GAPR vs. CSHP

Last updated Jun 23, 2026

GAPR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - April) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - GAPR is a Options Trading fund actively managed by FT Vest, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, GAPR returned 9.92% vs 3.96% for CSHP. At a 0.07 correlation, their price movements are largely independent. GAPR charges 0.85%/yr vs 0.20%/yr for CSHP.

Performance

GAPR vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) 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, GAPR achieves a 3.92% return, which is significantly higher than CSHP's 1.86% return.

GAPR

• 1D: -0.12%
• 1M: 0.31%
• YTD: 3.92%
• 6M: 4.11%
• 1Y: 9.92%
• 3Y*: 10.64%
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.01%
• 1M: 0.30%
• YTD: 1.86%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAPR vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	3.92%	6.68%	4.27%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.86%	4.10%	2.24%

Correlation

The correlation between GAPR and CSHP is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.07

The correlation between GAPR and CSHP shifts across timeframes, from -0.09 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GAPR vs. CSHP — Risk / Return Rank

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

GAPR

GAPR Risk / Return Rank: 95
GAPR Sharpe Ratio Rank: 93
GAPR Sortino Ratio Rank: 95
GAPR Omega Ratio Rank: 96
GAPR Calmar Ratio Rank: 92
GAPR Martin Ratio Rank: 97

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.

GAPR vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) 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.

	GAPR	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	3.22	11.22	-8.00
Sortino ratio: Return per unit of downside risk	4.96	28.31	-23.35
Omega ratio: Gain probability vs. loss probability	1.78	6.67	-4.90
Calmar ratio: Return relative to maximum drawdown	5.89	65.84	-59.95
Martin ratio: Return relative to average drawdown	40.60	395.75	-355.16

GAPR vs. CSHP - Sharpe Ratio Comparison

The current GAPR Sharpe Ratio is 3.22, which is lower than the CSHP Sharpe Ratio of 11.22. The chart below compares the historical Sharpe Ratios of GAPR 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

GAPR vs. CSHP - Drawdown Comparison

The maximum GAPR drawdown since its inception was -8.98%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for GAPR and CSHP.

Drawdown Indicators

	GAPR	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-0.08%	-8.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-0.06%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-8.98%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.01%	-0.44%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.00%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.01%	+0.23%

Volatility

GAPR vs. CSHP - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) has a higher volatility of 1.92% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that GAPR'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

	GAPR	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	0.15%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	0.27%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	0.36%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	0.41%	+6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	0.41%	+6.63%

GAPR vs. CSHP - Expense Ratio Comparison

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

Dividends

GAPR vs. CSHP - Dividend Comparison

GAPR has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAPR and CSHP in my portfolio?

GAPR and CSHP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAPR or CSHP?

GAPR has higher volatility (1.92%) compared to CSHP (0.15%). In terms of maximum drawdown, GAPR dropped -8.98% vs CSHP's -0.08%.

Which ETF is better, GAPR or CSHP?

On 1-year performance, GAPR leads with 9.92% vs 3.96% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAPR or CSHP?

Over the 1-year period, GAPR has performed better with a 9.92% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAPR or CSHP?

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

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

CSHP has the higher dividend yield at 3.91%, compared with 0.00% for GAPR.

What is the main difference between GAPR and CSHP?

GAPR is categorized as Options Trading, while CSHP is Ultrashort Bond. They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for GAPR and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.22 vs 3.22), 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.