FIXD vs. CSHI

Last updated Jun 4, 2026

FIXD (First Trust Smith Opportunistic Fixed Income ETF) and CSHI (Neos Enhanced Income Cash Alternative ETF) are both exchange-traded funds - FIXD is a Intermediate Core-Plus Bond fund actively managed by First Trust, while CSHI is a Ultrashort Bond fund tracking the NONE. FIXD is actively managed, while CSHI is passively managed. Over the past 3 years, FIXD returned 3.87%/yr vs 5.45%/yr for CSHI. At a 0.04 correlation, their price movements are largely independent. FIXD charges 0.65%/yr vs 0.38%/yr for CSHI.

Performance

FIXD vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Smith Opportunistic Fixed Income ETF (FIXD) and Neos Enhanced Income Cash Alternative ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIXD achieves a 0.16% return, which is significantly lower than CSHI's 2.26% return.

FIXD

• 1D: -0.21%
• 1M: 0.48%
• YTD: 0.16%
• 6M: -0.13%
• 1Y: 5.61%
• 3Y*: 3.87%
• 5Y*: -0.35%
• 10Y*: —

CSHI

• 1D: 0.02%
• 1M: 0.37%
• YTD: 2.26%
• 6M: 2.59%
• 1Y: 5.25%
• 3Y*: 5.45%
• 5Y*: —
• 10Y*: —

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

FIXD vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIXD First Trust Smith Opportunistic Fixed Income ETF	0.16%	7.95%	0.75%	5.72%	-3.50%
CSHI Neos Enhanced Income Cash Alternative ETF	2.26%	5.05%	5.66%	6.21%	1.46%

Correlation

The correlation between FIXD and CSHI is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.04

The correlation between FIXD and CSHI shifts across timeframes, from 0.02 (3 years) to 0.18 (1 year), reflecting how their relationship changes across market environments.

FIXD vs. CSHI - Sectors Allocation Comparison

Sectors	FIXD	CSHI
Utilities	100.0%	2.3%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%

Return for Risk

FIXD vs. CSHI — Risk / Return Rank

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

FIXD

FIXD Risk / Return Rank: 36
FIXD Sharpe Ratio Rank: 37
FIXD Sortino Ratio Rank: 38
FIXD Omega Ratio Rank: 34
FIXD Calmar Ratio Rank: 35
FIXD Martin Ratio Rank: 35

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 98
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI 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.

FIXD vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Smith Opportunistic Fixed Income ETF (FIXD) and Neos Enhanced Income Cash Alternative ETF (CSHI). 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.

	FIXD	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	1.34	6.16	-4.82
Sortino ratio: Return per unit of downside risk	1.97	11.83	-9.86
Omega ratio: Gain probability vs. loss probability	1.23	2.75	-1.52
Calmar ratio: Return relative to maximum drawdown	1.76	29.16	-27.40
Martin ratio: Return relative to average drawdown	5.27	154.18	-148.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIXD vs. CSHI - Sharpe Ratio Comparison

The current FIXD Sharpe Ratio is 1.34, which is lower than the CSHI Sharpe Ratio of 6.16. The chart below compares the historical Sharpe Ratios of FIXD and CSHI, 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

	FIXD	CSHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	6.16	-4.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	4.18	-3.83

Drawdowns

FIXD vs. CSHI - Drawdown Comparison

The maximum FIXD drawdown since its inception was -20.44%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for FIXD and CSHI.

Drawdown Indicators

	FIXD	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-1.69%	-18.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-0.18%	-3.03%
Max Drawdown (3Y) Largest decline over 3 years	-6.97%	-1.69%	-5.28%
Max Drawdown (5Y) Largest decline over 5 years	-20.44%	—	—
Current Drawdown Current decline from peak	-3.55%	0.00%	-3.55%
Average Drawdown Average peak-to-trough decline	-5.50%	-0.03%	-5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.03%	+1.04%

Volatility

FIXD vs. CSHI - Volatility Comparison

First Trust Smith Opportunistic Fixed Income ETF (FIXD) has a higher volatility of 1.63% compared to Neos Enhanced Income Cash Alternative ETF (CSHI) at 0.11%. This indicates that FIXD's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIXD	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	0.11%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	0.52%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.20%	0.86%	+3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.58%	1.32%	+5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	1.32%	+4.52%

FIXD vs. CSHI - Expense Ratio Comparison

FIXD has a 0.65% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

FIXD vs. CSHI - Dividend Comparison

FIXD's dividend yield for the trailing twelve months is around 4.69%, less than CSHI's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSHI Neos Enhanced Income Cash Alternative ETF	4.90%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%
FIXD First Trust Smith Opportunistic Fixed Income ETF	4.69%	4.50%	4.56%	3.93%	3.07%	1.74%	3.14%	5.10%	2.81%	1.95%

Frequently Asked Questions

Can I hold both FIXD and CSHI in my portfolio?

FIXD and CSHI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIXD or CSHI?

FIXD has higher volatility (1.63%) compared to CSHI (0.11%). In terms of maximum drawdown, FIXD dropped -20.44% vs CSHI's -1.69%.

Which ETF is better, FIXD or CSHI?

On 3-year performance, CSHI leads with 5.45% vs 3.87% for FIXD. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIXD or CSHI?

Over the 3-year period, CSHI has performed better with a 5.45% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIXD or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.65% for FIXD.

Which ETF pays a higher dividend yield, FIXD or CSHI?

CSHI has the higher dividend yield at 4.90%, compared with 4.69% for FIXD.

What is the main difference between FIXD and CSHI?

FIXD is categorized as Intermediate Core-Plus Bond, while CSHI is Ultrashort Bond. They also come from different issuers: First Trust and Neos. Their fees differ too: 0.65% for FIXD and 0.38% for CSHI.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (6.16 vs 1.34), 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.