.41%
• 1M: -1.18%
• YTD: -2.39%
• 6M: -2.28%
• 1Y: 2.04%
• 3Y*: 2.39%
• 5Y*: -1.97%
• 10Y*: —

CSHP

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

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

EPRF vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EPRF Innovator S&P High Quality Preferred ETF	-2.39%	2.69%	-1.14%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	4.10%	2.24%

Correlation

The correlation between EPRF and CSHP is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	-0.06

EPRF vs. CSHP - Sectors Allocation Comparison

Sectors	EPRF	CSHP
Financial Services	55.9%	0.1%
Real Estate	7.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EPRF vs. CSHP — Risk / Return Rank

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

EPRF

EPRF Risk / Return Rank: 12
EPRF Sharpe Ratio Rank: 13
EPRF Sortino Ratio Rank: 11
EPRF Omega Ratio Rank: 11
EPRF Calmar Ratio Rank: 11
EPRF Martin Ratio Rank: 11

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.

EPRF vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.

	EPRF	CSHP	Difference
Sharpe ratio Return per unit of total volatility	0.27	11.91	-11.64
Sortino ratio Return per unit of downside risk	0.44	31.26	-30.82
Omega ratio Gain probability vs. loss probability	1.05	7.44	-6.39
Calmar ratio Return relative to maximum drawdown	0.24	65.71	-65.47
Martin ratio Return relative to average drawdown	0.51	432.16	-431.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPRF vs. CSHP - Sharpe Ratio Comparison

The current EPRF Sharpe Ratio is 0.27, which is lower than the CSHP Sharpe Ratio of 11.91. The chart below compares the historical Sharpe Ratios of EPRF 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.

Sharpe Ratios by Period

	EPRF	CSHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	11.91	-11.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	10.75	-10.67

Drawdowns

EPRF vs. CSHP - Drawdown Comparison

The maximum EPRF drawdown since its inception was -26.82%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for EPRF and CSHP.

Drawdown Indicators

	EPRF	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-26.82%	-0.08%	-26.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-0.06%	-8.53%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	—	—
Current Drawdown Current decline from peak	-11.06%	0.00%	-11.06%
Average Drawdown Average peak-to-trough decline	-7.37%	-0.00%	-7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	0.01%	+4.00%

Volatility

EPRF vs. CSHP - Volatility Comparison

Innovator S&P High Quality Preferred ETF (EPRF) has a higher volatility of 2.14% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.07%. This indicates that EPRF'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

	EPRF	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	0.07%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	0.24%	+5.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	0.33%	+7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	0.40%	+11.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.49%	0.40%	+13.09%

EPRF vs. CSHP - Expense Ratio Comparison

EPRF has a 0.47% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

EPRF vs. CSHP - Dividend Comparison

EPRF's dividend yield for the trailing twelve months is around 6.18%, more than CSHP's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EPRF Innovator S&P High Quality Preferred ETF	6.18%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%

Frequently Asked Questions

Can I hold both EPRF and CSHP in my portfolio?

EPRF and CSHP have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPRF or CSHP?

EPRF has higher volatility (2.14%) compared to CSHP (0.07%). In terms of maximum drawdown, EPRF dropped -26.82% vs CSHP's -0.08%.

Which ETF is better, EPRF or CSHP?

On 1-year performance, CSHP leads with 3.96% vs 2.04% for EPRF. On fees, CSHP is cheaper at 0.20% per year. 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, EPRF or CSHP?

Over the 1-year period, CSHP has performed better with a 3.96% return vs 2.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPRF or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.47% for EPRF.

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

EPRF has the higher dividend yield at 6.18%, compared with 3.92% for CSHP.

What is the main difference between EPRF and CSHP?

EPRF is categorized as Preferred Stock/Convertible Bonds, while CSHP is Ultrashort Bond. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.47% for EPRF and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.91 vs 0.27), 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.